ICICI & missing interest

MFC_LS18

On the 29/6 I transferred money into my ICICI account which was to pay off the credit card bill for a recent holiday to Australia .. (we had a great time ..as the cc bill shows).

Initially I had problems viewing the ICICI account online (the passwords being sent where illegible) & after 3 re-issues I found the opening balance was £1.
ICICI said the issuing bank needed to perform a BAC’s trace. The A&L eventually completed this & my account was credited 20/9. ICICI have said they will only pay interest from the time it was in the correct account.

I have since followed up with a letter to there Wembley office but have not heard anything from them.

Is this standard practice? & how can I go about reclaiming the interest for the period they had the money?

oldfella

either A&L owe you interest or ICICI do - ask A&L to clarify who was at fault.

you should also ask for a payment of your time, phone calls, letters, and the distress and inconvenience caused you - at least £50 on top of the interest.

Mike

MFC_LS18

Thanks - I've been in touch with A&L and the BAC's trace was submitted 16/8, & I was informed it would take 7 days.
After numerous phone calls (0845 nos soon add up) I spoke with the A&L's Complaints Dept & they said a standard letter was sent & then chased but the ICICI did not respond to their calls. They did say it usually takes 28 days for a BAC's trace & not 7 as originally informed. - Any lost interest should be with the ICICI.

I've spoken to the ICICI Customer Services & they have re-iterated the interest is only available from the time it was in the correct account even though A&L has documentation it was sent on 3/7. My initial phone call to them stated the account # it was originally sent to but they could not action anything until A&L's BAC's trace.

Would anyone know if the ICICI Head Office in Wembley has a direct number? (I doubt I'll get anywhere with Customer Services dept!)

YorkshireBoy

MFC_LS18 wrote:

Would anyone know if the ICICI Head Office in Wembley has a direct number? (I doubt I'll get anywhere with Customer Services dept!)

If you envisage an unfavourable outcome, I'd suggest using the official ICICI complaints procedure. That way, if your complaint has not been satisfactorily dealt with after 8 weeks, you have automatic recourse to the Financial Ombudsman.

By going 'your own way', you're simply delaying any possible resolution to your problem.

MFC_LS18

After an ignored letter to the Head Office they have now responded to my email. The outcome being - they will credit my account with the interest from the 3rd July.

"This interest is being credited as a service gesture."

A fine gesture ..... considering thats when they received the money.
I'm in 2 minds whether to keep the account on now - the freephone number is a bonus.

Thanks for your help.

MFC_LS18

Spoke to early .... should have received the interest within 2 working days of the email 30/10.
Octobers interest is showing but not the backdated interest.

MFC_LS18

Finally resolved 13th Nov - interest paid in full.
(after threatening to contact the Financial Ombudsman).

Epilogue
I tried contacting by letter & phone but email was the most efficient & productive way.
After the hassle I was going to close the account ... (but now its 5.45% AER so I've given them a 2nd chance!)