transfering funds from icici

F_T_Buyer

Update on my little situation.

It's apparent the scheduled transfer did not take place on the date I set it for. ICICI has processed it the next day, with a different reference, so it looks like some other human input after they realise I mistake has happened.

I've complained about this, through the online email, and originally asked them to cancel the scheduled transfer (at the time the schedule had not gone through). I've just had a very very brief email back saying, we can't cancel it as it already has taken place. No explanation of why it failed, and what their policies are (i.e. are failed scheduled transfers picked up automatically the next day and processed?).

Either way, I’m not particularly happy about their system or their customer service. I did plan to move large sums about when I’m out of the country, but it looks like I can't rely on their system.

I won't chase it any more, as it's only a couple of grand this time. I'll just miss out on some interest for a few days. But I thought I'd post it here, so anyone searching about the problem will realise they're not the first

F_T_Buyer

Ok, last update.

They've now come back explaining that any scheduled transfers are processed the next day. How pathetic. No other bank works like this (they process it at the start of the day).

~~~~~

Personally, I think ICICI have a very good rate, and is worth sticking with. However, I would recommend to do only the following:

+ Send money to that account from your current a/c only.
+ Send money from ICICI to your current a/c from their website.

Don't bother with regular payments, scheduled payments, using their website to transfer money in etc etc. That's my advise anyway.

chrissie_jay

I have had a similar problem and now that the Ing Direct interest rate has gone up I might transfer back.

I also have a few concerns about the security of the ICICI web site.

Unlike other web sites for, Alliance & Leicester, Ing Direct, Lloyds Bank, Woolwich that have the security of putting in part of passwords and/or pin number with added security of memorable information, it only has a pin number of 6 digits to get access and they all have to be typed in. Having once experienced having my computer taken over and key strokes copied this concerns me.

Transactions are not made clear. There is a note saying you can only transfer up to £10,000 in one day and it tells you if you want to transfer more to write to the Account Manager. It doesn’t tell you how and I thought it meant a formal letter with no advice on what information is needed. I contacted them by email and it took nearly 48 hours to get a response (every time I have had an email it has come from a different address so I never know which one to use). The response was "We request you to write to us through the 'Account Manager' option of Internet Banking, selecting subject line, 'Query regarding transfer of more than GBP 10000' with the transfer details and we will process your request." Well, at least this tells me it can be done through the web site. I went back on to the web site and there is no Account Manager option on the main menu but I found it eventually and after selecting the query you are given a box to type ‘something’ into. I am hoping that I have given them the correct information for the transfer and that it will happen.

Fella

chrissie_jay wrote:

Having once experienced having my computer taken over and key strokes copied this concerns me.

Before you type in your code open up notepad. Then enter a couple of numbers of your code, followed by typing a random number or two onto notepad, then another couple of numbers of your code, then another couple onto notepad etc until your code is fully entered.


regards
Fella

masonic

chrissie_jay wrote:

Unlike other web sites for, Alliance & Leicester, Ing Direct, Lloyds Bank, Woolwich that have the security of putting in part of passwords and/or pin number with added security of memorable information, it only has a pin number of 6 digits to get access and they all have to be typed in. Having once experienced having my computer taken over and key strokes copied this concerns me.

Security does leave a lot to be desired, but even if someone got access to your ICICI account, all they could do is transfer money to/from your linked current account - more of a nuisance than a threat.

chrissie_jay

Thanks Fella - I will give it a try. I have tried typing the code on wordpad before I go on line and copying it in but it wouldn't accept it. I will try the random numbers.

Although you are right Masonic that you can only transfer money to the linked current account. It is easy to change the linked current account and that could be done by anyone who has the 6 digit code.

masonic

chrissie_jay wrote:

Although you are right Masonic that you can only transfer money to the linked current account. It is easy to change the linked current account and that could be done by anyone who has the 6 digit code.

But you can only change it to another account in your name - and they send you written confirmation before they do it. Given what it takes to open a current account these days, they'd probably not be able to do that even if they also stole your identity. Perhaps if they also changed their name to yours by deed pole... :think: