ICICI have debited £800 from my account following the set up of £100

Biggles

What's the connection between LTSB and ICICI?

I saw this on their Current Account charges page:-
India Banking Service
All Lloyds TSB current accounts can be used with the India Banking Service, except the Basic Bank account. You will find information on this page about the charges that apply to these accounts. There are no specific charges for the India Banking Service.

For information about ICICI Bank NRE savings account charges please visit https://www.icicibank.com.
http://www.lloydstsb.com/rates_and_charges/current_account_charges.asp

Indispensable_Hobbes

Their response - via email - never received a call yet

"Dear Mr. King,
As you requested the funds transfer dated on February 1, 2007. The funds for 1st to 4th (3rd and 4th February 2007 was holidays and also funds transfer got executed on February 1, 2007. Hence, the funds credited to your account after 3 days on February 8, 2007.
We will be unable to reverse the funds transfer request. You will be able to do the same online.
We have arranged to cancel the daily transfer and we request you to re-initiate the monthly transfer online."

Absolute crap

Optimist

Complain to the Ombudsman

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

F_T_Buyer

Hi All

I've had a problem with my scheduled transfer (from ICICI to current a/c), and it was never processed on the day I set it at. I've complained about this, and they have now come back saying all payments are processed the next working day.

So, any scheduled transfer will happen the day after you set it.

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.

Indispensable_Hobbes

You cant complain to the ombudsmun until you have complained to a company. I will mention it though.

A high rate is NEVER worth such crap service.

masonic

As you requested the funds transfer dated on February 1, 2007. The funds for 1st to 4th (3rd and 4th February 2007 was holidays and also funds transfer got executed on February 1, 2007. Hence, the funds credited to your account after 3 days on February 8, 2007.

Broken English aside, what this e-mail seems to be trying to communicate does fit in with the patterns of debits you've been seeing. Debits/credits cannot be requested on a daily basis, so some get rolled back to the previous working day; they cannot be paid on a daily basis, so others get pushed forward to the next working day. So the result is a topsy-turvy spasmodic series of payments going out on various days depending on when the weekend falls. Let's not even think about what happens at Easter or over Christmas, eh! :eek:

This all does beg the question what use is a daily regular transfer at all?

harry_r

ICICI BANK??? It has taken a month to open an account with this so called bank. Thank goodness we only put £100 in. Was going to be a lot more but because of their slowness another bank got the cash. If they donn't improve the account will get closed.

glossy123

I wish you all the best with this - nobody deserves hassle like this when after all you are lending them your money! :rolleyes:

Any point in going to the FSA (by whom they are supposed to be regulated) and making a complaint? If I was in your shoes I would want to make their life difficult too!!:D
but would probably do it once I had rescued my money!:j

Indispensable_Hobbes

masonic wrote:

Broken English aside, what this e-mail seems to be trying to communicate does fit in with the patterns of debits you've been seeing. Debits/credits cannot be requested on a daily basis, so some get rolled back to the previous working day; they cannot be paid on a daily basis, so others get pushed forward to the next working day. So the result is a topsy-turvy spasmodic series of payments going out on various days depending on when the weekend falls. Let's not even think about what happens at Easter or over Christmas, eh! :eek:

This all does beg the question what use is a daily regular transfer at all?

Who in their right mind would knowingly arrange a daily transfer. lol. Weekly maybe, not daily.

If the first DD was meant to be taken on 01/02/07 then the first credit should be shown on my account as 01/02/07, then 02/02/07 then with a break of 2 days. I've never heard of anywhere actually initiating a payment on a weekend.
I actually rang my bank last night and read the girl that statement, she said the dates don't marry up.
It seems strange that the first credit is dated for the date that I actually set up the transfer for 05/02/07.

My other concern is that no confirmation of the transfer is issued therefore if errors are made then you cannot rectify them.
I tried to see what the transfer history on my account was and couldn't make any sense of it or how to cancel an arrangement that has been processed.
In all a very difficult site to navigate in my opinion.

glossy123 wrote:

I wish you all the best with this - nobody deserves hassle like this when after all you are lending them your money! :rolleyes:

Any point in going to the FSA (by whom they are supposed to be regulated) and making a complaint? If I was in your shoes I would want to make their life difficult too!!:D
but would probably do it once I had rescued my money!:j

I'm going to see what their response is to my email last night first of all.

masonic

jenyking wrote:

If the first DD was meant to be taken on 01/02/07 then the first credit should be shown on my account as 01/02/07, then 02/02/07 then with a break of 2 days. I've never heard of anywhere actually initiating a payment on a weekend.
I actually rang my bank last night and read the girl that statement, she said the dates don't marry up.
It seems strange that the first credit is dated for the date that I actually set up the transfer for 05/02/07.

Well this is what seems to have happened:-

(4 day transfers)
Request Wed 31/01/07 -> Transferred Mon 05/02/07
Request Thur 01/02/07 -> Transferred Tue 06/02/07
Request Fri-Sun 02-04/02/07 -> Transferred Thur 08/02/07 x 3
(Now 3 day transfers ??!)
Request Mon 05/02/07 -> Transferred Thur 08/02/07 (the 4th one on that day)
Request Tue 06/02/07 -> Transferred Fri 09/02/07
Request Wed 07/02/07 -> Transferred Mon 12/02/07
...