IceSave, what to do next?

shaz77_2

Following some good advice on this board I have registered for an IceSave account and sent off some documentation to the company for proof of identity and address.

When registering for the account I give details of my existing account and how much I wanted moved from it to the Icesave account.

However when I completed the process I got the following message:

You have chosen to transfer funds from another bank or building society account to make your initial investment. You now need to contact your bank or building society and ask them to send payment to the account detailed below.

What do I need to tell my bank, can the necessary fund not simply be transferred automatically upon verification of my identity?

Thanks in advance

pbw

when it says tell your bank, it means "tell" your bank to send a BACS payment to your icesave account. it is very easy to do if you have online banking.

DocProc

There's lots of useful information at

http://www.icesave.co.uk/help.html#applying

Particularly, it explains the importance of setting up a Direct Debit Instruction within the Icesave account.

You see, everything works from WITHIN the Icesave account. You either pull money into it or push money out of it.

After you've done your initial payment, that is.

masonic

shaz77 wrote:

What do I need to tell my bank, can the necessary fund not simply be transferred automatically upon verification of my identity?

I'd just wait for the account to be set up and you can transfer the initial deposit in through their online banking system. That's what I did.

SeanW

masonic wrote:

I'd just wait for the account to be set up and you can transfer the initial deposit in through their online banking system. That's what I did.

Me too, it was hidden away in their terms and conditions that it was possible, although it wasn't immediately clear.

jessmjc

Be prepared to wait for all of the User ID's and passwords to come through.

I set up an account in late Jan and dutifully sent off my proof of residence etc. This was returned very quickly and then I heard nothing.

I called them on Sunday this week ( Got through immediately ? !!) and just received paperwork today ( ie end of Feb ) , therefore its taken a month to get the user ID's and password......

Longer than I anticipated but hopefully worth the wait.:j

shaz77_2

Masonic

Thanks for that reply. Just to confirm when they return my driving licence etc and supply me with passwords all I need to do is go online and transfer the money. Do I still need to inform the bank the money is coming from if so what do they need to be told?

Thanks again.

masonic

shaz77 wrote:

Just to confirm when they return my driving licence etc and supply me with passwords all I need to do is go online and transfer the money. Do I still need to inform the bank the money is coming from if so what do they need to be told?

Yes, just log in and transfer the money. There is no need to do anything else as they will collect it via the direct debit they set up to your linked account.

jizba

Hi

I just signed up for an ICE Save account and they want to confirm my ID. Do I need to send my driving licence off or just a photocopy as I have no passport etc.

former_student

I think you will need to send them your driving licence and a document confirming your address but I'm sure someone else on this site will correct me if I'm wrong.

oldagetraveller

jizba wrote:

Hi

I just signed up for an ICE Save account and they want to confirm my ID. Do I need to send my driving licence off or just a photocopy as I have no passport etc.

Have a look in their help section for this -

You have asked me to send proof of my identity - what do you need?