Icesave - paying money in.

corngoat

I requested a deposit transfer via the Icesave account (from my nominated account) on 3rd May. I also sent money to Icesave from another bank on 8th May.
I have just noticed that the monies from the non nominated bank have cleared and available and yet the money from the nominated account has still not cleared.
I have just spoken to Icesave and although very helpful they said that the money takes 6 days to clear once taken from the external nominated account.
They also told me that I am not allowed to send money into the Icesave account from a non nominated bank - it will work but the T&Cs do not allow it and if I continue to do this they will be stopped.
I just thought the above would be interesting to some of you as I know the subject of transfering into Icesave has come up before.
:beer:

a&akay

We are talking an automated computer system here with no human intervention. I've no doubt that ICESAVE will get around to considering barring non linked accounts at some stage if it is in their interest. No doubt this will be aired via this forum if it happens. In the meantime use it.

GCH888

Is there not a danger that if money is lost during this transaction method, ICESAVE can respond by saying it's not their problem as their Terms and Conditions do not allow this process?

YorkshireBoy

GCH888 wrote: »

Is there not a danger that if money is lost during this transaction method, ICESAVE can respond by saying it's not their problem as their Terms and Conditions do not allow this process?

No, the money won't be "lost".

What they'll probably do is return the money to the BACS transfer source account, where it will have to sit and wait for the DD pull. Worse still, if the BACS transfer source account is not your nominated DD account, you'll have to do some additional transferring before you can action the DD pull.

This obviously has the potential to cost you a significant amount of lost interest, depending on the amount being transferred.

corngoat

They did say that sending money to Icesave was not secure enough for their liking although as you say, the system is run by computers and not humans and unless this becomes a major problem for them they are unlikely to do anything about it.