Heeelp!!! Icici have switched my account without telling me

tingly

Wonder if anyone can help me
I have a fixed term bond with icici with 40000 in it
It pais me 1332 each year
It was due to pay out in oct ( or so i thought)
Rang them and they said it had matured already and theyd out it in an easy access account

I really thought it matured this year- sadly i have been busy caring for my very poorly mum who has recently passed away so i didnt keep my usual tabs on the matter

Surely they should have emailed me- or put the funds into the linked account or sent me a letter - or something!

Does anyone know where i stand on this please?
Thanks

alanq

tingly wrote: »

I really thought it matured this year- ....

From what you say the fixed term account has matured and the funds are in an easy access account available to withdraw. As to whether that is what should have happened ...what did the terms & conditions you signed up to say?
http://www.icicibank.co.uk/personal/faqs/terms-and-conditions.html#link5

tingly

Good point- i will read em- thanks for the link

Archi_Bald

Presumably the T&Cs of the account said they'd transfer the money (your deposit plus interest) into an easy access account upon maturity? If it matured in October, which is this year, and you have instant access to your money, what is your worry?

If you are saying the T&Cs said they'd pay your balance into your linked account, you will have a complaint and you can ask them to comply with the T&Cs and pay you a minor amount of money for the cost of your phone calls and your time, and potentially for pennies of lost interest, at the rate of interest of your linked account.

tingly

It says thiis http://www.icicibank.co.uk/pdf/terms/HiSAVE%20FRA%20TnC/10June_2010.pdf

On 1.13 it states ( it wont let me copy n paste)
"If you hold a hi save fixed account with us and this is linked to one nominated account then we will open a hi save savings account in your name and (sic) the funds will be paid into this account at maturity

Which is what they did HOWEVER it doesn t say anything about notifying you- so do you think they are supposed to?

( i dont know y i put however in caps!!)

tingly

To clarify----it matured Oct 2013- not 2014
Sorry- am panicking

Archi_Bald

tingly wrote: »

It says thiis http://www.icicibank.co.uk/pdf/terms/HiSAVE%20FRA%20TnC/10June_2010.pdf

On 1.13 it states ( it wont let me copy n paste)
"If you hold a hi save fixed account with us and this is linked to one nominated account then we will open a hi save savings account in your name and (sic) the funds will be paid into this account at maturity

Which is what they did HOWEVER it doesn t say anything about notifying you- so do you think they are supposed to?

( i dont know y i put however in caps!!)

Sounds as if they did exactly what they said they would do. So you should be happy.

tingly

Delerious!

Motormad

Are you saying it matured a year ago and has been earning next to nothing for the last year,should be depressed not delirious!

kazwookie

You need to move it to some where that will give a better rate of interest asap

TCA

tingly wrote: »

On 1.13 it states ( it wont let me copy n paste) "If you hold a hi save fixed account with us and this is linked to one nominated account then we will open a hi save savings account in your name and (sic) the funds will be paid into this account at maturity

Which is what they did HOWEVER it doesn t say anything about notifying you- so do you think they are supposed to?

To clarify----it matured Oct 2013- not 2014 Sorry- am panicking

You'd have thought they might have contacted you with a reminder but they seem to have complied with their own terms and conditions, so unfortunately the fault lies with you for getting your dates wrong. No need to panic, you've got immediate access to your money and that's probably a better default than them reinvesting it into another fixed term product for you.