HiSAVE Term Deposit - Balance goes to ZERO each night!

edited 30 November -1 at 1:00AM in Savings & Investments
19 replies 2.2K views
DocProcDocProc Forumite
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edited 30 November -1 at 1:00AM in Savings & Investments
Yes. ZERO!

Well it did last night and it has done again tonight too.

As a HiSAVE customer I took advantage and transferred a largish sum over to a 1-Year HiSAVE Term Deposit to get 6.85% AER.

I use Egg's 'Your Money' facility to look at the balances on a whole range of things we have, eg, CCs, current account, etc, etc.

Anyhow, after watching a late night TV film last night I went to switch off the PC. Actually, the time I did this would be about 1:30am this morning (Tues). Just before I switched off, I thought 'I'll just check the balances'.

I couldn't believe it!!!! Not only was there a 'Nil' balance showing on the HiSAVE Term Deposit account but when I explored further and tried to access the account by clicking on the bank's link and actually entering the account to 'View', what came up was only the account number detail and a message saying, 'Record does not exist'.

Like sorta 'How slightly effing irksome!' I thought to myself. :j :rotfl: :j :rotfl:

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

Well, after a trouble night's sleep, I was relieved to see how everything was back to normal this morning at about 8:30am.

I've just checked it again. Guess what?

Correct! The balance is NIL. 'Record does not exist' is the message.

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

Is anyone else out there getting a similar experience?

What the hell are ICICI Bank UK playing at at night with these Term Deposit Accounts?

I didn't bother ringing the Indian call centre last night because I could envisage them doing some kind of maintenance thingy during the night and i wasn't up to discussing it with someone who wouldnt have been able to do anything anyhow. And of course, this morning there was no need to do so as the balance was back to normal and the account was also seen to be functioning correctly.

But to have this kind of experience each evening is not going to do my sleep much good or my wife's either.

Any ideas? I have taken Screen Shots of everything I saw, by the way.

I actually don't think anyone has run off with my money.
Nevertheless, 'STRUTH!' :eek: This is kind of scary!!
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Replies

  • DocProcDocProc Forumite
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    And 'Lo and behold' my balance is back to normal this morning. :T

    I have fired of a message to the Account Manager on the account's Communication tab, asking for an explanation. :confused:

    I suppose it has to do with maintenance - or someone borrowing the funds to play night-time internet poker and then returning them back to the account ready for the morning. :cool:
  • Yes I've recently had trouble as well. I've asked them to transfer £15,000 from my linked account on 25/01/08 to my Hi save account and it's still not happened so I've done the same - fired off a message to account manager. Meanwhile losing interest on my money whilst it's sitting in my current account:mad: :mad: :mad:
    :rotfl::rotfl: :j :j 87.2% of all statistics are made up on the spot:j :j :rotfl: :rotfl:
  • LardyCakeLardyCake Forumite
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    DocProc wrote: »
    I use Egg's 'Your Money' facility ...

    You say you are using Egg's 'Your Money' facility to look at you balances. I've no idea what Egg's 'Your Money' facility does, but have you considered the possibility that the reason you are seeing a zero balance lies with Egg's 'Your Money' facility and is nothing to do with ICICI?
  • DocProcDocProc Forumite
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    LardyCake

    No, that isn't the problem. This has to do with something weirdthat ICICI Bank UK are doing of an evening.

    Here's the info' on Egg's Money Manager, which you will see is an utterly brilliant tool:

    http://www.egg.com/visitor/0,,3_48814--View_845,00.html

    Once you're into the site, the link to view all your own accounts, no matter who they are with, is on a tab labelled 'Your Money'. One click from there takes you to these other banks' or credit cards' web sites. Furthermore, you are automatically logged in.
  • Steve_xxSteve_xx Forumite
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    DocProc wrote: »
    LardyCake

    No, that isn't the problem. This has to do with something weirdthat ICICI Bank UK are doing of an evening.

    Here's the info' on Egg's Money Manager, which you will see is an utterly brilliant tool:

    http://www.egg.com/visitor/0,,3_48814--View_845,00.html

    Once you're into the site, the link to view all your own accounts, no matter who they are with, is on a tab labelled 'Your Money'. One click from there takes you to these other banks' or credit cards' web sites. Furthermore, you are automatically logged in.

    I would think carefully before using the Egg site in this way, ie to view accounts held with other institutions. I say this because effectively you have divulged your login/password details to a third party. If you were to subsequently discover that there had been unauthorised withdrawals from any of your accounts, then the respective banks would want to know that you had not divulged your login details, and of course, you would have!
  • DocProcDocProc Forumite
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    Steve_xx

    The following is what Egg have to say about the point you raise when you say
    I say this because effectively you have divulged your login/password details to a third party. If you were to subsequently discover that there had been unauthorised withdrawals from any of your accounts, then the respective banks would want to know that you had not divulged your login details, and of course, you would have!

    3. Security and Egg Money Manager

    3.1 By using your Egg Money Manager, you may be breaking the terms and conditions which govern the operation of your Accounts. One or more Organisations may require you to cease using your Egg Money Manager as a condition of you retaining your Accounts with them and, in the event of unauthorised access to your Accounts, they may refuse to reimburse you for your loss. You should contact us if any of these circumstances arise.

    and Egg also say

    Your banks' terms and conditions Organisations generally do not object to Egg Money Manager because you do not disclose your PINs and passwords to us. However should you become aware of any issues when you are using Egg Money Manager please contact us.

    Here's a link to Egg's page on 'Security and Privacy'. There are also other links to related topics on that page. Eg, FAQs, Available Organisations, the Small Print, How it works, etc.

    http://new.egg.com/visitor/0,,3_63245--View_1248,00.html

    Here's what they have to say on their Legal Information page:

    http://new.egg.com/visitor/0,,3_48817--View_1020,00.html

    One of the main points you raise is

    "By using the Egg Money Manager facility does a user divulge their login details to a third party?"

    I feel the answer is definitely 'NO'.

    Here are ICICI Bank (UK) Ltd's Terms and Conditions for Internet Banking.

    http://www.icicibank.co.uk/pdf/internet_banking_TnC.pdf

    Having re-read them, I don't see a problem. If you spot some kind of potential difficulty on any of these legality web pages, I really would appreciate you bringing it to my attention. Not just for me, but also for the greater good and the benefit of all MSE users.

    I do think that any Bank or Credit Card company who works with Egg to facilitate access for their own clients using this Egg tool are surely not doing so in an attempt to create a security issue thwart against their own Terms and Conditions.

    eg, a theoretical scenario:

    Q. You say you've had your account compromised?
    A. Yes.

    Q. Are you an Egg Money Manager user for your account with us?
    A. Yes.

    Oh, in that case you have contravened our Terms and Conditions concerning account security.

    I don't think that scenario would hold up in court if the account organisation has put themselves on Egg's list of 'Available Organisations'. Do you?
  • Steve_xxSteve_xx Forumite
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    DocProc wrote: »
    Steve_xx

    The following is what Egg have to say about the point you raise when you say



    3. Security and Egg Money Manager

    3.1 By using your Egg Money Manager, you may be breaking the terms and conditions which govern the operation of your Accounts. One or more Organisations may require you to cease using your Egg Money Manager as a condition of you retaining your Accounts with them and, in the event of unauthorised access to your Accounts, they may refuse to reimburse you for your loss. You should contact us if any of these circumstances arise.

    and Egg also say

    Your banks' terms and conditions Organisations generally do not object to Egg Money Manager because you do not disclose your PINs and passwords to us. However should you become aware of any issues when you are using Egg Money Manager please contact us.

    Here's a link to Egg's page on 'Security and Privacy'. There are also other links to related topics on that page. Eg, FAQs, Available Organisations, the Small Print, How it works, etc.

    http://new.egg.com/visitor/0,,3_63245--View_1248,00.html

    Here's what they have to say on their Legal Information page:

    http://new.egg.com/visitor/0,,3_48817--View_1020,00.html

    One of the main points you raise is

    "By using the Egg Money Manager facility does a user divulge their login details to a third party?"

    I feel the answer is definitely 'NO'.

    Here are ICICI Bank (UK) Ltd's Terms and Conditions for Internet Banking.

    http://www.icicibank.co.uk/pdf/internet_banking_TnC.pdf

    Having re-read them, I don't see a problem. If you spot some kind of potential difficulty on any of these legality web pages, I really would appreciate you bringing it to my attention. Not just for me, but also for the greater good and the benefit of all MSE users.

    I do think that any Bank or Credit Card company who works with Egg to facilitate access for their own clients using this Egg tool are surely not doing so in an attempt to create a security issue thwart against their own Terms and Conditions.

    eg, a theoretical scenario:

    Q. You say you've had your account compromised?
    A. Yes.

    Q. Are you an Egg Money Manager user for your account with us?
    A. Yes.

    Oh, in that case you have contravened our Terms and Conditions concerning account security.

    I don't think that scenario would hold up in court if the account organisation has put themselves on Egg's list of 'Available Organisations'. Do you?

    There are a lot of terms and conditions to wade through there!

    I think that the real test for this would be for someone to go to their bank, say HBOS, and tell them at the bank that they plan to use the Egg Money Manager, and that in doing so you would need to divulge account access details. Then ask HBOS to give written confirmation that they are happy for the account/s access details to be divulged to Egg Money Manager.

    In the first instance you can bet the staff at your local HBOS will say absolutely not. Then if you press it further they will want to refer the matter to their superiors. Their superiors wont be keen and will want to blanket cover themselves by telling you that if you did divulge the account details in the way you propose, then the account might effectively be regarded as compromised.
  • DocProcDocProc Forumite
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    Steve_xx

    What you are really saying above, amounts to, 'If I tell HBOS I am going to break their security T&Cs and disclose my account login details to a third party, will my account still be secure?'

    Obviously, it wouldn't be. Would it?

    Without wishing to evade the issue concerning what you are saying about the security of using Egg Money Manager, I do want to bring my header topic back on track.

    I think the The Egg Money Manager 'Does it breach Internet bankingT&Cs?' security topic thingy almost deserves a thread of its own and I will be happy to start one off. I am a 'believer' in it though, since Egg say it doesn't, but I would need to re-read my own 'organisations', banks' and cc's' T&Cs' before doing so. I'm also up for asking Egg if they would consider commenting on such a thread or say, responding to some questions on things that I could re-print on the thread.

    My real issue on here is to find out

    1. Are any other ICICI 1-yr Fixed Interest Term Deposit Account holders are experiencing this 'zeroing of their account balances and seeing 'Record does not exist' messages late of an evening?
    2. Am I alone with this quirky stuff with ICICI Bank (UK) Ltd.?
    3. Was it just a temporary glitch or is it usual and part of some weird ICICI internet banking housekeeping procedure?
  • DocProcDocProc Forumite
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    A little bit more on the Egg software download, which is actually called a 'password safe'. As I've said previously, this is required to be done so as to be able to use the Egg Money Manager.

    Here's what it actually says about it:
    Downloading a password safe.

    It only takes a few minutes to download the password safe, please select 'download password safe' below.

    Not sure what the safe does?

    The safe is a small file (ActiveX component) held on your PC and it's where the security login details for your other bank accounts are stored.

    The Demo on doing this also points out that Egg never sees your login information.
  • Steve_xxSteve_xx Forumite
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    DocProc wrote: »
    A little bit more on the Egg software download, which is actually called a 'password safe'. As I've said previously, this is required to be done so as to be able to use the Egg Money Manager.

    Here's what it actually says about it:



    The Demo on doing this also points out that Egg never sees your login information.

    The point is that your login information is stored somewhere remotely. The banks normally state that access codes/passwords are not to be written down anywhere. Clearly for this to work, your passwords are handed over to a thrid party.
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