ICICI - cannot open Single account if bank account is in joint names

dannahaz

I've just tried to open an ICICI HiSave account in my sole name. I applied on line, and then sent a cheque for the initial deposit as requested. They have refused my cheque because it came from a joint bank account, and have told me that I must either send them a cheque from a sole bank account, or change the HISave application to be a joint one.

I don't understand why they have this requirement, I haven't heard of it before! I've asked them for more information, but I don't hold out any hope.

Just thought I'd post this in case anyone else is thinking of opening an account with them,.

FiscalFanny

Hi, I've just done the same, applied on line, got accepted, but luckily read on here before I sent the chq off!

I am not sure either, so will be interested to hear people's views. I wonder if it because it stops you siphoning off joint money into single account of the lesser tax payer (in my case husband is HR tax and I pay no tax)

HOWEVER I thought this was OK and is indeeed recommended on this very site to utilise the non tax payers status with regard to savings.

Obviously ISA's have to be opened in sole names, but is this just ICICI or a general consensus with banks?

Intrigued I certainly am.

fizzypop

FiscalFanny wrote: »

Hi, I've just done the same, applied on line, got accepted, but luckily read on here before I sent the chq off!

I am not sure either, so will be interested to hear people's views. I wonder if it because it stops you siphoning off joint money into single account of the lesser tax payer (in my case husband is HR tax and I pay no tax)

HOWEVER I thought this was OK and is indeeed recommended on this very site to utilise the non tax payers status with regard to savings.

Obviously ISA's have to be opened in sole names, but is this just ICICI or a general consensus with banks?

Intrigued I certainly am.

Already reported here but ICESAVE do allow it and have to be a better choice if you read all the feedback on here.

Mikeyorks

FiscalFanny wrote: »

but is this just ICICI or a general consensus with banks?

Not normally a problem, in my experience. My current account is joint .. but I've opened singular savings accounts with various institutions (for self and OH) using joint cheques from it.

However, ICICI say this at 1.4 of their T&Cs :-

To open a HiSAVE Savings Account, you must make a deposit (of minimum £1), by cheque, from a personal current account in your name at a UK bank or building society. If you are opening a joint account, your deposit cheque must be from a personal current joint account which is in name of two of you..

DocProc

This is incorrect. I think whoever told you this is somewhat confused.

If you go to the web site at
http://www/icicibank.co.uk/hisave_terms_condition.html#hisave_sav

and read the HiSave Terms and Conditions, it says the following:-

1. Opening an account1.1HiSAVE Account can be opened only if you meet the following requirements: you are an individual, aged 18 or older, resident in the United Kingdom (but not including the Isle of Man or the Channel Islands) for at least one year at the time of opening of your HiSAVE Account; and
you have an existing current account with a bank or building society in the UK ("bank") with electronic funds transfer, cheque book facility in your name and direct debit facility (the "nominated linked account"); and
you have access to email facilities, and a valid current email address.
1.2If you have not been resident in the UK for at least one year we may consider your request to open a HiSAVE Account if you already have a current account with us and you provide us with additional documents as requested by us.
1.3When you apply for an HiSAVE Savings Account, we will not be able to open your account until we have carried out various checks. We must check your identity for fraud prevention and compliance with Anti Money Laundering regulations. If we cannot do the checks electronically and under certain other circumstances, we will ask you to provide independent documentary evidence of your identity and/or address (for example electricity bill as proof of your address and your UK driving license or your passport as proof of your identity). When you apply for the HiSAVE Account, we will let you know which documents we will accept as proof of your address and identity. If we do not receive such documentary evidence, as we require, and we are unable to open the HiSAVE Account within three months of the date of receiving your application we may ask you to reapply online to open a HiSAVE Account and provide fresh evidence of your identity. We reserve a right to decline your application if we are not satisfied with the identity documents you have provided us.
1.4If you stop being eligible for the HiSAVE account, we may close your HiSAVE Account by giving you 30 days' notice. If for any reason you do not meet any of the requirements mentioned in Condition 1.1 you must immediately inform us about the same.

To open a HiSAVE Savings Account, you must make a deposit (of minimum £1), by cheque, from a personal current account in your name at a UK bank or building society. If you are opening a joint account, your deposit cheque must be from a personal current joint account which is in name of two of you.. The minimum deposit, which is to be paid from current account will be the nominated linked account and it must:
have a chequebook for the account with your name (or joint names, in the case of a joint current account) pre-printed on each cheque; and
be able to set up Direct Debits from the account.
1.5If we have not received from you a minimum £1.00 cheque from your nominated linked account within three months of receiving your application to open HiSAVE account, we may reject the application and you may re-apply online to open a HiSAVE account.
1.6When you send us a cheque it must be in your name and from the nominated linked account as stated by you in the HiSAVE Account online application form, for the initial deposit as mentioned. You must make sure that you add your 8 digit tracking number sent to you via e-mail by us immediately after your name on the cheque you send us.
1.7Upon successful verification and receipt of cheque from your nominated linked account as per clause 1.6 above, we will open your account and send you the account information and internet banking login ID by e-mail within five working days from the date of clearing of the cheque. For security reasons, your internet banking password would be posted at your residential address separately. Using your login ID and password you can transact in HiSAVE Account. We strongly recommend that you change your password upon receipt by logging into your internet banking section. If you have opened a joint account we will send each of you a password and each of you must change your password upon receipt by logging into your internet banking section.

Note that it does not say that the nominated linked account has to be in your name ONLY. If the linked account is a joint account between you and someone else, then it is from an account in your name.

I would telephone them and ask to speak to a supervisor for further clarification.

Telephone: Customer Relations on 080 8131 4151* to inform us of your concerns.

This is actually a freephone number.

However, on the other hand, I don't see why you should have to do this.

How absolutely stupid of them to interpret this so incorrectly and in such a 'Lose/Lose' fashion. When I read rubbish like this I despair!

Mikeyorks

DocProc wrote: »

When I read rubbish like this I despair!

In which case you need to read what you've quoted?

To open a HiSAVE Savings Account, you must make a deposit (of minimum £1), by cheque, from a personal current account in your name at a UK bank or building society. If you are opening a joint account, your deposit cheque must be from a personal current joint account which is in name of two of you

.....which confirms that the OP has had the cheque returned because it doesn't meet the T&Cs for a sole account?

charlieboycat

Interpretaion of the T&C by a UK court might revolve around [the interpretation of] english grammar - which arguably is not ICICI's strong point. However, as has been pointed out on another thread, ICICI's FAQs state very plainly:

Quote:
16. I want to open a single HiSAVE Savings Account but I have a joint current account. Can I link a joint current account with the HiSAVE Savings Account? Can I send a cheque from the joint current account to open a single HiSAVE Savings Account? You will not be able to link a joint current account to your single HiSAVE account.


No ambiguity there! Moral - read the FAQs as well as the T&C. They may carry less weight legally - but in this case they carry a lot of weight in practice.

FiscalFanny

As I said on another thread I found the t&c's ambiguous when I first read it and on subsequent readings. I read the t&c's avidly yet missed the FAQ's (yes yes I know) which were indeed very clear.

However, let's move away from this to the real issue - why? Does anyone know why ICICI impose this limitation when it's not used by many other banks?

charlieboycat

FiscalFanny wrote: »

Does anyone know why ICICI impose this limitation when it's not used by many other banks?

Not a limitation imposed by any (let alone many) other banks AFAIK. And no, I have no idea why ICICI do. Could it be a common banking practice in India?

PS - My previous post was in reply to DocPro rather than to you.

Mikeyorks

FiscalFanny wrote: »

However, let's move away from this to the real issue - why? Does anyone know why ICICI impose this limitation when it's not used by many other banks?

I can't see how the real issue is 'why'? The real issue is that if you've opened a single account .. their interpretation of the extended ID requirements is that you have to open it with a cheque in your name from your singular account! I can't see how their 1.4 is interpretable otherwise .... with or without the FAQ backing it up.

So - you either provide a cheque from a single account .... or make their account joint? As post#4 it's not a universal interpretation - but it clearly is their interpretation .... so your choices are limited.

~daisy~_2

i dont really understand

i opened my icici account in my sole name but sent my opening cheque from my joint current account ?

is this not allowed then ?