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

DocProc

They are in error about this. Actually, being an Indian bank, as is their culture, they are as usual, in arrogant error.

They do not easily admit to the making of mistakes.

This error will be rectified in time but by a method which saves face to those managerial idiots who made this stupid error in the first place.

One problem is, that the bank is an absolute storming success story. It is doing brilliantly well and can afford to miss out on the odd customer.

Daft or wot?

Does anyone else out there understand where I am coming from and have any empathy with it?

DocProc

PS. My linked account for my own personal HiSave is our joint current account. Same for my wife. Same for our joint HiSave account too.

charlieboycat

DocProc wrote: »

They are in error about this.

I'm afraid I don't follow. Surely they are entitled to make what rules they like regarding ID, account opening practices, etc. Stupid it may be not to accept a cheque drawn on a joint account - but if that is what they want to do then where is their "error"?

Are you are suggesting that their error is one of incorrect interpretation of their own T&C? In which case I would say that the relevant wording is clearly open to different interpretations - evidenced by the fact that you interpret it one way and Mikeyorks interprets it another.

charlieboycat

DocProc wrote: »

PS. My linked account for my own personal HiSave is our joint current account. Same for my wife. Same for our joint HiSave account too.

Might it be possible that they have changed their account-opening practices since you and your wife opened your account?

DocProc

charlieboycat

Are you are suggesting that their error is one of incorrect interpretation of their own T&C? In which case I would say that the relevant wording is clearly open to different interpretations - evidenced by the fact that you interpret it one way and Mikeyorks interprets it another.

Well, yes.

I really do think they have misinterpreted their own T&Cs.

Re: Their phrase - An account in your name:

My joint account with my wife is in my name. It's not with her in your name, is it? It is not unusual or unnatural for a married individual to ONLY HAVE a joint current account. It is not necessary for a married individual to have a current account in only his/her name.

ICICI Bank (UK) Ltd are insisting that an individual, wanting to open a HiSave account, needs to have a current account in ONLY his/her own name.

Why? What on earth for?

DocProc

Of course they can make their own rules.

And of course we can take our business elsewhere.

And of course, not being perfect, they can make mistakes about interest payments (see a thread elsewhere on this MSE Saving and Investments section).

But all of the above has to end up as a Win/Win type of situation for them and us to coexist in a mutually beneficial way. Otherwise it all gets a bit pointless.

johnoz

Yes, me too.

Both an e-mail explaining that I had sent a "wrong cheque" (joint account) to open a hi-save account in just my name... then my cheque was returned with a standard letter, with a tick in a box next to this same explanation.

So certainly must be their policy now if they have a pre-printed rejection letter for this occurence.

Again, don't know why they have this policy. And I'm not aware of any other bank / building society who insist on this. Anyone?

jennifernil

Must be something newish. I opened an account with them about 15 months ago, in my name only. The cheque I sent was from our joint current account. They accepted it without comment.

Mikeyorks

DocProc wrote: »

Well, yes. I really do think they have misinterpreted their own T&Cs.

And their own FAQ's?

If you read the bits of your quote from their T&C 1.4, which I made bold .... they certainly haven't misinterpreted it. The English may be less than impeccable - but the meaning is quite clear.

Their interpretation of the extended ID requirement, where they look for a personal cheque from a new customer ... may be more than a bit curious when viewed against other Banks. But their interpretation of their own published rules seems fairly sound.

Cozworth806

charlieboycat wrote: »

Might it be possible that they have changed their account-opening practices since you and your wife opened your account?

My wife opened an account in December with them and used our joint account as the linked account and sent the cheque from there as well.


Maybe the joint account has your name shown differently?