ICE Save Hidden feature

alecpr

Hi,

I opened an Icesave account with the intention of taking a fixed term bond with them.

Started transfering money in then realised if I open the bond I can transfer money from the linked account as opposed to transfering money to the savings account and then from there to the bond.

Anyway, set up my transactions and realised I'd screwed up, I'd transfered too much from my linked account to the savings account over the last week and wasn't able to cover the money for the bond. Not a problem, just transfer the money back... only I can't... ten days after I made the transaction it's still not cleared on my account. The balance is correct, but cleared finds is still zero!

I called Ice Save and was told that once the transaction has been "processed" (a 3-5 working day timescale) it takes a further 7 working days to clear... I thought UK banks were bad, but anything up to 12 working days to pay some money in to the bank and have it in your account and cleared seems excessive.

Now I'm just hoping that my current account provider are more efficient and can canel the transaction before it heaps misery on my account with them.

noh

Not really a hidden feature. See para 12i of the T+Cs
http://www.icesave.co.uk/downloads/ICE2008_V8_0208_01.pdf

Nigel

so3003

Does this mean there is a 7 working day gap between making a transfer and when the transferred money begins to accrue interest?

noh

so3003 wrote: »

Does this mean there is a 7 working day gap between making a transfer and when the transferred money begins to accrue interest?

No it accrues interest from the date of receipt. Its seven days until you can withdraw.

Nigel