ICICI Applicants feedback required

masonic

masonic wrote:

It seems they never collected the money from my bank. I owe ICICI £500! :rotfl:

Damn! I've been rumbled. They knocked the extra £500 off my balance this morning. The transaction's dated today though, so it seems I've earned interest on this imaginary £500 for one and a half months - that's £3.38 by my calculations. Not bad, eh. Will have to give them a call tomorrow to make sure they're not planning to do anything else about it.

DocProc

Well, yesterday morning my wife and I went into our bank and we each did bank CHAPS transfers into our ICICI HiSave accounts. These are electronic and are in 'cleared funds' too. They cost £20 each to do and obviously the loss of interest for a three day period if you did something slower has to be taken into consideration in the arithmetic.

We were optimistic a CHAPS transer would work but we didn't know for certain. Of course, you can add the appropriate and pertinent HiSave Linked Account banking sort and account code references to the CHAPS paperwork. these properly identify the Linked Account concerned and are required to get the transactions accepted.

As an aside, our bank is Lloyds TSB and the lady manager we spoke to there and who did the paperwork for us, commented how the sort code used by ICICI Bank UK Ltd, which we had taken from their e-mail communications sent by them when we opened the HiSave accounts, was actually one of a series of the ones used by LloydsTSB.

Well, all of this was looking good so far.

And the results?

2:59pm: The money is still in the Linked Current Account.
3:01pm: The money has now left the LCA and is somewhere out there in the ether. Naturally, we are a little stressed.
3:01pm: Hmmm? It hasn't yet arrived at ICICI, well, according to the Internet, anyway. If it has, it hasn't been processed yet.
We check on the Internet at various times after this and then, nothing having happened and it being about 8pm, still rather anxious but trying to be optimistic, we decide to go out to take our mind off things.

In fact, we go out to watch the new 'Pride and Prejudice' film at the local flix. It was an excellent film and we can both recommend it. It did the job for us too.

Anyhow, after getting home from this we checked again.

11:05pm. Both the transfers have arrived and show as entries into our HiSave accounts.

Hope that helps some of you.

Paul_Herring

DocProc wrote:

By the way, your calculations are for 'gross' interest. Isn't there a 20% Tax deduction to 'net' them down?

Indeed: [HTML]AER: 5.40%
Interent rate: 0.4392%
Principle: £10,000.00
Tax 20%

Amount Interest Amount Interest
01-Aug £10,000.00 £35.14 £10,000.00 £35.14
01-Sep £10,035.14 £35.26 £10,000.00 £35.14
01-Oct £10,070.40 £35.39 £10,070.28 £35.39
01-Nov £10,105.79 £35.51 £10,105.67 £35.51
01-Dec £10,141.30 £35.64 £10,141.18 £35.63
01-Jan £10,176.94 £35.76 £10,176.81 £35.76
01-Feb £10,212.70 £35.89 £10,212.57 £35.89
01-Mar £10,248.59 £36.01 £10,248.46 £36.01
01-Apr £10,284.60 £36.14 £10,284.47 £36.14
01-May £10,320.74 £36.27 £10,320.61 £36.27
01-Jun £10,357.01 £36.39 £10,356.88 £36.39
01-Jul £10,393.40 £36.52 £10,393.27 £36.52
01-Aug £10,429.92 £10,429.79

[/HTML]

masonic

DocProc wrote:

...
11:05pm. Both the transfers have arrived and show as entries into our HiSave accounts.

Hope that helps some of you.

That's reassuring to know. Hopefully a BACS transfer would also find its way to the right place then. I know it's been asked before, but has anyone tried a BACS payment? I think I may take the plunge the next time I want to do a transfer in.

shropslad

For those of you concerned regarding transfers in and out of the linked account that you set up with ICICI. Here are my findings:-

09/09/05 £750 moved from ICICI to my linked account. That arrived in my bank account on 13/09/05.

09/09/05 £500 moved from link account to ICICI. Yesterday I called customer services and asked where the money had gone. They said they would call me back. Today, an email arrived from them saying the money had been deposited in the ICICI account this morning.

Upon checking my bank account there is no record of the £500 being transferred to ICICI !! The money is showing up on my ICICI account so I am now getting interest on the £500 in both accounts!!

I will keep you posted when the money gets debited from my bank account.

innovate

shropslad wrote:

I will keep you posted when the money gets debited from my bank account.

Hope you can take your time over letting us know

kt

Many thanks "oldagetraveller" for advice on contacting MD/CEO - S Chatterjee. I wrote to him yesterday advising him of my extreme displeasure at their lack of customer services. You may recall I hadn't received a password, having opened my account in July.
Well I had a phone call today- surprise, surprise! Apologising profusely for their poor service. They have promised that I will have a password by Wednesday. Watch this space!! I have already told them that I will be cancelling the account, so provided I can get online it will make it easier (I hope) to do so. That is despite the fact that I wrote to them over a week ago, plus emailed with letter attachment to cancel. They have also given me a contact phone number - 0207 201 1000. Maybe other unfortunate customers can use this number to complain.

masonic

shropslad wrote:

I will keep you posted when the money gets debited from my bank account.

If you're as lucky as me it will be 6 weeks!

anticlaus105

kt wrote:

They have also given me a contact phone number - 0207 201 1000.

Don't bother! You will probably get through to Jasmide (think thats how it's spelt) who will do Jack !!!!!! for you.

This organisation is the absolute pits. They still haven't changed my linked account. I've sent 3 mails from within online banking to account manager but keep getting same "I've passed onto relevant dept" response with no answer to my question of why the delay. I've left several messages with Jasmide at above number with no response

They can go f$$k themselves.

DocProc

After getting back the standard "Next steps for opening your HiSAVE Account" e-mail in response to my additional application, this time for a Joint Account, I sent off a cheque as instructed.

As we all know, this has to clear, then when that has happened, you get your 'Congratulations!!...." e-mail and out goes your password to you in the mail in the green envelope. When you get it, you can then log on to this new account and you are 'in business', so to speak.

Not so on this occasion.

The said cheque has been credited to my existing HiSave personal savings account - and Yes, I did use a NEWLY GIVEN 'ACCOUNT OPENING REFERENCE NUMBER' after my name on this cheque on the Payee line

Will I get a letter of explanation in the mail?

Will I get an e-mail of explanation, saying I cannot have two HiSave accounts?

Can I have two HiSave savings accounts, being one Personal and one Joint?

Now surely the answer to this has to be Yes. Of course you can! And I have done this with INGDirect.

So...If not, why not? And where does it say this on the ICICI site?

If you can have two such accounts,

a. Could I transfer funds from one to the other?

b. Without having to use the 'linked account' procedure, thereby creating a 2 x 3 business days transfer clearance delay?

Now the answer to b. surely has to be a 'Yes'. If you have more than one account with any bank then money shouldn't have to go 'out' of the bank and then back 'in' again to move it from one account to another.