ICICI Savings Account Backlog 'Cleared'
ICICI UK Bank claims that recent backlog in applications for savings account are now cleared
4th October 2005
Indian-based bank ICICI say that problems in opening their HiSave account should now be solved. The savings account featured a market-leading AER of 5.4% when it was launched, and can only be opened and operated online. The rate has since fallen to 5.15% in line with the Bank of England's rate reduction.
Such was the popularity of the account that the bank was swamped with applications, with many people not managing to get the online application to work.
Worse, some customers got as far as completing the application and sending a cheque to open the account, only to see their cheques cashed but no information given as to whether their account was actually opened, or how to operate it.
The BBC's Moneybox program heard from some customers who waited for up to 8 weeks after their cheque was cashed before giving up on receiving their account details, and demandingtheir money back.
The CEO of ICICI UK has said that while they were initially overwhelmed by the number of applicants, they were now operating within 'service parameters' that meant most applicants should now get account opening comfirmation within 2 days of applying.
The bank also says that customers would not lose out on any interest earnings because of the delays they experienced.
Read More: BBC: ICICI bank says backlog clear
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