Canadian High Interest Savings Bank Accounts

If that is true, those who have money with them should withdrawl it and get it the heck out of ICICI while you still can.

Mike

We have had a good experience with ICICI and until this claim is substantiated I see no reason to move your money out of ICICI. They do have one of the better rates and usually do.

Before anyone panics, remember that ICICI -is- CDIC insured. Your money (up to $100k) is totally safe.

Jeff

"ICICI Bank closes one branch in Vancouver and you guys are worried??? "

I think it's prudent to remove anything over the $100k limit with any CIDC bank at the moment to protect yourself from loss. It's just due-dilligence upon an investors part to protect their capital. Getting $600 to risk $30,000 (in Roc's case), is that really worth it?

On a different note: Has anyone actually tried to get a very large sum in cash out of a bank before (not a bank draft, etc)?

In the mid-80's I requested $15,000 in cash and it took Canada Trust (now TD), 3 days to meet the request as they said at the time "to order that amount of money would require time as they don't keep that much "extra" in the safe". But other than that…

Can a bank refuse to give you actual cash (any amount) if you demanded it? Say Roc wanted to withdrawl his $130,000 in cash…

Mike

Mike,

Why on earth would I want to withdrawl $130,000.00 in RRSP's from ICICI in one shot?? That's crazy!!! I would get taxed 30% right away($39,000.00) leaving me with only $91,000.00!!!

Then I would have to add this $91,000.00 to my already high salary of $70,000.00/yr when I do my tax return for a total of $161,000.00!!!! Why would I write Revenue Canada a cheque for over $10,000 in April??? That makes no sense!!!

As for my Peoples Trust account that currently holds $325,000.00, that's easy to take out. I could call the operator or walk into the Peoples Toronto branch and transfer all the money into my TD Chequing account or take a certified chq….No problem!!!

Keeping only $100,000.00 at a bank or trust company just for CDIC reasons doesn't make sense!!! Banks in Canada are safe and well regulated unlike the U.S.A and other countries. Where do you think millionaires keep all their money? Spread out at 20 different banks for CDIC reasons? Think about it!!!!

Roc

I just checked their website and vancouver branch is no longer listed?!!

what the hell?

Roc said:

Mike,

Why on earth would I want to withdrawl $130,000.00 in RRSP's from ICICI in one shot?? That's crazy!!! I would get taxed 30% right away($39,000.00) leaving me with only $91,000.00!!!

To move your RRSP cash to another institution you don't need to withdraw the money into a non-registered account and pay tax. You can transfer the cash directly to another RRSP account without paying tax.

Roc! You sure know how to pick the bottom of the barrel. You are comparing Peoples Trust, which essentially has 3 offices worldwide to ICICI which by your calculations makes less than $3 million more with branches spread throughout the entire third world. You need to compare apples to apples and oranges to oranges.
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Secondly, with choices like this, return of capital becomes more important than measly return on capital. A fool and his money are soon parted.
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Thirdly, when a bank goes into receivership, all branches are closed down at the same time and never reopen, and all internet transactions are permanently suspended. Face it, nobody is there to answer the phones, and if you are lucky enough to get through to India, all they will say is "We are sorry, but there is nothing more we can do for you." If your luck still hasn't run out, you may eventually get some money back through CDIC, but that could take months if not years. Better to be safe than sorry.

Yeah I am not to sure what their plans are – but I have moved all my money to ING and CTF. A bank that only opened a few years ago and is now closing down branches doesn't sound safe to me.