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Email this9:42 pm
Hey,
Has anyone else heard that ICICI is shutting down their Vancouver Branch?
What is up with that?
Raven
4:42 pm
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
7:28 pm
I have had nothing but bad experiences with ICIC and I am not surprised to hear they will be toast. I would stick with the high interest virtual players that have had a long term track record...ING, Achieva Financial...even Canadian Tire is very competitive.
I simply have been moving more of my money to Achieva over the years, as they have always been very good to deal with and provide consistently high rates with a 100% deposit guarantee.
That said, I still have some money with ING, they are hard not to like as well!
8:17 am
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.
7:30 pm
All I will say is let all the blogs abour ICIC speak for themselves --- they have issues!
2:00 pm
Before anyone panics, remember that ICICI -is- CDIC insured. Your money (up to $100k) is totally safe.
Jeff
10:51 pm
ICICI Bank closes one branch in Vancouver and you guys are worried??? They have like 7 branches in Ontario and 1 in Calgary, so I don't see them closing up shop anytime soon!!!
Keep in mind that ICICI is India's largest bank followed by State Bank of India, and with a population of over 1,000,000,000 people in India, there's no way they would close down their Canadian operations!!!!
Leave your money at ICICI, its perfectly safe there for a long long time!!! I have over $130,000.00 parked there in an RRSP Savings account earning me 2.00%!!!! So relax and chill with all this talk about CDIC and moving money out, they are here to stay forever!!!!
Roc
5:46 am
"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
2:03 pm
Yes, this is a normal practice by all the banks and has saved many individuals who have been extorted. I too needed $25K last year, which did require a day's notice to my credit union. Three days for $15K does seem a bit extreme.
2:07 pm
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
8:28 am
Roc,
You only used one question mark near the end of that message. What gives???
1:55 pm
I just checked their website and vancouver branch is no longer listed?!!
what the hell?
7:01 pm
November 26, 2008
Offline
Just moved 20k out, didn't take 3 business days. Took 1.
Any bank can go bankcruptcy. Particularly these days. Whatever its size.
The day you become free is the day you work for fun.
8:00 pm
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.
9:27 pm
Ladies and Gents,
There's really no need to panic here with ICICI Bank closing their downtown Vancouver branch, I'll explain why.
First of all, they still have a branch open in BC found in Surrey along with 7 branches in Ontario and 1 in Calgary. As you are well aware ICICI Bank Canada is a subsidiary of ICICI in Mumbai, India. As a matter of fact they have 17 subsidiaries total worldwide. They have branches in US, UK, Hong Kong, Russia, Sri Lanka, etc. This information can be seen by looking at their 2008 Financial Report for ICICI Bank Canada. Go to http://www.icicibank.com
The financial report states that ICICI Bank Canada made a NET INCOME of $524,459,000 Rupees or $12,050,089 CDN(1 Rupee = 0.02 CDN). That's higher than Peoples Trust NET INCOME of $9,283,000 CDN for 2008!!!! So clearly ICICI Bank Canada is more profitable than Peoples Trust for 2008.
Again, hopefully this puts to rest all the panic and fear of ICICI Bank Canada folding anytime soon because they are still very profitable!!! Maybe that branch in downtown Vancouver wasn't profitable so they decided to save some money and close it down.
You won't lose a dime if a branch closes down, as you can very easily obtain your money over the internet, by phone or by visiting one of their other 9 Canadian branches!!!You'd be crazy to move your money out of this gem of a bank!!!!
Roc
1:06 am
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.
4:27 am
guest said:
Better to be safe than sorry.
Yes, that is all I am saying too. I do not have an account with ICICI nor ever had one. From my view, there is "writing on the wall" that out of the few branches they have in Canada. 1 closed down already and being an international bank (with only a few branches left) they could close them all without much warning.
For me, the 1.6% interest rate (reward) isn't worth the potential risk. Can you imagine losing anything over CDIC limit or calling or traveling to India to get your money back? Good luck.
And Roc, take it easy man. Unless you own (or have shares in ICICI) then it's just "another" bank/trust/credit union, there are lots of others out there 🙂
Mike
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