Do NiCd batteries really have a memory effect?

Answering this question is a sure way to start a flame war on the internet.  
The simple answer is: Technically speaking NiCd batteries do not have a memory effect.  
However, they do suffer from a voltage depletion phenomenon that most people call the
memory effect.  So practically speaking, NiCd batteries do suffer from a memory effect, even 
if it is not technically correct to call it that.  Fortunately, the voltage depletion effect 
is reversible by conditioning NiCds.  

If you use NiCd batteries you should be aware that most the problems experienced by 
NiCd battery users are not due to a "memory effect" but are due to overcharging.  
Overcharging is usually caused by  poorly designed first generation battery chargers.  
These chargers continue to deliver current to the batteries even after the batteries are 
full charged.  "5- hour" and "8-hour" chargers can easily damage NiCd or NiMH batteries. 

The big difference between voltage depletion, the "memory effect" and damage caused by 
overcharging, is that reduced capacity due to overcharging is not reversible.  

-source: greenbatteries.com

    Source: geocities.com/tamiyabcd