Egg deposits are no longer "same day"

Milarky · 11 January 2006 at 3:17PM

The good thing about Egg used to be that they treated debit card payments as instant (even though with the Egg card you couldn't see the payment on your account until the next day). Now that's all changed. They changed the Egg card T&Cs on 1st September and confirmed those in the revised T&Cs for the Egg Moeny card when it came out in mid September. Egg savings is now similarly affected.

Debit card

You can only make an additional payment by debit card if the debit card is held in your name.

Egg (green) card and Egg Money card

This payment will be applied to your Egg Card account within three working days if you make the request before 2pm on a working day. Otherwise it will be applied within four working days

Egg Savings (internet and card)

When you pay in using a debit card, it's free and takes just three to four working days for the money to clear into your Egg Savings Account.

This means that payments to Egg card must now allow 2 'clear' working days (that's sometimes referred to as '3 working days' by the banks) and be made before 2pm to be cleared onto the account. This one caught me out when I logged onto Egg on 3rd Jan to make a manual 'same-day' payment up to the statement balance - to avoid purschase interest. It was only then that this new information appeared - even though Egg have said everyone was told about the change yonks ago. Since last Monday they have also taken down their old 'Move money help' information (which gave the old 'same day' advice) and put up the 'new' information shown above.

Anyway, the one thing to salvage from this is that if you keep enough money in an Egg Savings account through the month to clear the spending balance for that month you can still transfer this to an Egg credit card on a same-day basis. Then you can 'recharge' your Egg savings (but no longer straightaway) with an equivalent debit card deposit which will be available after 2 'cwd'

HTH

charlie12 · 15 January 2006 at 2:49PM

Thanks Milarky.

For BACS payments (from an external account to Egg) it states "BACS payments take up to 7 working days to reach your account."

Therefore it's still better to make payments via debit card as it's faster.

Milarky · 15 January 2006 at 6:11PM

That's right, but I think that's only because the 2 day BACS cycle is started straight away with a debit card payment whereas with a payment to or from a third party bank extra days can be absorbed at the non-Egg end.

[Confusingly they (Egg) add that savings (deposits) are not available for withdrawal for this same period of time ('3-4 days') yet will appear on the account the next day and accrue interest immediately! ]

Martinslovechild · 15 January 2006 at 9:19PM

I got caught out by this change recently when making a deposit into my Egg Money card. Previous deposits had taken 1 day, but in this case, it took 3 full working days meaning that I got hit with an 'over-limit charge'. However, because I pointed out to Egg that previous deposits made to my Egg Money Card only a month earlier had hit my account the following day, they immediately waived the charge.

Milarky · 16 January 2006 at 12:13AM

Martinslovechild wrote:

I got caught out by this change recently when making a deposit into my Egg Money card. Previous deposits had taken 1 day, but in this case, it took 3 full working days meaning that I got hit with an 'over-limit charge'. However, because I pointed out to Egg that previous deposits made to my Egg Money Card only a month earlier had hit my account the following day, they immediately waived the charge.

Hmm! yet I got charged purchase interest because my payment of 3rd (the 'due date') did not 'clear' until the 5th. When I said the same thing to Egg (that a payment made a month earlier had cleared without the delay) AND pointed out that it was still saying this would happen in the help area (as of 3rd, when I checked) they didn't budge. (How did you contact them, online or by phone?)

WSO · 16 January 2006 at 12:10PM

Thanks for this information, I got caught out with my payment in December but just thought it was my own fault (since I initiated the payment on the due date which was over the weekend)... looks like I'll be charged interest on this times too since the payment got processed the day after even though I paid the day before - very annoying!

I don't recall seeing any change about when payments would clear when it changed back in September - however, looking at the paper copy again today it did mention there were changes to payments going into the account in the summary but did not state explictly what they were. I'll admit I missed this one and did not go through the old and the new with a fine tooth comb... I do remember reading it tho and thinking that "well it says up to 4 days but I've paid on the same day in the past without problems"... I literally just thought it was there to cover their backs but looks like they are going to go on the letter with this after all.

Oh well, I know for next time... at least I'm on 6.9% and not 15.9% like I used to be...

Egg deposits are no longer "same day"

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