moving positive bal from egg money to current a/c

apples1 · 28 April 2006 at 3:15PM

I have positive bal at egg money. Tried to move it to current a/c (egg money admin, tranmsfer a bal, current a/c/overdraft) but it wouldn't let me move it all.

Message said... you can only move 95% of credit limit. I had to leave a few hundred pounds behind.

What am I doing wrong? Surely I can take all of a positive balance???

HGLTsuperstar · 29 April 2006 at 1:07PM

Send them a secure message stating the amount you wish to transfer, and where you want it sent. Add that you want them to email you back to confirm this has been done.
And yes, you can take all of your positive balance

mary · 29 April 2006 at 3:03PM

Recently transferrred £14,900 positive balance on Egg Card to my current account - all in one go. No problem. Maybe it's different with Egg Money?

YorkshireBoy · 29 April 2006 at 3:25PM

There are a few too many 'issues' with Egg Money at the moment.

It's well known that there's a glitch in Egg Money's systems which means that many BACS transfers are being classed as 'purchases' with regard to 1% cashback (indeed I've generated the maximum £200 myself

).

It seems, from posts I've seen, that rather than fix this glitch some customers are being told that BACS transfers over £100 must be done by (S)BT'ing from their current account instead. This is all well and good, but if you only have a credit limit of £3K the most you can BT is £2,850. What if you want to BACS transfer £10K (or more

) to a better paying stooz pot? Do you have to carry out 4 (or more) transactions?

I do hope that it's simply that Egg are a little disorganised at the moment, and not that they're clamping down on stoozing.

apples1 · 29 April 2006 at 3:40PM

Thanks Yorkshire Boy. I do only have a minimal limit with them (its just my mule) and wanted to move my best credit limit BT yet! I will now do as you suggest to move the rest.

I'll have to read up on the BACS glitch - not had much time to read all the threads lately. I assume its too late to utilise it now as you say they are telling you to use another method, is that correct? I'll hang on for your reply just in case I can utilise it before I do the secure message to the cracking egg.

YorkshireBoy · 29 April 2006 at 3:51PM

apples1 wrote:

I assume its too late to utilise it now as you say they are telling you to use another method, is that correct?

It seems to be a bit hit and miss, depending on who you talk to! When I was assembling my cashback through BACS transfers, others were reporting that their BACS transfers were NOT generating cashback. There doesn't seem to be any logic to it, ie new customers vs old Egg Blue 'converts'.

I'll hang on for your reply just in case I can utilise it before I do the secure message to the cracking egg.

I wouldn't send a secure message just yet. Why not ring again and see if you get a different response to your request. If not, ask to be put through to the backroom "Card Transactions*" (I think that's what they're called) department - maybe they can do the transfer for you?

* This is the department that deals with BACS requests >£10K (but you may have to wait until Tuesday to speak with them).

apples1 · 29 April 2006 at 4:01PM

YorkshireBoy wrote:

I wouldn't send a secure message just yet. Why not ring again and see if you get a different response to your request. If not, ask to be put through to the backroom "Card Transactions*" (I think that's what they're called) department - maybe they can do the transfer for you?

* This is the department that deals with BACS requests >£10K (but you may have to wait until Tuesday to speak with them).

Thanks for reply, I was searching and speed reading threads on this whilst you were were replying...

To clarify, I've not phoned yet at all. I "moved" £9k the other day online & I have 900 left. Thinking now I should have done the whole lot by phone to have have been in with a chance of more cashback. I can still ring and ask about moving the £900 if thats better than doing a secure message? Do Itell them that I tried to move it all and system wouldn't allow so can they BACS the remaining £900 or what? Will I know from that call whether I'll get any cashback. I can't very well ask if their glitch is still working can I?;)

YorkshireBoy · 29 April 2006 at 4:14PM

apples1 wrote:

I can still ring and ask about moving the £900 if thats better than doing a secure message? Do Itell them that I tried to move it all and system wouldn't allow so can they BACS the remaining £900 or what?

It's up to you really - but I'd phone rather than write if you intend to ask them.

You'll have to decide, though, whether to even bother or not. When I was moving money around recently, I left a +ve balance on the card (I had some purchase transactions pending and didn't want to create a -ve balance caused by a BACS transfer, ie cash withdrawal, - depending on how quick/slow they were with the BACS transfers) and then spent it throughout the month. Rather than make my usual full payment (via DD), which was in fact zero as I didn't spend all the +ve balance I had on the card, I simply transferred the equivalent value to my stooz pot.

Will I know from that call whether I'll get any cashback. I can't very well ask if their glitch is still working can I?;)

You'll have to be patient I'm afraid. Any cashback earned through BACS transfers will appear on your next statement.

apples1 · 29 April 2006 at 5:43PM

ok I'll call them - thanks for advice. I will move the money as I don't spend on my egg card so wouldn't use the +ve bal for purchases. As I am relatively new to stoozing and living on tight budget I keep my purchses, bills etc all separate from any stooze or similar activity (e.g barclays free £100!). Once I've done a year stoozing I may do the purchases method too but for now I'm keeping it simple just to be sure I get it right!

giggs11 · 30 July 2006 at 12:02PM

i have a large positive balance on egg money and want to move a small amount (£300) to my current account now and the rest to a savings account next week, once my current purchase transactions have cleared so i don't end up with a negative balance.

reading the messages above it mentions sending a secure message but i've never done one of those before. just opened it up and there's just a blank box to fill in so do i give them my sort code and acc no and ask them to make a bacs payment to this account? how long does it take to reach my acc doing it this way? thanks

YorkshireBoy · 30 July 2006 at 12:23PM

giggs11,

Firstly, I prefer to ask them via a telephone call as...

1. You can ask them to relate the details as they have entered them on screen to confirm there are no errors (has happened to me - even during a phone call!!).
2. You can take a name, ext number, and record the date/time of the call in case of problems later.
3. If there are any 'problems', such as additional security checks required because the destination account is not the one you make your DD's from, these can be addressed immediately.

Secondly, if you're moving more than £10K you'll need to speak to a different department - 'Card Transactions' I believe they are called.

Thirdly, they have been known to refuse BACS transfers in excess of £100 because they are now aware of the 'loophole' whereby cardholders are receiving cashback on the transfers. They 'should' ask you to carry out the transaction yourself via an online balance transfer procedure, but fortunately all their staff haven't all been briefed on this - or if they have they don't always apply it.

Lastly, the transfers take around 3 days (in my telephone request experience) - if actioned on Monday or Tuesday.

moving positive bal from egg money to current a/c

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