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Egg - transferring money out software bug
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Dagobert
Posts: 1,625 Forumite
A word of warning:
The Egg interface allows you to set up withdrawals to other accounts.
However, their software has an interesting "feature" that you should be aware of: you cannot transfer money to an account with an account number of 8 zeroes (0000 0000). This is absolutely ridiculous as there are accounts with 8 zeroes. I have come across three in the past few months:
You can set such an account up in your account address book, but the transfer will fail. Don't try to be clever and phone the transfer in: the software they use has the same problem!
The only solution is to transfer the money to another bank account first, and from there to the intended destination. But that, of course, doubles the time during which the money does not earn any interest, in which case it might not be worth it any longer. See example below.
I have an Egg savings account
1) from which I wanted to feed my Derbyshire regular saver. Not possible. To transfer money to the Derbyshire, you have to send it to their NatWest collection account 0000 0000.
2) Scottish Hydro Electricity bill : they use a 0000 0000 collection account.
3) Alliance & Leicester online saver: (yes, one can transfer money via BACS, not just via the linked current account) They also require you to send the money to a 0000 0000 account.
Example three is just what I was going to do now that my Egg bonus rate expires. But even though A&L's interest rate is marginally better than that of the AA online account (5.35% v 5.31%) it is more beneficial to transfer the money to the AA account because of the indirection required by the Egg software.
The Egg interface allows you to set up withdrawals to other accounts.
However, their software has an interesting "feature" that you should be aware of: you cannot transfer money to an account with an account number of 8 zeroes (0000 0000). This is absolutely ridiculous as there are accounts with 8 zeroes. I have come across three in the past few months:
You can set such an account up in your account address book, but the transfer will fail. Don't try to be clever and phone the transfer in: the software they use has the same problem!
The only solution is to transfer the money to another bank account first, and from there to the intended destination. But that, of course, doubles the time during which the money does not earn any interest, in which case it might not be worth it any longer. See example below.
I have an Egg savings account
1) from which I wanted to feed my Derbyshire regular saver. Not possible. To transfer money to the Derbyshire, you have to send it to their NatWest collection account 0000 0000.
2) Scottish Hydro Electricity bill : they use a 0000 0000 collection account.
3) Alliance & Leicester online saver: (yes, one can transfer money via BACS, not just via the linked current account) They also require you to send the money to a 0000 0000 account.
Example three is just what I was going to do now that my Egg bonus rate expires. But even though A&L's interest rate is marginally better than that of the AA online account (5.35% v 5.31%) it is more beneficial to transfer the money to the AA account because of the indirection required by the Egg software.
Dagobert
0
Comments
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I had a similar problem rang A&L whom advised me to use 9999 9999 instead of 0000 0000 , check yourself first to be sure think this was on an Accucard CC payment account0
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Very useful thanks. I have just opened an A&L online saver and was going to transfer money direct from my Egg account. Do you think Egg Pay will fail in the same way?
If not I could move the money via my current account, or ask A&L about the 9999 9999 account.0 -
david78, just to clarify Accucard credit Card payment account is 0000 0000, tried to set up payment from A&L current acc online which would not accept this, was advised to use 9999 9999 & it worked Accucard recieved payment OK
Some bank systems won`t accept 0000 0000.0 -
Don't worry, I understand. I will check with A&L carefully before trying it.
David.0 -
That is very interesting ... I've come across this 0000 0000 problem a few times before. It would be very useful to know if the account number is actually irrelevant for these collection accounts, and you can always put 9999 9999 instead. I look forward to more confirmations that this actually works!0
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In my experience the 00000000 accounts, particularly used by building societies for collection accounts, is simply a spurious account number to fill out the "account number" field. I believe the building society in these circumstances use the payment narrative to ensure the payment is received by the correct party.0
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scrooge_mcduck wrote:the payment narrative.
Sorry, you've lost me. What is this?0 -
Think he/she means the I.D. number they gave you is requested eg:- creditcard no or savings acc no is more critical to credit the payment0
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david78 wrote:Sorry, you've lost me. What is this?
Sorry - I just mean the name you give the payment (i.e as it would appear on yours and their statement). Usually they provide you with a reference number which identifies the payment, and includes some numbers or letters which a) tell them who the payment is for, and b) which customer it came from. This allows them to reconcile the information with your details.0 -
It's funny, if it's just a spurious account number given to "fill the blanks" that they don't switch to 99999999 because it's only 00000000 which has ever given me any gyp.0
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