Have Egg changed how long it takes for a payment to register?

sghughes42

Is it my imagination, or have Egg changed how long it takes before a payment is credited to your account? I'm sure it used to be next working day if before a certain time, but it now seems to be 3-5 days. If they have, why? If paying on a debit card (which I do, as well as monthly DD for the minimum) then they get the money instantly so how can they justify this? It looks like I may end up paying a small amount of interest this month due to this - I sent a payment on Nov 27th (late on) with payment due on Dec 2nd but it's still not registered today so presumably they'll hit me for interest despite having my money for four working days?

YorkshireBoy

sghughes42 wrote: »

Is it my imagination, or have Egg changed how long it takes before a payment is credited to your account?

A long time ago, yes (maybe a year or more?).

...then they get the money instantly...

I don't believe they do. The funds are 'reserved' that day, but 'settlement' takes place some time later.

I sent a payment on Nov 27th (late on) with payment due on Dec 2nd but it's still not registered today...

I would expect the payment to show tomorrow, but with a credit date of today, Wednesday.

jonesMUFCforever

I made a bill payment yesterday and it is showing today as a credit on my Egg card online statement.

DesG

If memory serves, you can use Faster Payments to pay your egg card which is quicker.

Cheers, Des.

sghughes42

YorkshireBoy wrote: »

A long time ago, yes (maybe a year or more?).I don't believe they do. The funds are 'reserved' that day, but 'settlement' takes place some time later. I would expect the payment to show tomorrow, but with a credit date of today, Wednesday.

I'm not sure it's a year buy could be nearly that - I'd stopped using credit cards for a long time but needed to do some big purchases just recently. However, I'd disagree that they don't get the funds straight away as the one-off payment means is by a debit card payment so surely this is the same as for any other retailer? Tesco don't tell you to come back 4 days later to pick up your shopping..

Oddly, it only showed up today (5th) but with a payment date of the 2nd so I've just sneaked in!

YorkshireBoy

sghughes42 wrote: »

I'm not sure it's a year buy could be nearly that...

It was actually over 3 years ago. Doesn't time fly?

http://forums.moneysavingexpert.com/showthread.html?t=706057 (see post #20)

...I'd disagree that they don't get the funds straight away as the one-off payment means is by a debit card payment so surely this is the same as for any other retailer? Tesco don't tell you to come back 4 days later to pick up your shopping..

Of course you're entitled to disagree. However, if you look it up on APACS (as I did) and other industry websites, and take into account the use of intermediaries such as acquirers, merchant acquirers, and collection accounts, you'll change your opinion.

As I said, it's based on a 'promise to pay' and settlement takes place some time later.