Egg Money Debit Card Payment Tricks

netwalk

Hoepfully this hasn't been covered before. Has anyone noticed that Egg have managed to slow down the payment process for debit cards to as slow as cheques? Sometime during December their website stated:

The debit card payment will be taken from your debit card account on the day you make the request. The payment will show on your Egg Money recent transactions on the next working day, providing you make your request before 2pm on a working day.

I have now fallen victim to a change:

This payment will be applied to your Egg Money 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.

Therefore a payment made on 13th January to clear my account, due on 16th January, was not credited until 17th January and cost me £11.16 in interest so far!

How can Egg justify doubling the amount of time taken to credit an electronic payment to my account? Four working days for a debit card payment sounds mad in 2006!

I have queried this with Egg and will post their reply. Anyone else had similar experiences?

Julian

grumbler

netwalk wrote:

...Has anyone noticed that Egg have managed to slow down the payment process for debit cards to as slow as cheques?

Egg deposits are no longer "same day"
Egg Money interest calculation

netwalk

Sorry about that, I searched on "egg debit" but didn't see those threads!

Anyway, it shows I'm not the only one to get caught out by Egg, let's hope I get the interest back like to other poster did. I still can't believe it takes 4 days for a debit card payment....

netwalk

Right, another question that I would appreciate help on regarding Egg. I have asked them online but they take ages to respond!

As at this morning I had a debit balance of £425 on my Egg Money account with an interest charge of £11 on 28th January. At 10am this morning I made a switch payment of £475 to my Egg Money account so clearing the balance and any interest charged but not yet posted to my account.

When can I make my first purchase using my card so as not to accrue interest? I have a purchase of £1000 I could really do with making today but do not want to pay interest on it and am afraid Egg will allocate my payment against that purchase rather than my outstanding £425 as they take so long to credit payments. Hope this makes sense and I would appreciate any guidance.

Thanks.

Milarky

Look at this thread on the Allocation of payments which asks and answers a similar question about which items come off in which order. Egg seem to be 'fair' in that purchase items raised in a current period are the last to be repaid and any money you send them 'ahead' of time goes towards statemented (and thus interest-bearing) debt first.

roswell

Has anyone also noticed that they seem to only show purchases 7 days after they occure ... i have only had this card one month they failed to take the first DD i then made a purchase and made a deposit off my debit card, im still waiting for 2 transactions from last tuesday to show up on the statement I think a rethink is going to be made as i thought this card would be ideal for budgiting expendature but i can see its going to trip me up sooner or later.