Egg Card - The Most Audacious Scam Ever?

miller

This thread has indicated the apparent difficulty in clarifying what should be a black and white issue. In my view, if the payment arrives on the 30th and the due date is the 30th thats OK. I agree with an earlier poster that there is probably some anomaly in Egg's systems for BACS payments arriving on the same day as the DD.

I will continue to clear my outstanding balance (now only used for stoozing during the anniversary period) so that the statement shows £0.00. I lose out on a few days' interest, but it eliminates this hassle. Indeed, some cards now state that the previous statement must show 0 as well as the current statement showing 0 to avoid paying interest in the next period.

Dagobert

muffle wrote:

Furthermore, BACS payments have never taken longer than 2 working days after the payment has been sent

That depends on the sending and receiving banks, see BACS transfers. Some banks (for instance A&L and cahoot) hold on to the money for an extra day before passing it on to BACS, some banks (for instance ICICI) hold on to the money before crediting it to the receiving account.

Dagobert

Like the OP, I always get my minimum payment taken by DD and pay the remaining amount by by Debit Card or from my Egg savings account.

On 13th Feb, I transferred the outstanding balance from my Egg savings a/c. In my experience, this kind of payment always used to go through on the same day if before 2pm.

However, the FAQ pages state now

A transfer from an Egg Savings Account takes up to three or four days to clear onto your Egg Card.

After having read this thread, I checked my Egg Money statement:
Judging by the date shown, the card was credited on the same day as the savings account was debited, 13th Feb. It was confirmed to me by secure mail that this payment had cleared on that date.

Furthermore I was told

Additional payments can affect the interest accrued, because if you clear a sum off the balance it can no longer accrue interest.

Firstly, I am confused about the clearing times between Egg savings account and card. On all previous occasions these payments were instant. By days, do they mean working days or calender days?

And secondly, I was not able to find any information on the website confirming that in order to avoid interest the balance has to be paid in full by DD.

Milarky

Dagobert wrote:

Firstly, I am confused about the clearing times between Egg savings account and card. On all previous occasions these payments were instant. By days, do they mean working days or calender days?

I can help you there, Dagobert. Your quote donesn't show it but in the 'help' section of the secure area (which was 'Move money help' on the previous page design) they do say 'working days' rather than days. And they also say (confusingly) 'upto 3 or 4 working days. Let's just assume from that they mean it depends on payments made before 2pm to clear in 3 working days (which is 2 'clear' days, of course).

This is a disgrace going on a shambles now. You can't pay your card off using your debit card on the same day anymore (most other companies are at most 1 day off in applying the payments by debit card but Egg are now 2 days off) and now you can't even make an instant payment from your savings account with Egg on to the account - an internal payment mind you - like you used to which I have advised people to fall back on if necessary to beat Egg's self imposed delays on the DC method.

Right into action:

1) When did Egg give notification of this change (giving 30 days notice as they are required to)?

2) When did the added delay on savings accounts 'apply' from?

3) When did they amend the information on their website to reveal this as 'help' information? (I'd guess on the last one they made that change concurrent with the change of site design - which first appeared on 11th Feb http://forums.moneysavingexpert.com/showpost.html? p=1552802&postcount=8 if I recall correctly)

Dagobert

Milarky wrote:

1) When did Egg give notification of this change (giving 30 days notice as they are required to)?

When I enquired about my late Debit Card payment last month, I was told that an email was sent in August notifying me of the change.

Milarky wrote:

2) When did the added delay on savings accounts 'apply' from?

I made an Egg savings account payment on 13th Feb and it was applied instantly.

It seems the new policy is being implemented with a delay. The same thing happened with Debit Card payments: even though their policy had changed of which I am supposed to have been notified in August, the Debit Card payments were still applied on the same day at the beginning of December.

Milarky wrote:

3) When did they amend the information on their website to reveal this as 'help' information?

See your post. This information is displayed on the same page as the Direct Debit payments; presumably the change appeared at the same time.

raa_thistle

Like a saddo i keep all my emails from banks and places like that, and the only vommuniucation I had from Egg during August is to say my statement is ready, and another stating that they are reducing the interest rate in line with the base rate change.

Nothing about changing the clearing times.

Dagobert

raa_thistle wrote:

i keep all my emails from banks ...
Nothing about changing the clearing times.

Me too and I don't have an email regarding payment conditions, unless I binned that particular email.

Dagobert

I was awaiting my new Egg Money statement with interest (pun not intended). The previous statement had been paid off with a minimum DD plus an additional payment. No interest was charged.

I have been communicating with Egg via secure mail to ascertain what their policy regarding additional payments is but they never give me a straight answer to my questions.

Milarky

Dagobert wrote:

I was awaiting my new Egg Money statement with interest (pun not intended). The previous statement had been paid off with a minimum DD plus an additional payment. No interest was charged.

I have been communicating with Egg via secure mail to ascertain what their policy regarding additional payments is but they never give me a straight answer to my questions.

I've sent them a message today following a payment I made yesterday. This was from Egg savings and went through next day with previous date on. This contradicts their own info elsewhere but - worse - this was for the difference between the full balance and the minimum payment due on monday (6th). I'm now worried - because the payment went through quicker than expected that it will knock the DD amount - which I need to be collected to clear the original balance. It's only £5, so I should have paid that together with the rest - that's the lesson I need to take from this.

The bad thing is that settling your account is needlessly complicated - but them I'm partly to blame for the complications myself.

CharleneUK

That's out of order, they had better not try that with me!

I'm closing both cards once I've paid this bill off anyway.