Egg Card - The Most Audacious Scam Ever?

grumbler

Dagobert wrote:

*Does that mean that the date shown on the card statement is not necessarily the date the payment cleared?

My understanding is that the date shown on the card statement is always (necessarily) different from the date payment is cleared.
'the same date as request' can never be either 'next working day' or '3rd working day' ...

muffle_2

As previously covered, BACS payments are cleared immediately on receipt. The date on the statement is the date they were received and therefore cleared.

grumbler

muffle wrote:

As previously covered, BACS payments are cleared immediately on receipt. The date on the statement is the date they were received and therefore cleared.

Did you read the post? This is not about BACS payments, but about internal Egg transfers ...

Dagobert

muffle wrote:

As previously covered, BACS payments are cleared immediately on receipt. The date on the statement is the date they were received and therefore cleared.

Grumbler's comment referred to my payment from my Egg savings account. Is this an internal or BACS payment I wonder?

In any case, they know the date on which the request was made and this is, so they say, the date that appears on the credit card statement.

WSO

Re the contact (or lack of for some people) regarding this change back in August...

I contacted them when Egg Money was announced as I had agressive email filters (which deleted really spammy mail) on my email account at the time and nothing had come through from them about the changes to my account.

The result of this is that they sent out a full and updated copy of the T&Cs with a breakdown of the changes... I'm not sure if this was sent out to everyone, but as it referred to the problems with my email I'm assuming not.

From the document outlining the changes from Blue to Money I recieved back in September...

"Changes have been made mainly to cover the new benefits available with Egg Money and cover... ... payments in (Condition 10 and 11)..."

Condition 11.3 begins
"Where you make a payment into your Account by direct bank transfer (BACS) or debit card it will normally be added to your Account four business days after you make the payment..."

And just for interest...
"11.5 If you make payments into your Account the Balance must not be more than £99,999.99"


At the time I did not take much notice, after all I used to pay the minimum and then use my debit card to pay on the day it was due. I assumed that 4 days was quoted to cover themselves and didn't give it a second glance at the time... until I got caught out 2 months in a row and had to pay a little interest (the first I put down to my lack of attention to the due date). It seems that they did plan to change the processing times and use the new Egg Money card terms as the opportunity to warn of the change.

In conclusion then there *was* some communication about the changes to some customers... but since they rely heavily on email communication they may have assumed it was enough to send it by email. I am sure I only got the T&Cs sent to me in the post because I pestered them by secure message to know more detail about the changes before they came into force.

Given the nature of the content, I wouldn't be suprised if a lot of the emails Egg sent about the changes and other things were silently deleted on the server since financial emails can easily trigger the spam filters.

Did anyone else get sent a paper copy of the T&Cs when it changed from Blue to Money?... come to think of it, I didn't get any when the same card changed from Boots Advantage to Green, or from Green to Blue...

bluesnice

bluesnice wrote:

I've been reading this thread with interest!

My anniversary offer runs out tomorrow 28 Feb and I start paying interest from 1st March (I confirmed this with egg). I made a debit card payment on Thursday 23rd Feb (can't remember what time!) for the full balance. The debit card payment did not leave my current account until Monday 27th Feb. If I have to wait a further 3-4 days for clearance I'm stuffed as I forgot theres only 28 days in Feb!!!

Well, the transaction has appeared in my recent transactions just today (2nd March). However, it is dated 27th Feb (the day they took the money from my current account) and says next to this date 'payment received'. Maybe I won't have to pay any interest on this afterall. What do you think?? :rolleyes:

C_Ronaldo

im an egg customer and having read the first page of posts its making me think twice about being an egg customer

Dagobert

Prompted by this thread, I have been communicating with Egg for two weeks to gat a clear answer regarding the treatment of additional payments. It was like pulling teeth.

Finally, I received confirmation that additional payments will clear the balance without incurring interest as long as the payments have cleared before the due date:

Date 03 Mar 2006 Time 13:35
Subject additional payments

Dear xxx

Thanks for your message.

It doesn't matter how you pay, as long as you clear your statement balance in full by your payment date each month, you won't incur any interest on your purchases.

We suggested that you change your direct debit to collect the full amount, as this would definitely make sure that your balance is cleared in time each month to avoid the interest charges.

...

Regards
Karly Daniels
Internet Customer Services

However, this does not explain what happened to muffle and it contradicts the message he received.

muffle, if you want to follow this up with Egg, send me a PM. I have saved a copy of my communication with Egg.

Oldhand_2

Hi,

I think that some confusion might be caused by the way banks process their credit card payments. Egg will run their statement generating process and post them to all customers. Then shortly before the payment due date they will have to run another process to account for any payments received. I doubt if this, and the necessary reconciliation procedures, take place on the morning of the due date, but are possibly run a day or two before the payment date, so that the great direct debit run can take place cleanly. So any payments made on or immediately before the due date may not be caught.

It's only a theory, but pay early seems to be the moral.

Rgds.

mh101005

I too dont remember any leaflet - maybe it contained something about my problem too.

I'm on the anniversary period at the moment - very useful by the way -

I transferred the outstanding balance back out again to a new Amazon card (thanks for the heads up on SBTS Martin) but that actuaklly left me with a credit balance on Egg. (£60)

Then went and transferred £100 to my current account being the minimum you can do. Loooking on my Egg account it shows I owe £42! Now my maths was pretty good at school and that dont add up!

Obviously charged the 2% transfer fee :eek: - even within the anniversary period - Ive asked egg and am just waiting for a response. So it appears Ive been charged for my own money -
We'll see what they say.