Egg Money Card Warning

epiminides

Hi

Apologies if this issue has already been raised.

There was recently a change to the ts & cs on the Egg Money Card which may affect your wallet.

I have a large positive balance on my Egg card (to take advantage of their now defunct 4% interest rate).

I used the card to withdraw cash because under the old Egg ts & cs you didn't pay for withdrawing cash from a positive balance - however this changed from 15 May - I didn't realise and ended up paying nearly £30 in charges despite having a credit balance.

To Egg's credit they have agreed to refund the fees :cheesy: - so if you have also been caught out like this I suggest you simply phone them up and ask.

I am going to research the 'fairness' of large cash advance fees on positive balances (from the perspective of "unfair terms" ) and so if you have any expertise in this area I would appreciate your comments.

Thanks

Jeremy

lisyloo

I'm not a lawyer but I don't see how it can be an "advance" if it's your own money.
I believe ATM fees are legal though.

nick1977

I thought that Egg Money were not going to charge for withdrawing psotive balances?

epiminides

lisyloo - thanks for the comment - yes the term "advance" does seem to to be plain wrong.

nick1977 - thanks to you too - they introduced the charges for withdrawals of positive balances from ATMs from 15 May 2009 apparently - although they neglected to clearly tell their customers.

jonesMUFCforever

I have a copy of the e mail that they sent with the new terms and conditions - dated 15th April in which they quite clearly state that fees will apply to cash advances from May 15th 2009.
They gave you a month to withdraw any positive balance free of charge.

withnell

I agree with jones - I've had it written on at least two communications from Egg

Don't know if you can do a bank transfer for free, might be worth asking if you have a large balance?

CannyJock

You can still get your money out without paying a fee.

Open an Egg Savings accounts (as an existing customer it's pretty much instant), send them a secure message to transfer the money to it. Withdraw the money from Egg Savings.

Adds a couple of days to the process, but it works.

I ended up doing this after it took them nearly a month to fail to follow a series of secure message instructions to transfer my positive balance to my current account (not a cash advance).

Eydon

You can still get the money transferred to your current account for free (I did it the other day). I just phoned up and requested a BACS transfer. No problem and no fees. Requested it on a Friday and money was in my current account on Tuesday. It seems to work more smoothly that the secure message route.

Not sure if you can still do it online (I phoned so that I could confirm that there would be no charge).

withnell

CannyJock wrote: »

I ended up doing this after it took them nearly a month to fail to follow a series of secure message instructions to transfer my positive balance to my current account (not a cash advance).

There's a specific form to fill in within the Admin section to get a bank transfer - it's under "balance transfer"

sparkey1

Something to consider...if you are making withdrawls of cash, maybe they will now affect your credit rating if they are now treated the same way as other credit cards. You know, where too many cash withdrawls on a credit card is interpreted as a credit risk.

CannyJock

withnell wrote: »

There's a specific form to fill in within the Admin section to get a bank transfer - it's under "balance transfer"

I know, I'm familiar with the Egg card . I've detailed the saga on the stoozing site - too painful to repeat here.