What's this, what's this, what's this...?

Milarky

Has anyone else received a letter today from Egg stating

"I regret to inform you that we have taken the decision to close [ALL] your accounts with us, as we are entitled to do so under clasue 11.1 of our Terms and Conditions, a copy of which [section 11 only] we enclose. We shall give you [60 days notice] before we close your accounts to enable you to make alternative banking arrangements. It is not our policy to enter into any communication as regards to [sic] our reason for requesting the closure of your accounts."

They aren't imvoking 'fault' so it may not be anything specific I have done but I have a sizeable chunk in the 3.25% savings account - so what gives, I wonder?

Lokolo

You got owned.

But I haven't recieved one, yet.

chesky369

How many accounts do you have with them?

chesky369

What does clause 11 say?

Lokolo

chesky369 wrote: »

How many accounts do you have with them?

Knowning Milarky, about 10.

I would send them a box full of Eggs.
Everyday.
For a year.

Stompa

chesky369 wrote: »

What does clause 11 say?

11. Account Closure

11.1 Unless there are exceptional circumstances we can close your account at any time by giving you at least two months notice in writing or, if relevant, at the end of any fixed interest period.


11.2 We may close your account immediately (even if it is for a fixed term) if at any time we reasonably think that:

• you are not eligible for the account in question;
• you have given us any false information in connection with the account (for example, in your application form);
• your account is being used or has been used illegally (by you or by someone else); or
• you have been in serious or persistent breach of these conditions or the Special Conditions applying to your account;

11.3 You can close your account by telling us to do so.

11.4 If you are not happy about your choice of savings account (except for a fixed rate account or a guaranteed equity bond), let us know within 15 days of opening your account (i.e. 15 days from the date you sent us your online application or the date your account is opened (whichever day is later)), and we will close your account upon receipt of your request. We will give you all your money back with any interest earned on it up till the date of cancellation. The money will be returned to you via the channel of your choice, either by BACS to the nominated 3rd party account specified when the account was opened, or by transfer to another Egg Savings Account. If you want to cancel your account, then you should call us on 08451 233 233. You can also write to Egg, Riverside Road, Pride Park, Derby, DE99 3GG, or you can send us a secure message from our website. Please ensure that you quote your account number on all documents. If you do not cancel your account, your account will remain open until the account is closed by either you or us as set out above.

11.5 Any benefit or service provided to you as a customer will end as soon as you cease to be a customer unless the terms of the particular benefit or service state otherwise. You must repay any money you owe us, including the amount of any payment instructions you have made which have not been taken out of your account (even if your account has been closed). If we close your account, your balance and any interest you have earned, will be returned to you via the channel of your choice, either by BACS to the nominated third party account specified when the account was opened, or by transfer to another Egg Savings Account.

rb10

Milarky wrote: »

They aren't imvoking 'fault' so it may not be anything specific I have done but I have a sizeable chunk in the 3.25% savings account - so what gives, I wonder?

But something will have triggered it off. I doubt they just send out this letter to all those customers who were born on a Wednesday, or whose balance is divisible by 28, or something similarly daft.

There surely has to have been something that you have done (or a combination of events) to have caused them to do this.

Stompa

rb10 wrote: »

There surely has to have been something that you have done (or a combination of events) to have caused them to do this.

I have to say I find it somewhat bizarre that they're not prepared to state the reason.

Paul_Herring

rb10 wrote: »

But something will have triggered it off. I doubt they just send out this letter to all those customers who were born on a Wednesday, or whose balance is divisible by 28, or something similarly daft.

I dunno... they closed an awful lot of CC accounts a while back, where the only (sensible) thing that said customers seemed to have in common was the fact that they had a CC account with them. (Specifically, some paid off in full, others didn't, some used their cards all the time, some didn't, some had 'clean' records, some had late payments... the list goes on.)

Stompa wrote: »

I have to say I find it somewhat bizarre that they're not prepared to state the reason.

Due to the money laundering regulations, they are specifically required not to state the reason if money laundering is the reason. However they also use those regulations as a convenient cover, even when money laundering isn't the reason (which is what I suspect to be the case here.)

p00hsticks

Paul_Herring wrote: »

Due to the money laundering regulations, they are specifically required not to state the reason if money laundering is the reason. However they also use those regulations as a convenient cover, even when money laundering isn't the reason (which is what I suspect to be the case here.)

Well if the only time that they DIDN'T give a reason was when it was for money laundering reasons then you'd be able to deduce that it WAS for money laundering reasons, wouldn't you.

Gymgenius

How bizarre! I shall watch this thread to see if anyone else gets such a letter.