Egg Money Question

sloughflint

YorkshireBoy wrote:

Hi Milarky,
However, I've seen it posted (I think on the stoozing site and on the Fool) .

As I have just embarked on the idea of stoozing, can you recommend relevant websites please that I should look at?
I only know of this one and stoozing.com
Are there any others I should be aware of? ( the fool?)

keepthereceipt

I looked at the admin options on both the EggCard and Egg Money and they seem different. I couldn't see how you could set up an option to pay FROM the card to a current account, onl the other way.

If there is a difference between the cards then I wish I'd known as I could easily have used the money card instead of the Eggcard.

Anyone know how to transfer from the EggCard?

Thanks

Voyager2002

keepthereceipt wrote:

I'm interested to hear that Egg have agreed to transfer a positive balance from the Egg Money Card to a current account.

I currently have a positive balance on my Egg Card (not the Money Card but I also do have one of them) but Egg are refusing to refund this positive balance back to my current account without applying a 2.5% balance transfer fee.

When I made the initial request they were obviously confused because they have transferred some of the balance but not all. Now they are refusing to do the rest.

Any suggestions?

Thanks

Are you currently in your anniversary offer, or some other interest-free deal? When I asked Egg about this issue, they explained that they would charge me the 2.5 per cent on all balance transfers when the resulting loan would be interest-free. At other times there would be no transfer fee, but of course I would then be paying them interest each month on the outstanding balance.

Perhaps you have been caught by this arrangement.

keepthereceipt

No it wasn't part of any Egg offer. I received the free balance transfer offer from Lloyds. When it came to the time to take advantage of the offer I gave my EggCard credit card number because I had smallish debit balance there.

After the transfer I now have a fairly sizeable credit balance. y first request to refnd it back to the registered current account was by phone and they said they'd do it within 4 working days. When it didn't happen, I sent a secure message (they asked for confirmation), then had to ring again when they promised they'd do it.

Now it appears they've transferred some (which they today told me they shopuldn't have done), but there is still a large balance left there. They now tell me that they will charge 2.5% to transfer it to my current account.

Are there any options t get round this, either by finding a way of transferring myself or by setting up a savings account?

If not then it appears I am snookered!

sicker

Phone them (08451233233) and ask them to transfer the positive balance which is as far as they are concserned your money, NOT there's, to your chosen current account. Tell them that as its your money there should be no transfer fee and if they say there is, ask to have this confirmed by a superviser or team leader. It's your money and there should be no charge.

John

Milarky

sicker wrote:

Phone them (08451233233) and ask them to transfer the positive balance which is as far as they are concserned your money, NOT there's, to your chosen current account. Tell them that as its your money there should be no transfer fee and if they say there is, ask to have this confirmed by a superviser or team leader. It's your money and there should be no charge.

John

Bettter to go by the terms and conditions of the Egg Card Agreement:

[FONT=Arial, Helvetica, sans-serif] 7.2 We will charge:

[/FONT][FONT=Arial, Helvetica, sans-serif] £2 for any payment made other than by BACS, Direct Debit, debit card or transfer from an Egg Savings Account;

a handling fee of 2.5% of the amount of each Cash Advance (minimum fee £2.00). If you are an Existing Egg Customer, we will not charge a handling fee.

a handling fee of 2.5% on the amount of each Transferred Balance made during an introductory offer period or made under a Special Promotion;

2.65% commission on all Transactions which have to be converted into sterling (see Condition 9.2 of the Egg Card Conditions);

£2 for each paper statement; and

if you ask us for any non-standard service, an amount which we will tell you before we provide the service.
[/FONT]

Thus, unless your request is either:
1) For a balance transfer during an initial or special rate promotion period OR
2) For a cash advance at any time unless you are an existing Egg customer OR
3) If you are requesting a 'non standard service'
...then no fee shall apply (at least that's my reading.)

Of these, the main condtion to look out for is '1)' as this comes up quite often. Since you say this does not apply then you just ask for a 'standard rate balance transfer' of the postive balance - subject to a minimum amount requested of £100 - with reference to the above term of the current Egg Card Agreement and get them to confirm that no fee is payable under the Agreement (because they can't point anywhere else to say that there should be one) before proceding. Take the name of the CS person for reference (etc). In general they should be able to refer to a specific term in any agreement which entitles them to act in a specific fashion.

HTH

[Maybe the amount of positive balance is more than your Egg Card credit limit? This can cause slight difficulties - ususally resolved by breaking down the transfer into two or more transfers under the notional CL]

sicker

Milarky , is there not a difference between Egg and Egg Money. I have never been charged for a transfer to my current account, nor have I been charged for cash withdrawels fron ATM's on my Egg Money card.

John

keepthereceipt

rang again and they said they would do it. This is despite being put through to a supervisor this morning who was adamant they wouldn't.

Will have to wait and see if it happens in 3-5 working days.

I looked again at the T&C and you seem to be right. I cannot see any justification for the 2.5%.

o_t_e

Hi - don't know if this is relavent to your situation but I got an e-mail offering a promotional rate of 1.9 per cent for five months (with the 2.5% fee) until 30th June. Separately I have been offered a lifetime balance rate of 7.9%. When I enquired if I could do a balance transfer onto my account at the standard rate, to avoid the 2.5% fee, then convert the balance to 7.9%, I was told no - the 2.5% fee had to be applied. Maybe your account has the same promotional rate tagged to it at the moment?