Egg Money Card

Saucepot

Thrifty wrote:

I actually quite like the EGG set up the cashback it gives on purchases and the interest is not bad either i quite like the idea of accessing all accounts quickly via one site so i have e-mailed EGG and asked where i stand regarding security, liability and third parties they will get back to me within 24HRS I will post there reply in this thread in case anybody is interested.

I'd be interested, please post back when you get the info. It would be interesting to note what your none egg account providers say in regard to accessing account data through egg.

sicker

I would not be without it and have used it from day one. As all passwords are safely encrypted on you own computer security is not really an issue and being able to view all my account quickly without having to log on to each one individually to my mind is a real bonus.

John

Thrifty_2

Hi Sicker,
Tell me i have just had the card if i make purchases on it when the time comes to pay the account do egg take the money from any positive balance i have only i do not intend to hold a positive balance just to use it as a credit card and then pay it of with money from a non egg account.

YorkshireBoy

Thrifty wrote:

Hi Sicker,
Tell me i have just had the card if i make purchases on it when the time comes to pay the account do egg take the money from any positive balance i have only i do not intend to hold a positive balance just to use it as a credit card and then pay it of with money from a non egg account.

If you have a positive balance, Egg *take* the money as you charge items to the account. Effectively, the positive balance reduces as you spend.

The amount to be collected by DD is determined by your balance at your statement date. If your balance is positive, then no payment will be collected. If you make a payment which leaves a positive balance at least 5 working days before your payment due date, then the DD will not be collected.

Redrum_2

Arch-Angel wrote:

Whilst, in theory, Egg could access this information

That's not strictly true - the password safe that you download is stored on your PC, so no-one at Egg ever gets to see your security details for any other organisation

That's why when you download the password safe onto one computer, it won't work on another - because it's stored on your computer, not at Egg

True, they can access your balance information and see who you've got accounts with, but you're not "giving them" any of your security details, so wouldn't be in breach of any conditions with other banks

Went through this with someone at Egg a couple of months ago as was concerned about the same thing

Personally I couldn't live without "Egg Money Manager" - with 2 current accounts, 3 savings accounts, 4 credit cards and an ISA, it makes it so much simpler to see them all in one place (plus don't have to remember tons of passwords!!)

sicker

Sorry Thrifty, just seen your question but I see Yorkshireboy has already given you the answer.


John

jamesd

It's not secure. The terms say that Egg will use information about any accounts registered with it for their own purposes, effectively compromising all of your balance information for the other accounts.

Paul_Herring

Redrum wrote:

That's not strictly true - the password safe that you download is stored on your PC, so no-one at Egg ever gets to see your security details for any other organisation

That's why when you download the password safe onto one computer, it won't work on another - because it's stored on your computer, not at Egg

This I find to be a restriction - there's another service, AccountUnity (which I beleive wrote the software that Egg is using) that allows you to save your safe to removable media (I have mine on a USB pen)

True, they can access your balance information and see who you've got accounts

Do you have a specific citation for this? I've just been over the EMM pages (including the small print) but the closest I got to this was:

[FONT=Arial, Helvetica, sans-serif] 2.3 We are not your agents and have no authority to enter Third Party Sites to retrieve Account Details or transact on your Accounts on your behalf.[/FONT]

which seems to say the opposite. (http://new.egg.com/visitor/0,,3_48817--View_1020,00.html)

jamesd

From the same page, 'The information we collect (using a range of methods including cookies and similar tracking devices) will include information about how you manage and use your Accounts, including the type of transactions you make using your Accounts. We obtain this information automatically as part of operating Egg Money Manager. If you do not want us to have this information, you should reconsider whether you wish to use Egg Money Manager.'

and

'"Accounts" means those accounts with Organisations that you have registered with us in order for their inclusion in your Egg Money Manager;'

The software system is designed to collect information about all accessed accounts and return it to the bank offering the service, Egg in this case. However, saying it is collected "automatically" is somewhat misleading, since there is no requirement at all for them to have the capability turned on, they simply choose to do so.

Egg also says it'll disclose the details to any supplier it strikes a deal with, so they can pitch other things to you.

Egg Money Manager is spyware, concentrating on financial information. It's as simple as that.

Thrifty_2

HI All,
I orignally started this post and i contacted EGG with the question below, i have added there reply, let me know what you think,

Dear Sir/Madam,
I have recently added accounts from other organisations ie: Barclays, Morgan Stanley to the YOUR MONEY section of my account could you please tell me if anybody were to hack into my online account and i am not at fault ie: i have not given my password away or left my computer unattended who then becomes responsible and who i would reclaim the money back from because Barclays & Morgan Stanley could say that by giving my details to Egg i have given my details to a third party.

Waiting in anticipation of your reply.

ANSWER RECEIVED :-

We don't hold your details when using Egg Money Manager, they're stored in an encrypted file on your PC.

I can assure you that your details remain secure in the password safe once you've entered them.

It is truly impossible for anybody else to use them, unless you tell them your Egg password which, of course, we'd never recommend you do. Even if you did tell someone else your Egg password, they'd need to be sat at your computer, in your own home, to get access to your other bank accounts.

So it's safe to say, the only person that can use the details stored in your password safe, is you.

Thanks for your message and I hope that's eased your concerns.

Regards


Money Manager IT