MSE News: Yorkshire Building Society to buy Egg: How it affects you

ChiefGrasscutter

I remember well the MS card/Barclaycard business.
There was a rumour at the time that the fraud was an inside job taking advantage of the 'gap' in the switch over after the MS cards/Call centre/online access was closed.

With the MS/barclays chage barcaycard effectively took over just the card holder database. They closed the MS cards and then opened barclaycard ones for everyone rather than taking over the brand and operations as a whole on a on going basis.

They also f' up the direct debit database such that the account nos were not correctly taken over as they were promised to be so the DD's failed when they tried to grab a DD from a totally incorrect account No/Sort code.

paparossco

If the 1% cashback on the Egg Moneycard goes then so does the card.... HoHum better start looking around then. Yorkshire BS are also looking to merge with Norwich & Peterborough, hope this does not mean the N&P 'no cost' overseas ATM use goes.

Greenfly_3

DocProc wrote: »

Re: Egg Card

Haven't yet heard a peep from Barclaycard yet. Has anyone else?

1. I would suppose communication to customers costs them money?
2. Perhaps they don't really have anything to say?
3. Perhaps 'No News' is 'Good News'?

Nope. Not a squeek

experience08

Greenfly wrote: »

Nope. Not a squeek

Strange, in June the new owners Barclaycard gave me a 0% 12 month transfer deal (2.8% fee). They haven't even reduced my £16k credit limit (yet )

Joe_Bloggs

I think it is my public duty to point out to:-

experience08

Greenfly

paparossco

ChiefGrasscutter

dosh37

That the original article related to the savings and mortgages arm of Egg and not the credit card arm of Egg.

The headline was too general and fooled you into grouching about the Barclaycard acquisition of the Egg credit cards.

No change suits me on that front.
J_B.

paparossco

I stand, err sit, corrected and will watch my P&Q's in future..... :-)

cnnx

This whole deal does not seem good for customers such as myself. I have no guarantee that they will maintain the 0.99% above BoE base rate which is my mortgage after the sale has gone through.

I also have had no assurances that the current drawback and overpayment facilities which are without penalty on this mortgage will be honoured by the YBS.

Interest is calculated differently by the YBS, and they only conduct a yearly review. I have asked Egg to supply comparative illustrations and they have refused to do so. I therefore have no idea whether the deal is satisfactory or not. I suspect the interest on interest that YBS charge will mean I will be worse off. Are they not required to give illustrations?

Finally I have a Scottish Mortgage Contract based on Scottish Law. The decision on the mortgage contracts is being made in an English Court I await their legal teams response on this one.

mejames1

Im on a really good rate Egg tracker mortgage and Ive enjoyed flexibility to overpay and draw back funds. Just had information package through re sale of Egg mortages to YBS.

Im no financial wizz so I e mailed some pretty straightforward questions ie 1. will my present tracker arrangements be guaranteed 2. Can I overpay at will (as I can now) 3. Can I draw back funds.

The answer to question 1: "Yorkshire Building Society may change the terms and conditions of accounts, including interest rates after migration"

and to questions 2 and 3: "there may be changes which need to be made to your account terms and conditions which are designed to ensure that the terms and conditions reflect the way in which the Yorkshire's IT systems operate"

Why am I almost alone on MSE in worrying about this ???

thenudeone

I'm sure Yorkshire's IT systems can cope with what is effectively an offset tracker mortgage.

Tracking Base Rate and an offset facility are such fundamental features of the product it would difficult to remove it without falling foul of this: http://www.legislation.gov.uk/uksi/1999/2083/contents/made

brewerdave

Obviously "Egg" are having a clear out - both my wife and I had several old Egg Internet savers paying ~ 1% interest which we hadn't used for a long time (since bonuses ended), containing very small amounts - we received letters saying basically "use them or lose them" - took great delight in telling them to close all accounts and transfer monies to our current account - one of the transfers was for 1p!!!