Egg web blunder - am I being blagged?

Saz_2

Hi
Can any one advise about legal requirements for transfering funds into my Abbey monthly saver account?

I read Martins book from cover to cover almost non stop & imediately set about turning my finances around, finding the best deals, transfering balances, setting up new savings accounts including an Egg savings acount from which I was transfering £500 a month into my Abbey account for the higher 7 % interest for a year. (I can't belive how bad the communication & processes are in these companies, it's been a big job!).

Anyway, Egg made a technical blunder on their web site which meant that Abbey didn't get all the info required to process my transfers, so my account defaulted back to 5%. I have advised Egg that I want compensation for the higher rate of interest that I will be missing out on for the full term of the account. Although Egg are admitting it was their failure, they are of the opinion that:
Abbey T&C's clearly state that deposits should be made by standing order. Egg don't offer that facility on their savings accounts (which is why I had set up the manual transfers)
That sending monthly BACS transfers may not have met with the requirements of the Abbey account
That as they have no indication of future interest rates they cannot calculate actual loss of interest (but this is a fixed 7% rate monthly saver account for a fixed 1 year period)

I'm getting to a stage where I'm wishing I never started all this for the time it's taken to deal with company !!!! ups. Now it seems I am being taken for a ride with a pittiful attempt at a compensation sum from Egg. Can anyone tell me where I stand with this?

Sorry its a bit long winded!!

Keeping my fingers crossed.......
Saz

zzzLazyDaisy

Saz wrote:

Hi
I read Martins book from cover to cover almost non stop & imediately set about turning my finances around, finding the best deals, transfering balances, setting up new savings accounts including an Egg savings acount from which I was transfering £500 a month into my Abbey account for the higher 7 % interest for a year. Saz

Hello Saz, could you tell me which Abbey account you have? The one you describe beats the Halifax, as it allows £500 per month to be paid in.... but I can't find it. Many thanks!

Reaper

If you have something in writing from Egg saying it is their fault then I suggest showing it to Abbey and asking to be moved back to the higher rate. While they are not obliged to they may well do so to keep a new customer happy.

Of course Abbey might also take the view that you should have set up a standing order but there is no harm in trying.

Reaper

Having read your post again I'm confused by one thing. You say

Egg made a technical blunder on their web site which meant that Abbey didn't get all the info required to process my transfers

Since Egg don't offer standing orders were you trying to make manual payments? If so Abbey didn't need any info - the money just arrives, they don't request it. I suspect you mean the transfer went through with an incorrect account code or similar which meant it did not make it to your account. If so isn't it up to you to supply these details? If I'm off track perhaps you could clarify what went wrong.

ED

Saz - sympathies. Maybe Reaper's idea is worth trying. Perhaps Abbey would be keen to reinstate your 7% Fixed Rate Monthly Saver if you open an Abbey current account - primarily to feed £500 per month into the FRMS account. Maybe Abbey are still offering a £40 incentive for opening the Abbey a/c. (Anyone here know?)

Abbey's eSaver pays 5.10% gross, including bonus for the first 6 months (4.60% afterwards). Funds can be instantly swept online between eSaver and Abbey current a/c. Useful for funds on stand-by, ready for the monthly a/c - just move them on the Monday-Saturday prior to the banking day on which the Internal Standing Order is set up for depositing into the monthly a/c.

An advantage of Internal Standing Orders is that they occur even on Saturdays + Sundays, so funds can start earning high interest soonest.

zzzLazyDaisy - unfortunately, the 7% FRMS a/c is now closed to new applicants. Abbey offer just 5% currently, but maybe something else will be launched in coming weeks or months...

Saz_2

Hi
The Account is no longer available - that is another saw point, I can't start again with it!! It was taken off the market some time ago.
I got wind of it through this site though so keep your eyes peeled on the savings section for future options.
Saz.

Saz_2

Hi Reaper
Yes I had to set up a manual monthly payment because Egg don't have the standing order facility. Abbey require their main holding accout number quoting followed by the individuals personal account number quoted as the reference field. Although Egg captured all this data they failed to send the reference field so Abbey had to reject the funds. So the big question, is the fact that Abbey quote a standing order in their T&C' grounds for Egg to reject my claim?

On you're previous point; yes I tried going back to Abbey = no joy.

Cheers
Saz

Saz_2

Thanks Ed, I'll have a look at Abbey's eSaver and any others that have come to market over the last 3 months. Maybe the threat of taking my £10k from Egg will prompt them to a better resolution!!
Cheers,
Saz.

davidcampbell

Saz - sympathies. Maybe Reaper's idea is worth trying. Perhaps Abbey would be keen to reinstate your 7% Fixed Rate Monthly Saver if you open an Abbey current account - primarily to feed £500 per month into the FRMS account. Maybe Abbey are still offering a £40 incentive for opening the Abbey a/c. (Anyone here know?)

no, £40 incentive no longer available. newswitcher offer is £50 if abbey mess it up on switching

i doubt you will get the 7% reinstated on eggs error.

Abbey require their main holding accout number quoting followed by the individuals personal account number quoted as the reference field. Although Egg captured all this data they failed to send the reference field so Abbey had to reject the funds. So the big question, is the fact that Abbey quote a standing order in their T&C' grounds for Egg to reject my claim?

what did they send? i think ultimately you would have to prove you supplied egg with the FRMS acc number otherwise they will say they sent what you gave them..


DC

Saz_2

Thanks for your thoughts.

After a very long phone conversation Egg have compensated £50 and sent me a bottle of wine!!

Abbey didn't want to know.

Saz.

ED

Egg-sell-ent!