Egg undo huge rate hike from March

Rock_fan35

Like many others, Egg put my interest rate up to 21.9% on purchases in March '07. I think this was a rise of about 5%

I wrote and complained, paid off the the balance, and stopped using it altogethere.

Yesterday they wrote to me to say this rise was a mistake and the rate should actually be 10.9% They are backdating this to March and will pay back any overcharges.

I suspect the mistake was doing this in the first place - they must have known full well what they were doing.

They were either:-)

a) Trying to rip off theit customers
b) Too incompetent to apply the correct interest rates

I'm going for answer 'a'

steve

ellat257

I agree. They have also put mine up to 21.9 I suspect they are sulking because I paid it off in full last year. Unfortunately over the last 6 months its crept up again. I did ring them twice to complain about the rate and they refused to do anything.

Earlier this month I sent a cheque to clear the balance. I am still waiting. They logged the cheque on my account on 10th. They said it would clear on the 18th.

Guess what. It didn't. I rang up "it should clear today or tomorrow, ring up later and check if its cleared." It didn't.

Now they tell me it won't clear until next wednesday i.e. 8 working days!

It might help it they all had the same hymn book. Either way I don't see why a building society cheque "gauranteed funds" should take 8 working days.

I think I will have to look elsewhere but with my current credit rating that might prove even worse!

silverbirch_3

Egg also put mine upto to 21.9%. I didn't complain as i don't use the card anymore but i had a letter yesterday telling me they had made a mistake and the correct rate should be 17.9%. I've also had an email from them offering me a balance transfer rate of 3.9% until 1st october so think they are trying to make up lol.

jonesMUFCforever

Why did you send a cheque ellat257?

An online transfer would have cleared in 2-3 days.

ellat257

The reason for the cheque was because last time a put a large sum into my account (to transfer to egg) the bank cross-funded it onto a personal loan I had without bothering to tell me first. I was less than impressed at losing the £1700 overnight but could do nothing. So rather than risk losing the money again I sent the building society cheque. (The loan is 9.1% v Egg card 21.9%) So I transfered the money this way.

jonesMUFCforever

So you were in arrears with the loan?

YorkshireBoy

ellat257 wrote: »

Earlier this month I sent a cheque to clear the balance.

If the balance was interest bearing, and unless the cheque was for an amount greater than the balance, then your cheque will not clear the balance. This is because your balance is still incurring interest and Egg will charge you £2 for paying by cheque. Therefore you'll have to pay two statements in full or overpay and then ask for the in-credit amount back before they will stop the interest/close your account (if that's what you want).

Now they tell me it won't clear until next wednesday i.e. 8 working days!

Egg say (in both the T&C's and FAQ) that cheques normally take 7-10 working days (normally 8) to clear. They also tell you that the reason is that they are not a clearing bank.

...I don't see why a building society cheque "gauranteed funds" should take 8 working days.

BS cheques are no different. See above.

ellat257

No, I did miss a payment last year but then caught up. This technically means I broke T&C. I have no objection to overpaying the loan but when I transfer the money. I object to having the money withdrawn without being told first. (Plus its very scary to find £1700 missing and your bank can't explain where it went because the system hasn't updated for that day!)

As to the cheque. Egg say that they will not charge interest on the money fron the 10th when it was credited onto the account + £2 charge also.

I will wait and see. I admit it, I'm a cynic at heart where banks are concerned.

vwman_3

henautpresident75 wrote: »

http://www.henautpresident.com/missions/liens/link.php?m=1&l=1&u=662&k=1AY4jTqtwcFZwLVRcdPo9DVXJBqJ

Prat.........