egg money balance transfers-stoozing

willomena12_2

after reading the article about stoozing, i decided to get myself an egg money card to transfer money from a 0% credit card to get me out of a costly over draft. however, the money is now stuck in my egg money account and i cant work out how to transfer it out of there into my current account. can anybody help??

YorkshireBoy

willomena12 wrote: »

...the money is now stuck in my egg money account and i cant work out how to transfer it out of there into my current account. can anybody help??

The Egg T&C's and FAQ's will answer your query.

However, you have several options...

1. Simply carry out an online balance transfer from your overdraft.
Look under:
"Egg Money Admin" (left hand side of the screen when logged in)
"Transfer from an overdraft"

2. Call them and ask to transfer the money.

3. Send them a secure message and ask them to transfer the money.

4. Withdraw the cash (at £500/day) using an ATM.

5. Withdraw more than £500/day over a bank branch counter.

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#canitransferbalancestoeggmoney?

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#howdoimakeawithdrawal?

http://new.egg.com/visitor/0,,3_79778--View_1666,00.html (condition 9.3)

andyelcomb

YorkshireBoy's mostly right - but DON'T do an online balance transfer as you will get stung for interest - you aren't doing a balance transfer, you're transferring credit funds to another account.

Assuming your Egg Money account is in credit, I've found the best way is to ring them and ask them to transfer the credit balance to your current account.
They will do this for free, although it does take a few days to come through.

As it happens I did just that on Friday having done a BT from a 0% card for £5000 into Egg Money.
That put my Egg account into credit, but by only £1800 odd and that's all they would transfer to my current account without it becoming a BT proper and thereby starting to incur interest.
That wasn't a problem as I was intending to pay off the purchases on the account anyway and they cash is already in my current account.

When the transfer of £1800 reaches my current account I'll then pay the whole £5000 into my ICICI savings account until it needs to come back and pay off the 0% card.

Yes, it's convoluted, but it does work, doesn't cost anything and does earn something from nothing.

YorkshireBoy

andyelcomb wrote: »

YorkshireBoy's mostly right

"Mostly"?

...but DON'T do an online balance transfer as you will get stung for interest - you aren't doing a balance transfer, you're transferring credit funds to another account.

Since mid 2006, when Egg closed the original 'BACS transfer to current account cashback loophole', the Egg CSA's have been instructed* to carry out all BACS transfer requests over £100 as 'balance transfers'. You will see from your statement that these are now called 'Balance Transfer - GB'.

How will the OP incur interest? They know how much the positive balance is, so would be extremely foolish to transfer more than this (unless of course they have the typical 7.9% rate and the overdraft is more expensive).


* EDIT: Discussed recently on the stoozing site:
http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1187196766