Egg Policy Change ?

UK007BullDog

If citibank (american) owns Egg then its no wonder they are behaving like that. Just look how hard nosed the banks are behaving in the US with their homeowners or should I say past homeowners, where whole streets are boarded up. But hey it's "just business" no hard feelings right!?!

dag_2

93% of cardholders are wondering if their letter is in the post! They are all working out how to keep clear of Egg in future. They all now realise that Egg has been sold to Citibank, which they probably did not before.

Heh - absolutely spot on! Not only did I not realise that Egg was sold to Citigroup, I also didn't even realise that Egg was struggling so much before the sale!

http://www.theregister.co.uk/2007/01/29/citigroup_buys_eggs/

I like to think that I'm fairly thick skinned, and that I won't mind badly-worded letters, or customer service reps saying rude and insulting things to me from time to time, provided that the product itself remains competitive.

However, given that Egg is doing so badly, this is making me wonder if leaving any of my savings with them is such a good idea.

Then again, I don't suppose they're any worse than ICICI or Landsbanki. I still think there's a long way to go before it gets to the Northern Rock stage. And the deposit guarantee schemes easily cover what's in my Cash ISA.

Thanks again for the heads-up, though.

yellowmonkey

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Their address is:

Customer Relations Office
Egg Banking plc
Riverside Road
Pride Park
Derby DE99 3GG

Why not contact them using above info

ym
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mkfruitcake

So are Egg putting a note on your credit files to say they have closed your account down due to credit risk issues?

SoozyJ22

Ooh the main headline news story on the BBC is now: "Egg customers protest credit move"

Though I'm not happy with the americanised headline (you don't protest something, you protest against it) it's great to see the issue getting the attention it deserves.

fotsy

I have seen some of the responses on other web sites and its good to see that people / press are finally seeing what Egg are playing at!!!

Im going to write to Egg, but who else have people e-mailed?

Let face it the new statement from Egg was really a waste of time, they are still sticking to their guns. I think its time we made them listen to us.

katebp

I got the letter too! It's being told that I am a "risky customer" that gets my goat.

And it's quotes like this that really rub salt into the wound:


"Angela Knight, chief executive of the British Bankers Association, said that Egg's action was "a sensible way of looking after a business". "Whilst it is lovely to spend, it is the paying back that is always the difficulty. It might seem a bit hard to say to people 'You do need to stop spending' but it does actually make real sense so to do." " - from the BBC

Aaaaargh - it's clearly the fact that I'm not spending enough that's the problem with Egg!

Ah well, moving my savings account made me feel a little better.

Jaymz

I am another person sitting on the fence here. I can see why Egg have done it but they should have done it more carefully. As we have seen in this thread there are loads of unhappy customers who feel hard-done-by because they can control their spending and are generally good customers. BUT for each person here complaining there are probably 10 that NEEDED this to happen to stop them from borrowing beyond their control. I wouldn't be surprised if other credit card companies start following suit but I am sure they will handle it a lot better.

Egg could certainly have handled this a lot better.

BritBrat

This does not affect me as I have no EGG card.

But could some explain something to me.

If as I see it the policy is to only have customers with a poor credit history are they only going to take on new customers who are already in debt?

Maybe target people with court juctions against them.

It just seems so silly to me that this has to be a computer error and they sent them all to the wrong customers.

Either that or EGG are stupid, but lets hope I am right and they get egg on their face.

Even if I am wrong, they will be losing a lot of new customers.

However, given that Egg is doing so badly, this is making me wonder if leaving any of my savings with them is such a good idea.

That made me laugh.

Oh no not another gold rush.

Hey Mr Brown, you may have another bank to privatise soon.


Everyone spread the word, EGG are not making any money. OK if you owe them but not so good if they have your money.

trisontana

katebp wrote: »

I got the letter too! It's being told that I am a "risky customer" that gets my goat.

And it's quotes like this that really rub salt into the wound:


"Angela Knight, chief executive of the British Bankers Association, said that Egg's action was "a sensible way of looking after a business". "Whilst it is lovely to spend, it is the paying back that is always the difficulty. It might seem a bit hard to say to people 'You do need to stop spending' but it does actually make real sense so to do." " - from the BBC

Aaaaargh - it's clearly the fact that I'm not spending enough that's the problem with Egg!

Ah well, moving my savings account made me feel a little better.

Angela Knight has been on TV many times trying to defend high bank charges, so I wouldn't expect much from her.