Egg Policy Change ?

netlang

LittleVoice wrote: »

And how many retailers still accept cheques?

OK just cash then

LittleVoice

Apparently, Angela Knight, chief executive of the British Bankers Association, said that Egg's action was "a sensible way of looking after a business". And went on to say "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."


So do the banks want us all to stop spending and never use credit cards?

DifferentFromTheNorm

500Triumph650 wrote: »

My local Tesco has a big sign outside saying that they the won't be taking cheques anymore "to speed up the queues at the tills". Anyone here think that is the real reason?

I have been operating on a cash only basis for a while now and I seem to spend less because you are acutely aware of how quick your wallet empties.

http://news.bbc.co.uk/1/hi/business/7215454.stm

It seems that they ran a trial at some stores. Time isn't the only factor though, it takes extra resources to process cheques etc.

SarahNeedle1872

Also, with Chip and Pin, I suspect there has been a massive increase in cheque fraud.....

netlang

500Triumph650 wrote: »

My local Tesco has a big sign outside saying that they the won't be taking cheques anymore "to speed up the queues at the tills". Anyone here think that is the real reason?

I have been operating on a cash only basis for a while now and I seem to spend less because you are acutely aware of how quick your wallet empties.

I agree and it feels far more satisfying paying with cash.

500Triumph650

ravenk wrote: »

When you went Bust , did you get the £208K written off ?
If you did ...nice one ....
Whats your credit score look like now ? Citibanks write down.

:T

I paid 24p in the pound. I had to sell the house - 4 bed bungalow - and I am now renting a 2 bed detached bungalow in a much nicer road so not a massive drop in living standards.

My credit score must be bad but when we moved BT did a credit check for the new phone and I told the woman that it would be bad. A few minutes later she came back on and said I passed!

space_rider

I stopped using a credit card over 7 years ago and you can`t beat it. what I don`t have I don`t buy. But got to agree that it`s bad that they sending those letter to those who don`t have any debt with them but saying they have bad credit history.

Michelden_2

I managed to pay for nearly all my Christmas presents and shopping with cash this year. I only have one small bill of £133 to pay on my catalogue and Christmas will be paid for. I feel really pleased with myself as this time last year I owed several hundred on cards and catalogues:) It does feel much better with cash, good riddance Egg!!!

Psiloman

Some people on here are still missing the point.

I don't need credit from Egg. I used my Egg Card as a service for internet shopping for 10 years always paying off the full amount every month. It was a useful tool which provided the fraud protection that I wanted. It is no skin off my nose to use another service provider.

However, I do object to be wrongly classified as a 'risky' customer. Eggs own code of ethics states that they will be open, honest and trustworthy in their dealings with their customers. Egg has breached this code of conduct.

I will happily and without regret use a different service provider. It appears some people on here are happy to have their banks lie to them and indeed seem willing to support a financial institution in behaving in this way...this really makes me sad.

500Triumph650

DifferentFromTheNorm wrote: »

http://news.bbc.co.uk/1/hi/business/7215454.stm

It seems that they ran a trial at some stores. Time isn't the only factor though, it takes extra resources to process cheques etc.

IMO they don't like cheques because of the process resources, the delay in getting the funds and the fraud factor but this never stopped them taking them in the past.

What they are worried about now is the bouncing cheque. The banks will not honour a bouncing cheque regardless of the fact that it was presented with a guarantee card if times are hard. Hard times are just around the corner and Tesco know this for a fact.