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Egg card charges for closed account

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Hi Everyone

I have recently been informed that my egg card is being closed and that I had 35 days to settle the account. I looked in to different options and decided that a balance transfer would be my best option. I successfully moved the balance ok, however I have been charged by egg £282 for a balance transfer fee....now I could understand this if I chose to close the account, but they have terminated it. I just can't see how they can do this, it's so out of order.

Can any one offer any advice as to how I can get this back !!!

I have sent an email to them about it, as yet no reply. I have also contacted the Financial watchdog to see how I can complain, again as yet I haven't heard anything.

many thanks

maddog_uk
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Comments

  • benf90
    benf90 Posts: 590 Forumite
    1. If you have received that letter then you don't have to pay the full balance back straight away. It simply means you can't make any further purchases (or balance transfers) after that date but you will still be able to carry on making whatever payments you currently do.

    2. You will only have been charged a balance transfer fee by Egg if you have moved a balance from elsewhere over to them, and if it was done during an offer period.

    3. The transfer fee for Egg is almost always 2.5% (unless its the intro offer or the occasional offer that has a different %), this means to be charged £282 you must have transferred in the region of £11280. i.e. you must have increased your Egg balance and decreased another balance elsewhere.

    Why contact the 'financial watchdog'? Who exactly are you referring to, the FSA?
  • Thanks for the reply...

    I have moved the balance away from them to capital one, this is what I can't understand what the charges are for.

    the £281 fee was for transferring £5000, again I can't understand why this amount.

    I have email the financial Ombudsman for information on how to complain against egg for their disgraceful way of dealing with their customers.

    "we are going to close your account, oh and pay us £281 for doing so"...they're totally crap
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    maddog_uk wrote: »
    I have moved the balance away from them to capital one, this is what I can't understand what the charges are for.

    the £281 fee was for transferring £5000, again I can't understand why this amount.
    Me neither. £281 on £5,000 is 5.62% for a start...a very strange figure for a BT fee.

    Are you sure it's not some form of residual interest charged to your Egg account? How is the transaction described on your Egg statement?

    At the end of the day, if you've moved the Egg balance to Capital One, it is Capital One who will charge the BT fee to your account.
    I have email the financial Ombudsman for information on how to complain against egg for their disgraceful way of dealing with their customers.
    Information on how to complain to Egg is given on the Egg website. Until you've exhausted the 8-week Egg complaints procedure, the FOS won't entertain a personal complaint from yourself.
  • missile
    missile Posts: 11,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you sure it is a balance transfer fee. It sounds like interest charge on your £5,000 balance for a part month, up until you did the transfer?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • maddog_uk
    maddog_uk Posts: 10 Forumite
    Definitely a balance transfer fee
  • missile
    missile Posts: 11,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds a bit strange to me, I have never heard of anyone being charged for a balance transfer from a card. Maybe it is in Egg T&Cs? Send a letter headed "CUSTOMER COMLAINT" to Egg.

    You ought to the exhaust Egg complaint procedure before complaining to the Ombudsman. The process is explained here> http://www.financial-ombudsman.org.uk/
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • lisyloo
    lisyloo Posts: 30,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Definitely a balance transfer fee

    Can you put up here exactly what it says on your statement wrt this fee?
  • NickX
    NickX Posts: 3,046 Forumite
    maddog_uk wrote: »
    Definitely a balance transfer fee

    I am sorry to disagree with you, but I have never heard of egg charging a fee to balance transfer away from them.

    Effectively, you are just paying off the balance - they do not care if this is cash from you, or from another provider. They will simply apply the funds to the account and do not charge for this.

    Is it possible that the Balance Transfer did not cover the entire balance and £281 is a residual amount left outstanding ?
  • maddog_uk
    maddog_uk Posts: 10 Forumite
    information taken from statement...
    14 Feb BALANCE TRANSFER FEE on 14 Feb £281.88

    That is to move money away from egg to capitalone.
  • CannyJock
    CannyJock Posts: 3,838 Forumite
    1,000 Posts Combo Breaker
    maddog_uk wrote: »
    information taken from statement...
    14 Feb BALANCE TRANSFER FEE on 14 Feb £281.88
    That is to move money away from egg to capitalone.

    What have their CS department said about it?
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
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