Egg - delayed transfer problem

Dagobert

I often make traansfers from my Egg savings account. Their system normally works like clockwork: any funds sent before 6pm will arrive 2 working days later*. The amount is debited immediately from the savings account.


During the past 2 weeks, however, they have been experiencing problems:
Last week on Tuesday, I made a transfer in the morning, which did not leave until Thursday, so the money was in transit over the weekend.

This week, I arranged 2 transfers on Wednesday, which were not debited immediately either. Customer Services did not even see a trace of these transactions when I phoned. The funds left the account on Thursday; again the transfer spanned a weekend.

This has cost me a few £ in lost interest, and more worryingly, the timing can currently not be relied on! So, don't make any last minute credit card payments from an Egg savings account until this problem has been sorted.




* for example, funds sent on Monday will arrive on Wednesday.

Lokolo

Theres a few other threads on this around the past number of weeks Egg have been experiencing problems with their websites, in particular, the transfer part.

I however haven't had problems. I transferred £100 out of my savings account on Tuesday and it came yesterday as expected.

Milarky

Dagobert wrote: »

any funds sent before 6pm will arrive 2 working days later*. The amount is debited immediately from the savings account.
* for example, funds sent on Monday will arrive on Wednesday.

Since this only seems to be happening due to Egg - and not the BACS system - and the payment is being taken instantly - with a 'time stamp' before 6pm - wouldn't you say that Egg is liable - and you could ask them for recompense? [Not 100% since bank-customer agreements usually say "you can't sue us for failure resulting in 3rd party losses"] It's obviously different to the situation where you are paying money in on a debit card and the on-screen acknowledgment contradicts the balances and transaction screen that show nothing has taken place - in that case one or other is 'correct' (the latter) But if the money is 'taken' (but not sent to BACS) Egg are liable - if only for one day's interest?

Dagobert

The amount was debited late also. So, the money continues to accrue interest at Egg.

According to the confirmation screen, the funds should have arrived within 3 working days of having made the payment.

Interest was lost a) due to the BACS transfer spanning a weekend now, b) due to the delay of earning higher interest elsewhere.

Luckily, I did not go overdrawn as a result.