The £3000 hot potato

stupot1_2

I recently put £3k in an isa with egg.

Having set up wit the required £1 minimum stake, I waited a little while, then sent another 2999 to get to my maximum.

I make the mistake of assuming it's all fine then look at my HSBC account and see that the cash has gone out, but a couple of months later when I contact Egg they say only the original £1 stake was received.

The statement says the cash went to the same account reference: Egg Brierley Hill, no acc no, but Egg say they never got it.

I ordered a BACS trace and I now have a screen print out confirming that the money went out of my account, but Egg are still refusing to accept that they ever received the money.

I'm more than a little peeved, but don't really know what to do next other than to shout down the phone alot which, so far, hasn't helped.

Any suggestions please?

stupot

LittleVoice

I don't know the answer to your question - but what's a "BACS trace"? If it traces the payment, does it show all the account details? Who provided the screenprint - is if from the sending institution or something you created from the internet?

By the way, you can put in £3,600 in a mini cash ISA this year (from 6 April) - once you get things sorted. Or perhaps you would send £600 and see whether it gets through this time......

10_66

I'd send a letter of complaint to Egg (recorded delivery) in the first instance, with full details of the problem. They are then allowed 8 weeks' in order to address the problem. If this is not fruitful, you can then take your complaint to the Financial Ombudsman, who will investigate the complaint. It's long winded, I know, but I can't think of anything else you can do, if Egg are refusing to accept that the money was received.

oldfella

send Egg a formal complaint enclosing the BACS trace. Tell them you want the account correctly restored including interest , plus £25 for your time, cost and concerns.

YorkshireBoy

Is it possible you accidentally used the CHAPS sort code, which is 40-02-50?

Unlike BACS payments to their credit cards (which use 40-02-50), BACS payments to Egg savings accounts need to use sort code 40-61-99 and your 8-digit account number.

CHAPS payments need to use sort code 40-02-50 (their credit card BACS sort code), collection account number 11049151, and the reference is your 8-digit ISA account number.

If you've used a 'mixture', ie 40-02-50 and your own 8-digit ISA account number, then that may explain why your money has been lost. However, if that's the case then they should have returned it from the suspense account by now.

You may have another problem though...you said you sent it a "couple of months" ago, which would indicate it was 07/08 money? Once the error has been rectified they may say that this forms part of your 08/09 subscription allowance, meaning you can only add a further £601 this year...and not the full £3,600 now permitted.

Lokolo

Why in the world didn't you transfer it the Egg way?

There is an option to transfer from one account to another with Egg. Or you can use a debit/credit card which came with the account (HSBC or whatever) to deposit money into your Egg Account.

Why did you not use this way?

[edit]

oldfella - i would be extremely suprised if egg do this. if there was no account number on the bacs statement I think I can see where the problem lies!