The Saga

Coming soon to a multiplex near you...

I don't think I've mentioned this on here before, but I've been having a hell of a time with my new Egg Credit Card. Basically, they've been making a total hash of setting up the standing order that takes money out of my account.

Egg is one of those entirely online outfits - apart from the card and the t's and c's that came with it they've never sent me anything via post. Now if you have a credit card you'll know that they generally operate by sending you a statement in the post which has all your transactions and stuff and tells you what the minimum payment is, etc, etc.

Now egg does do statements, but you access them online and that's it. But what they also do is set up a direct debit with your bank account and then they'll take out either the minimum or a fixed amount, or whatever.

The reason I got the card, by the way, was because of my financial difficulties a while back - I transferred a balance to them in order to take advantage of an interest free period.

However, when I first set up the account there seems to have been some problem with my account numbers - I happened to phone them about something else and the numbers they mentioned were totally different to what they should have been. Now, I'm perfectly willing to hold my hand up and say that might have been my fault. I don't really see how, as the numbers were totally random, but okay, maybe it was me.

So, we re-did the details and they had another go.

Then the saga really started - when the next month came round I got this nasty e-mail from them saying the direct debit had failed. I went and checked various things and, while the money hadn't come out, according to the listings they had set up the DD. It's just somehow they'd failed to do it properly, I guess.

So I phoned them up again and we went through it all again, giving them exactly the same info. Then I did a manual cash transfer again to cover the late payment.

And guess what?

Same thing next month.

Nasty e-mail. I phone them up yet again. Go through all the exact same details yet again. I manually transfer money yet again.

Finally, it looks like (*fingers crossed*) it's worked.

This catalogue of balls up is hardly a glowing reference and as soon as the interest free period is over I'm seriously considering transferring the balance out.

And speaking of Banks

Bit of a flurry of posts this morning I think, as I couldn't be arsed (read: was playing Civ3 almost non-stop all w/end) to post on my blog over the bank-holiday week-end.

While I was sorting out the overdraft issue I also took the opportunity to cancel this insurance thing I have on the credit card. I've had it for years and never really thought about it. The idea is if you can't pay for some reason, then this thing covers the payments.

Well, I've not really used the card in ages and was intending to slowly pay if off and eventually get rid of it (I'm lethal with credit card spending - hence the unwatched DVD mountain I've accumulated). As such, the effects of this insurance have become apparent to me. Here's an example of what happens, using some easy numbers:

Get the statement, see that the minimum payment is £50.00

Pay the minimum payment - balance goes down £50.00

Interest is applied - balance goes up £30.00

Insurance is added - balance goes up £20.00

So, interest + insurance = minimum payment. In other words, the balance never changes!

I'm not sure if that's ironic, or just plain annoying.

It's my own fault for not really thinking about it before, but this is what the bank's rely on - people not thinking things through properly.

Whoops

I cocked up last week it seems and instead of putting my credit card number for something I gave my debit card number. This meant the payment came directly out of my actual account, which, of course, didn't have quite enough cash in :(.

And the upshot of this? I went a smidge overdrawn and so got a nasty letter telling me they were going to charge me for the privilege.

Fundamentally, I don't mind actually mind this - I fucked up, so I guess I should pay the price. What I do mind is the difficulty and problems I had trying to fix this error. I apparently went overdrawn on Thursday, but then they didn't send me a letter 'till Friday. Obviously, it takes a day in the post and so I got the letter on Saturday morning.

However, the bank isn't bloody open on Saturday (I ask you - in this day and age, they're closed on a Saturday?). It's also a Bank Holiday week-end, meaning the bank was actually closed until Tuesday.

But they charge for every day it's overdrawn, meaning Thursday right through to Tuesday. SO HOW THE HELL AM I SUPPOSED TO GET MONEY INTO THE ACCOUNT?

Okay - I try Internet Banking. I've got a credit card with the same bank - surely I can get money from one to the other?

No.

I've got another bank account with a different bank (who, incidentally, are open on a Saturday), but although I can transfer money via the internet I know it takes a ridiculous amount of time (something like 7 days!) for the money to move over, by which time the bank's open again anyway.

Note that this is the internet. Where things happen instantly... unless you're a damn bank, apparently.

So I phone them up - the solution? Arrange an overdraft facility online and that will stop the daily charges.

The customer is always right. Unless you're a bank, in which case the customer is there for the shafting.