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When signing up you have three choices, direct debit all of
outstanding balance, direct debit set amount, or direct debit minimum
amount. Other methods are also available for paying off the balances
etc. including BACS (no charge from Egg for using this).
However... a D/D from your account will be credited to your
account on the same day. A BACS payment however may take ten days
from leaving your bank account to being credited to your Egg account.
When I queried the latter, I was told Egg is not a clearing
bank, so they use HSBC for this purpose. Consequently a BACS payment
takes 4 working days to clear to HSBC, then 4 working days to clear
to Egg, and then Egg take a couple of days because of internal admin
to credit it. My bank is First Direct - part of HSBC. Egg thus tell
me it takes HSBC 4 days to clear funds from HSBC to ... errr...
HSBC. Then 4 days to clear it to a non-clearing bank (eh?). Then,
whatever happens with the above, they sit on the money for two days.
When I queried HSBC about the 4 days clearance from HSBC to HSBC
they did not reply. I no longer use Egg. Halifax offer 1% cashback
as well.
We have a page on credit
card delays.
There is more on credit cards
here.
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