Monday, February 4, 2008
Hundreds claim credit cards were axed because they make no money for firm
Anger at Egg ban on prudent customers
Senior MPs are demanding an Office of Fair Trading investigation into greedy banks after Egg's decision to ban 160,000 customers from using their credit cards dramatically backfired.
Posted by landedgentry @ 11:43 AM (817 views)
10 thoughts on “Hundreds claim credit cards were axed because they make no money for firm”
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shipbuilder says:
We are constantly being told that consumer is king, let the market decide. A run on Egg would be perfectly acceptable after this – why keep your custom with a bank that could close your account at any time (I realise any bank can do this, but isn’t this the first time its happened?).
The public should simply sink businesses that show this little respect for their customers.
Silent Watcher says:
I’ve recently had my Halifax Visa Card cancelled…..the reason ? Acting as a “responsible lender” & because I hadn’t used my card in more than a year, they would firstly reduce my credit limit from £10k to £500 & then close the account. Methinks they are all getting rid of those cardholders who rarely make purchases or pay off their bills in full each month.
mark says:
a run would be near impossible, i had awful trouble closing a savings account and getting my money out, they didnt want to close it, they tried every trick to delay or stop me… this is a bad sign…
mark says:
have a look at this link about egg
http://uk.messages.finance.yahoo.com/Your_Money/threadview?m=te&bn=UKF-SavingsInvestments&tid=2652&mid=2652&tof=1&frt=2#2652
jack c says:
The parent company is Citigroup – need we say more. Time for customers to move to a more secure institution.
Hyrax says:
Barclaycard VISA did the same to me a few months ago. Held the card 10 years, always paid the card off each month, had a 8000 limit and they dropped limit to 250.
It was virtually useless to me at that level so canceled the card myself…they are only interested in debtors. My father closed his barclays account
as he had a long -standing top up arrangement to keep his current account in credit cancelled. Interestingly my online TSB banking only allows minimum payments
online.. you cannot pay if off in full, the bottom line is the banks are do not serve your interest, customers are only useful to the bottom line if you incur interest and other charges.
Lw says:
I closed my egg savings a/c about four months ago. Sounds like plenty more have been doing so in the meantime Mark.
They’d installed a small print proviso that they could stop people moving money out for 60 days “if liquidity is threatened”. And this from something owned by Citigroup!
japanese uncle says:
Bloodsucker is the only word that occurs to my mind. Is a leech oviparous? I wonder.
Refusetobuy says:
“The parent company is Citigroup – need we say more. Time for customers to move to a more secure institution.”
That would make sense for depositors, not creditors
Ingermany says:
I have no interest in Egg whatsoever, but what’s the big deal? The bank seems intent on committing commercial suicide. Can we nationalise it?