Egg scrambles to fix network outage
Website blackout 'nothing to do with credit card cull'
Egg has returned its website to normal operation after a "serious network outage" forced it to temporarily suspend services on Tuesday.
The UK-based online bank took its website down following an "internal network failure" at around 1100 GMT on Tuesday. Services weren't fully restored until around 1200 GMT on Wednesday.
A spokeswoman for the bank explained that a number of fixes had to be implemented and servers rebooted following the internal network failure. Egg clients were directed to its call centres during the outage. This left customers temporarily with a lower level of service even after they got through on the phone, because certain functions in Egg accounts are only available online.
Last week Egg began implementing plans to close 161,000 credit card accounts of customers (or seven per cent of its user base) whose credit scores had deteriorated since they took out credit. Some of the affected customers have come forward to dispute this, arguing that their credit facilities are been culled because they pay their bills in full each month and are therefore less profitable to the bank.
The web outage was unrelated to this credit card culling process, a spokeswoman for the bank told El Reg. ®
43.4 Transfer of Data abroad
From trustworthy Citibank:
43.4 You consent to have your data transferred to other countries (including countries which do not offer adequate personal data protection) and You agree that if Your data is required by another country's laws or regulatory rules to be disclosed to that country's regulators, authorities or law enforcement agencies it can be so disclosed.
Down the pan 2
you're absolutely right! Citibank is NASTY! Last September they sneakily changed their "terms and conditions", saying they will move all their customers details to foreign countries where there "might not be data protection laws" and said that all their customers agree to that! F**K THAT!
Thanks God I noticed this, written in a very minuscule statement that came with some brochureware!
I immediately went to open an account with Nationwide and closed all my business with Sh*ttybank.
And since I found out the sharks bought Egg, I moved all my savings to IceSave.
The thumb upimage?: Consider it a 2 fingers for the City*ankers...
Looks, like I owe egg an apology. Just fished the letter out of the bin and it does start "Dear" and end "Yours sincerely".
Still a horribly rude letter though. No "Sorry to inform you" or "Thank you for your business" - even if they didn't mean it!
Sorry if this is a trivial point but I just had to get it off my chest.
A number of years ago I received a letter from my bank informing my that they would be cancelling my Mastercard. The letter went something like this;
"Dear Mr x,
We are sorry to inform you that due to a lack of activity on the account we will be cancelling your credit card facility (blahblahblahblah),
Yours Sincerely x"
I had no problem at all with that, and I'm still a customer with the same bank. Never thought any more about it for years.
The letter I received from egg on Friday started off, in strident bold letters,
"Cancellation of egg credit card xxxxxx" (or something very similar).
The greeting line below the message above carried no pleasantry, just a stark "Mr x".
There was no apology for withdrawing the facility (which I have never missed a repayment on by the way), nor was there a Yours Sincerely at the end.
Now, I'm quite aware that egg are a business and aren't my friends. I also don't care for what reason they are cancelling my card, I could be up to my man-boobs in debt and not paid them for five years, they could have caught me downloading startling quantities of midget porn or paying for ladyboys in Thailand, makes no difference.
Here's my point (finally); surely a tiny bit of politeness and good grace wouldn't have gone amiss would it? Or were they trying to save ink? Or does it just not matter any more these days?
Being an Egg customer...
... There is plenty to say about Egg.
1. Paypal payment done on your Egg cards is not considered a cash advance, but Neteller was. Their argument was that Neteller was usable to extract cash from your credit card. Wow. So are credit card cheques or Paypal. In fact, MoneySavingExpert.com gave you ideas how! I had a very long argument with them about this, mostly because Neteller was a service that allowed people in countries WITHOUT Paypal to accept payment from the rest of the world (South Africa being one example - you can use Paypal to PAY, but not RECEIVE payment).
2. The login page is somewhat disconcerting, isn't it? Keyloggability is something that should not happen but we know that it will. I've raised this with Egg time and again. No response.
3. The problem with credit card companies (and now Egg) is that:
- If you only pay the minimum after using balance transfer deals, you are likely to be tarting. Tarting costs the card company, not you (well, it costs you 3.5% + interest over the tarting period, but it's less than what your deal costs the card company).
- If you always pay your balance on time, you are costing the card company (free credit) even if the company makes that a marketing thing (up to 58 days free* credit - blah blah fishpaste). You are borrowing money for the period up to your interest date. You are not generating the company money.
4. Egg is not killing the cards of those with loans, those who use their card a lot and only make partial payments (I pay a quarter of my outstanding debt a month, but spend that same amount on the card, so the company earns three months of interest out of me at any given time). You are probably not going to have your card cancelled if you have both Egg Money and Egg Card (former a MasterCard with cashback, latter a Visa).
They are dumping those whose credit profiles no longer match what they would prefer to have (people who generate interest for them, who are likely to pay back more than the minimum amount but not the complete outstanding).
There is always the possibility that marketing/public relations took what they were given from risk management and tried to spin it to something more palatable, and ended up scaring the bejezus out of those who had excellent credit ratings, who paid on time and who paid everything off before the cut-off date. When I see what public relations sometimes spins out into the world while having an inside line into what was really the case, I would not be surprised.
That said, Citigroup and Bank of America now own the two major, third-party credit card vendors in this country. MBNA is owned by BoA. Citi owns Egg. Who is left? Considering the crap you get from the British banks (9 of them trying to weasel their way out of their overdraft mess with the OFT), why would you want to trust them with your money? Just because they are British? Get real.