Egg

A question about : Egg

Quoting from "another place" (as they say) ......

https://boards.fool.co.uk/Message.asp?mid=8700954

"Hi,
Last month I did a BT using Egg as the routing card which left the Egg account with a positive (very positive) balance way over the credit level. (6k credit limit, 15k positive balance)

They would only process the stooze if I kept to Ј6k max, ie. no positive balance beyond my credit limit.

Anyway to cut a long story short, the money has been returned from whence it came (FD). This was done as a security measure by Egg, doh!

Can anyone say what will happen now, can I just stooze it direct to my savings account, or will FD take an interest when they see the BT being returned?"

Anyone else experienced this, as I am about to do the same myself (Ј9,800 from Halifax One to Egg, credit limit of Ј10,000, to Cahoot).

As my limit exceeds Ј9,800 it may be less of an issue, hopefully.

Best answers:

• Has the magic figure of Ј6000 got anything to do with it? I have heard that amounts greater than this are deemed 'suspect' in general, whereas amounts less than this tend to escape official scrutiny. It could therefore be a 'moneylaundering compliance issue' rather than something Egg is trying to prevent.
  [phew! when I saw your title I thought maybe Egg had suddenly stopped any credit-balance transfers. I did a smallish one of these only last week, and I have money in transit to Egg as we speak...!]
• I am sure it is a security measure rather than the end of balance transfers to bank accounts.
  The alternative might be to do the balance transfer from EGG slightly before the balance transfer from the other card to Egg. That way Egg will go into a negative balance and they will accept the transfer.
  Not sure on the position re interest charges though.