Egg selling to Barclays

[SLUG]

Re: Egg selling to Barclays

I don't think they can take anything if the account is overdrawn ie into the overdraft.

They can and will transfer from savings(from the same bank) to the current account, if you have any to cover any offsetting. Barclays did this to me 18 months ago.

If true this is good for me - I have a stonking OD from a previous life, and my pay doesn't take me out of this, it happily ticks along like that and has done for many years. I wouldn't know what to do if I was ever in credit!

....and I deffo dont have any savings with them.

[fiscalfool]

Re: Egg selling to Barclays

I miss my Barclays Premier account ... but with the Co-Op one, I know I have no OD, and have only to spend what is in there. Hence on a mission to get a small chunk of cash to cover emergencies.

[swanfan]

Re: Egg selling to Barclays

I don't think they can take anything if the account is overdrawn ie into the overdraft.

They can and will transfer from savings(from the same bank) to the current account, if you have any to cover any offsetting. Barclays did this to me 18 months ago.

[SLUG]

Re: Egg selling to Barclays

Ugh! how annoying..... I have a barclays premier with a big fat OD which I hit the limit of every month. I do wonder if they will dip into this though, as anything will push me over?

Anyway, I best start looking into a new account somewhere else.......with my shot credit rating an' all!

[fiscalfool]

Re: Egg selling to Barclays

Indeed. Barclays were perfectly happy for me to keep my Barclays Premier account open ... I just didn't want to risk funding it each month for it to disappear!

[Never-In-Doubt]

If you've received an email like the one below (or a letter); then your account has been sold as part of the transfer of accounts, to Barclays. This is not an Assignment, it is total sale of all accounts (which any lender can do) so please, no queries regards to the lawful assignment as this does not apply.

What does apply however is RoSO (Right of SetOff) which means that Barclays could dip into other accounts held with them, to service a debt owed to Egg. Now, whilst Barclays are not the worst at utilising RoSO they are not the best either and don't do it much - however they may start to as a result of the problems with Egg agreements, therefore if you can - get a new account sorted asap.

If you cannot open a new account then try opening an online saver and literally move all Barclays funds into this (obviously at another bank) and then transfer over DD payments as and when you know bills are due. Remember banks all conform to Financial Hardship so if they break the rules by dipping into wages thus leaving you in poverty, some funds have to be refunded to allow you to pay certain bills etc....

It's always best to have a parachute account at the ready, if not then it will mean some messing about with moving money and/or moving banks altogether.

Letters that were sent out look similar to this: