a+l under-funding fee

456789

Under-funding fee (if you fail to pay in the minimum amount we ask for each month) £5 each month

does this apply for each calendar month or 30 days from the date you started the account i.e. 24th to 24th?

Cash_Flow

456789 wrote: »

does this apply for each calendar month or 30 days from the date you started the account i.e. 24th to 24th?

New account holders are given eleven weeks from the date of account opening to fund the account with the minimum £500.00.

When the eleven weeks are up you must fund the account with the minimum £500.00 per month.

YorkshireBoy

Cash_Flow wrote: »

When the eleven weeks are up you must fund the account with the minimum £500.00 per month.

The OP is asking what a "month" is though.

For example, is it a statement month, ie 24th Jan to 23rd Feb...or a calendar month, ie 1st Jan to 31st Jan and then 1st Feb to 28th Feb?

System

give a & l a ring at least then you have the correct info

456789

I looked through the t+c's and it says:

32.2 In the case of Premier and Premier Direct Current Account You must pay a minimum
amount into Your Account each month, which We will tell You about when You apply for
the Account. Transfers into the Account from other Alliance & Leicester accounts will not
count towards this minimum monthly amount.
32.2.1 If You fail to pay the minimum monthly amount into Your Account You will be charged
a monthly fee for the Account as set out in Our Rates and Fees Information and We may
withdraw any additional benefits and services available with the Account (see paragraph
32.4 below).
23
32.2.2 We will take the monthly fee from Your Account during the month following the
month You failed to meet Your minimum funding requirement. For the purposes of this
paragraph “month” means your monthly statement period.

I assume monthly statement period means normal months like Jan, Feb etc.?

YorkshireBoy

456789 wrote: »

I assume monthly statement period means normal months like Jan, Feb etc.?

No. It means, as in my example above, the 24th of one month to the 23rd of the following month.

I didn't like to say in my earlier reply (because I wasn't sure if I'd 'fluked' it), but I've previously funded my A&L account at 6-7 week intervals (and sometimes missed a complete calendar month out) and avoided the underfunding fee. The T&C's (which I haven't read in depth for a while) now explain why.

masonic

I think there is some slack in the system, as I have my salary paid into the account very close to the start of my statement period. Some months I'll receive the money early and have two lots of salary paid during one statement period. That leads to me technically underfunding the account during the next statement period. I've never run into problems because of that.

Mrs_Ryan

Its a calendar month.

When I switched jobs I went from being paid on the 12th of each month to the last Thursday of each month, so I asked in branch would I be hit with a fee as my money would be going in later than usual, and the cashier told me as long as 500+ is paid in per calendar month then no fee will be charged.

YorkshireBoy

Mrs_Ryan wrote: »

Its a calendar month.

When I switched jobs I went from being paid on the 12th of each month to the last Thursday of each month, so I asked in branch would I be hit with a fee as my money would be going in later than usual, and the cashier told me as long as 500+ is paid in per calendar month then no fee will be charged.

What you were told by the cashier seems to be at odds with what the account T&C's say (reproduced above).

I know which I'd believe.

D3BB13

I've just checked with customer services as I'm confused, having now had 2 conflicting answers. The person I spoke to today was adamant it was each CALENDAR month, which isn't what I was told when I opened the account. Then I was told it was each 'statement period'. so, I'm still none the wiser!

PROLIANT

Just downgrade it to a normal current account. No more problem.