alliance and leicester premier current bank account advice please help!

redheadrockchick

I am thinking of applying for the alliance and leicester premier bank account (the one where you have to pay in at least £500 per month), but i only want it if i can get the 2000 pound overdraft, i was just wondering if anyone had applied for this account and recieved the overdraft as one of my friends did but wasnt allowed the overdraft.

I assume they would credit check you before giving you the overdraft, having just received my reports from main cra's i can see i have missed one payment in the last year but had trouble about 3 years ago with an overdraft going over its limit badly that ended up being with drawn and i had to take out a managed loan, would this affect my ability to get the overdraft with alliance and leicester?

I'm really sorry if this has been asked before, i have searched through the forum, i just wondered if anyone in a simlar situation has any experience of this particular account!

Thank you in advance for any advice, i really appreciate it, i dont want to go applying for products that will show up in my credit report that are useless for me!

cheralyn

I've had that account for the last three years or so, when they opened my account they gave me a £100 overdraft limit, but all I needed to say was that I had a limit for £1,500 on my old bank account and they changed it immediately, so perhaps it'll be that easy for you?

peanutnutter

hi

I applied for the account after reading about it on this website.

I obviously passed one credit check as I was accepted for an account. However they wouldn't give me the credit card that is associated with the account (fair enough). The T&C say that they may match your overdraft provided when you pay your money in it takes you out the red and you remain out your overdraft for 4 days (I think). I took along my bank statements to branch and they said they would look into it but, again they turned me down. My overdraft with my other bank is £650 and I've never had a problem getting credit off them (they must feel they know me as a customer, but I do think my credit rating has been adversly affected by me missing some credit card payments) Anyway, the moral of my story is the overdraft matching is not guaranteed!

peanutnutter

Oh I should add that when they turn you down they don't tell you why for 'security reasons'

masonic

You are highly unlikely to get anything that large without using their Premier Switching Service and overdraft matching offer (assuming you have a £2000 or larger overdraft elsewhere). As peanutnutter suggests above, even that isn't guaranteed.

aligdbabe

redheadrockchick wrote: »

I am thinking of applying for the alliance and leicester premier bank account (the one where you have to pay in at least £500 per month), but i only want it if i can get the 2000 pound overdraft, i was just wondering if anyone had applied for this account and recieved the overdraft as one of my friends did but wasnt allowed the overdraft.

I assume they would credit check you before giving you the overdraft, having just received my reports from main cra's i can see i have missed one payment in the last year but had trouble about 3 years ago with an overdraft going over its limit badly that ended up being with drawn and i had to take out a managed loan, would this affect my ability to get the overdraft with alliance and leicester?

I'm really sorry if this has been asked before, i have searched through the forum, i just wondered if anyone in a simlar situation has any experience of this particular account!

Thank you in advance for any advice, i really appreciate it, i dont want to go applying for products that will show up in my credit report that are useless for me!

I opened an alliance & leicester premier account in February and was not allowed the overdraft. I find the internet banking really easy to use and customer services helpful, but be careful as the charges are horrendous, apart from charging £25 for going overdrawn they also charge you £5 a day until the overdraft is cleared. I only get paid once a month so if I do go overdrawn I end up paying £25 & however many days at £5, which has cost me nearly £150 over 2 months. Word of warning to anyway thinking of opening this account.

masonic

aligdbabe wrote: »

I opened an alliance & leicester premier account in February and was not allowed the overdraft. I find the internet banking really easy to use and customer services helpful, but be careful as the charges are horrendous, apart from charging £25 for going overdrawn they also charge you £5 a day until the overdraft is cleared. I only get paid once a month so if I do go overdrawn I end up paying £25 & however many days at £5, which has cost me nearly £150 over 2 months. Word of warning to anyway thinking of opening this account.

If you have no overdraft and go overdrawn without arranging one then you can normally expect to pay through the nose for it with any bank. You are breaking the terms of your agreement with the bank, after all.

A&Ls actual overdraft charges are pretty cheap for people with larger overdrafts - 50p per day up to a maximum of £5 per month (nothing in the first 12 months). The trouble is normally obtaining a large enough overdraft in the first place to make those charges worthwhile. Some people seem to do very well at that.