A & L Premier Direct Current Account

MascaraMinx

Sorry to jump on your thread, just a quick Q......

can anyone tell me what happens if you don't pay in £500 per month? We set this account up thinking we would be moving in November so would be paying our mortgage out of this account, but we're not moving til January now. Do they charge us? Or do I need to inform them what's happening? Thanks

YorkshireBoy

MascaraMinx wrote:

Do they charge us?

£5 per month 'under-funding fee', according to the T&C's.

mleonard79

Hi Mascaraminx - you will get charged £5 per month if you don't meet the required funding. Also if you have got the account to use the high interest in the current account or the regular saver I think they wont pay the interest on it if you don't meet the required funding. You have 8 weeks from account opening, however, before you absolutely have to be meeting this criteria.

If you're not going to have the £500 to put in until Nov there are ways to get around the funding rule The rule is only that you are required to pay the £500 in, not that you need to keep it in the account for any length of time so you could pay the £500 in any way you like and in as many different transactions as you like (ie you can pay it in in dribs and drabs over the month or all in one go and can do so in cash, with cheques or a standing order or one-off transfer for any other accounts you have so long as they aren't a&l accounts in your name). So technically you could transfer the £500 in one day and take it back out again a day or so later. It might be better trying to do this before you pay bills in order not to be charged or lose your interest.

Regards

Michelle

mleonard79

Hi Yorkshire Boy - you got in there with that while I was writing my reply!!

That's good that they've got your application Essenchill - it does seem strange that you never received the regular email notification but I'd wait and see how long they take to get confirmation out in the post because in my experience they're usually pretty quick sending account details out.

Regards

Michelle

gingercordial

MascaraMinx wrote:

Sorry to jump on your thread, just a quick Q......

can anyone tell me what happens if you don't pay in £500 per month? We set this account up thinking we would be moving in November so would be paying our mortgage out of this account, but we're not moving til January now. Do they charge us? Or do I need to inform them what's happening? Thanks

As the others have said, you'll get charged £5/month, and also you won't get the £50 referral bonus and neither will the person who referred you. My friend never bothered to put any money in his account (he's not a moneysaver!) so neither of us got the £50 from me referring him.

mleonard79

Good point ginger cordial - that's one I forgot and it's not a bonus you want to miss out on (it's probably the reason a lot of people open the account in the first place!) That's a shame that happened with your friend - you'll need to get them inducted into the MSE way of things!

demon99

I applied today for the premier direct account, got an instant email that my application had been received and was being processed, and within 2 minutes got another email that I had been accepted, so pretty happy so far, hopefully the switch from HSBC to A&L will go smoothly aswell.

mleonard79

Hi Demon99,

That was pretty much my experience with opening the account too - everything happened pretty fast and that was doubly impressive since it was around chistmas time I opened it so was expecting all the stuff through the post to take ages!

Regards

Michelle

pfpf

been totally happy with the A&L and made a few quid aswell

what i would say is that the practice of posting all your paperwork you need seperately for security reasons falls down, when you receive about 5 letters all on the same day

has happened 4 times now in my family.

also: how come i had NOTHING to sign when i opened my account?, even though i have a DC, chequebook and overdraft!!

again, i must add....TOTALLY HAPPY.

mleonard79

Yeah pfpf I got a whole stack of the letters on the same day too - I just put it down to christmas post in my case though!