A&L - when do they take interest?

Seaxwyn

I've had an A&L premier account since November. It has 0% overdraft up to £2,500 and I have an o/d limit of £3,750.

I believed that the interest for the 'extra' overdraft above £2,500 was 5.9%. HOWEVER, they have never takena penny interest, even though I have been overdrawn over £2,500 for much of the time.

Does anyone know if/when they are likely to take the interest?

dzug

Can't directly answer your question but they PAY interest on the date the monthly statement is issued. Would have thought it was the same for charging it.

YorkshireBoy

According to your T&C's, the interest will be debited monthly in arrears - with at least 14 days notice given.

See conditions 11.2 & 11.8

BTW, the overdraft rate on the Premier account is 7.9% EAR - unless you have the Premier Direct account?

Seaxwyn

Thanks

I just checked and it is a Premier Direct Account.

And they've never taken any interest!

hunni

can someone please tell me.. if i never eat into my overdraft will i still get charged?....not sure how it all works
thanks

medic1978

you should only get charged a set interest rate for actually USING your overdraft. Shouldnt be paying a fee if it is an authorised overdraft, but you will if unauthorised

hunni

medic1978 wrote: »

you should only get charged a set interest rate for actually USING your overdraft. Shouldnt be paying a fee if it is an authorised overdraft, but you will if unauthorised

Thank you!:D