A&L: What do they call a "month"?

Stephen_Leak

As you all know, with an A&L Premier Direct account, you have to pay in £500 per month. But, exactly what do A&L mean by a month in this context. I cannot find it specified in the T&C's. Is it a calendar month?

If so, and you are paid on the last working day of the month, and you either get paid less than £500 at the end of one month or get paid late (which is happening a lot these days), this would not give you any time to transfer any funds into your account and meet your committment. Hey presto! An underfunding charge!

KTF

As far as I know an A&L 'month' is a calendar month.

Stephen_Leak

Thats what I was afraid of. So my above scenario could easily happen.

mleonard79

Hi Stephen,

Yes it is per calendar month but no that scenario could not easily happen. If there was a problem with your wages and they didn't get paid in until the start of the next month they wouldn't just slap an underfunding charge on your account. Firstly their automated system would actually have to notice that you have underfunded your account - which sometimes it doesn't. Then they would send you out a letter telling you that you had underfunded your account and asking you to fund it properly the next month or you will receive an underfunding charge.

If this was something you were really worried about happening several times in a row though could you not get your employer to change the date they pay you? Other than that if you see it happening you can always go in on the last day or two of the month and withdraw the £500 then pay it back in. I'm pretty sure if it did happen two months in a row and you got an underfunding charge they could rescind it if you explain the situation as well though.

Regards

Michelle

Stephen_Leak

Its nice to know that it isn't an automatic "launch on warning" like most other banks/credit card companies. I doubt that changing payment dates would be possible with a large one like my new one - my city council. We don't seem to get our payslips in advance either - they get posted to the school or to our homes.

MarkyMarkD

I'd be surprised if it WAS a calendar month. It's more likely to be a statementing period.

And A&L don't start levying under-funding charges very quickly at all. You have to be seriously taking the **** for them to charge you.

Missing one month's credit is not going to get you charged. No way. The worst it will get you, the first time (or more likely the second or third time) it happens, is an under-funding letter which you won't be charged for.

KTF

I found the first time was a letter and the second was the charge.

YorkshireBoy

MarkyMarkD wrote: »

I'd be surprised if it WAS a calendar month. It's more likely to be a statementing period.

I'm not so sure. I've been somewhat ad-hoc with most of my £500 credits in the 14 months or so I've had the Premier Direct account (and sometimes 6 or 7 weeks between credits) and never been charged - or even had a letter.

MarkyMarkD

You're quoting half of my post whilst the other half agrees with your experience, YB!

YorkshireBoy

MarkyMarkD wrote: »

You're quoting half of my post whilst the other half agrees with your experience, YB!

You had all the bases covered!

In the absence of anything in the T&C's defining a month, we'd need to know A&L's definition of "seriously taking the ****" to conclude whether it was calendar or statement month though.

MarkyMarkD

I think that the definition of a month is academic, as anyone who was in danger of being charged would be notified in advance and, at that stage, the basis of a "month" would probably become clear.