A&L Premier Current Account - Overdraft & Switching

mr_e_5

Hi,

Hoping someone has experience of similar or can give some guidance.

I have applied and been approved for an A&L premier account. I applied to take advantage of the 0% overdraft. Money has been very tight for past year and i'm basically living in a £1300 overdraft with RBS. (Costing about £30 a month just for this facility with them).

I have recieved my visa debit card, cheque book and passwords etc already.

I called A&L to ask about the switching service and the overdraft matching. Chap I spoke with said I need to prove my OD which is no problem but they need to see I have been in credit for 15days within the past month. I have only been in credit for 10 days. Can anyone confirm if he was correct saying this as MSE says it only needs to be 2 days in credit to get it? Should I just send my last months statement an hope for the best?

I need my £1300 overdraft just now, can't do without it. I'm worried RBS will get wind of my intention to move and try an take it away (which i believe they can at anytime) and leave me stuck if A&L won't match it.

In past 18 months my credit rating has taken a hammering due to 'life' in general so can't get a credit card to tak ethe balance in mean time just in case.

Basically I just need to confirm with anyone else thats done it, what A&L expect to see from my previous months statement to match the overdraft.

Thanks for any help. I'll check for replies tonight.

mr_e_5

Help

masonic

This is what A&L currently say about the overdraft matching:

1. Overdraft limit matching

Overdraft limit matching may only be considered if you use our Premier Switching Service.

For us to consider matching an overdraft limit you have elsewhere, you will need to provide an original bank statement for the current month. If you have an Internet based account, we will accept a print out of your statement if the website address is showing at the bottom. If your bank statement does not quote the overdraft limit, you will also need to provide a letter from your bank confirming your overdraft limit. Your previous account must have been in the same name(s) as the new Alliance & Leicester current account.

If you open a joint account and hold two separate accounts elsewhere, we will need the above for each account holder and we will look to match the higher of the two overdraft limits. Overdraft limit matching is subject to status and an assessment of your personal circumstances and financial behaviour. We will check to make sure your total unsecured lending with us does not go over £25,000 and we will need to be satisfied that your previous account has been run in a satisfactory manner.

They did used to state that you had to be in credit for a certain number of days, but it looks like it may be a bit more discretionary now. I didn't try to get my overdraft matched when I opened my account, so I don't know the order of events. If it's possible to get an answer about the overdraft before the switching service kicks into action, you may be able to back out using it if you don't get the matched overdraft. If you do go ahead, you only need to move one payment across to qualify as having used the switching service. Also, be aware that RBS might review your overdraft limit if you suddenly stop paying money into that account.