A & L Current Accounts - Have I heard Right

jasmin10

I opened an A&L Current account and regular saving a couple of years ago when they were doing the 10% thing for Regular Savers. Since it finished and I took the money out I haven't used the accounts.

Have I heard correctly that some account holders will be charged x amount per month for dormant/unused accounts?

I haven't received a letter saying this but have a friend who said they have.

Anyone else heard anything??

johnmoney05

I remember you need to deposit at least £500 each month, otherwise £5 a month charge...not so sure....just by memory...you better check with them.

noh

Their T+Cs state they may charge you a £5 a month underfunding fee if you fail to pay in a mimnimum credit which is currently £500 a month. Here is the rate table shown here under Miscellaneous Fees http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=all-rates&RateTable=home&ct=curraccrates#l4 Here is a summary of the account T+Cs http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-legals&currpage=premier#pca
I have no direct experience of this but gather from posts on here that this charge is not usually applied until you have failed to fund the account sufficiently for several months.

Nigel

YorkshireBoy

Someone posted recently that A&L had applied several months underfunding fees in one go, which caused their account to go into an unauthorised overdraft situation and resulted in other charges being applied.

If you no longer require the account, and the current balance is very low, you might want to credit it (with £5 x number of months you haven't funded it) first before making the closure call just in case they spot your transgression.