WARNING: A&L introduce massive new o/d charges

tom188

stacey21 wrote: »

Can people in Scotland still reclaim against Alliance and Leicester?

No doubt you will find the answer on the reclaiming board.

tom188

It does seem odd that AL are penalising those who only go overdrawn on occasion and are in effect subsidising those who are far more overdrawn and presumably at far greater risk of default.

I guess if you do the modelling its the way you maximise revenue given the much larger sample size though.

masonic

RayWolfe wrote: »

So, keeping your spending under your income is now considered a luxury?

RayWolfe, I am somewhat disappointed in you. I'm sure you know full well that a lot of people arrange an agreed overdraft not because they are overspending, but because they need a few days buffer between payments going out and salaries coming in. There is a difference between living on a tight budget and living beyond ones means.

It is those people who use an overdraft responsibly that are being penalised here. Those who overspend will welcome the changes.

RayWolfe

Must have caught me on a bad day. It's the grumpy old man syndrome in me that sees a constant stream of moaning hereabouts.
I'm not managing my finances ... it's some one else's fault.
I'm getting fat ... what are food manufactures doing about it?
I've just fallen off the pier because I was drunk/stupid ... who do I sue?

... oops, looks like another grumpy day has started. ;-)

chrisf

A warning to those switching to A&L. I put in the process of switching Lloyds TSB to A&L - drawn in by the promise of a free overdraft. I have now had all my direct debits changed over, and phoned to check about the overdraft and they won't take my £3,000 overdraft on!!! So I have had to close the A&L account and am now trying to set up all my direct debits back with Lloyds. Thanks A&L!

dunstonh

GG, all banks are expected to follow with similar schemes. These will be lawful and cannot be contended as they are structured in such a way that they cannot be perceived as penalty fees.

It was to be expected that those that ran their accounts correctly would end up paying for those that didnt.

MarkyMarkD

chrisf wrote: »

A warning to those switching to A&L. I put in the process of switching Lloyds TSB to A&L - drawn in by the promise of a free overdraft. I have now had all my direct debits changed over, and phoned to check about the overdraft and they won't take my £3,000 overdraft on!!! So I have had to close the A&L account and am now trying to set up all my direct debits back with Lloyds. Thanks A&L!

I'm sure you are disappointed by what's happened there, chris, but I can't believe that you didn't ask about overdraft matching first! I think you've got yourself into a predicament by signing up, agreeing to the transfer service, etc. before ensuring that your overdraft will be matched.

AFAIK (from others' posts) A&L will normally match overdrafts, so it might have been worth pushing a bit harder on this point.

Richie23_2

so if i go an overdraft of £1900, and i'm in in a little bit is it worth me transfering most of it into my savings account and get interest. i'm using A&l online saver, any suggestions??

Tibbie's_mum

chrisf wrote: »

A warning to those switching to A&L. I put in the process of switching Lloyds TSB to A&L - drawn in by the promise of a free overdraft. I have now had all my direct debits changed over, and phoned to check about the overdraft and they won't take my £3,000 overdraft on!!! So I have had to close the A&L account and am now trying to set up all my direct debits back with Lloyds. Thanks A&L!

This happened to me, I had a £1200 overdraft with Barclays and when everything was switched I had only been authorised a £250 overdraft with A&L. But as I had met all the criteria for them to match my previous overdraft, I just rang my branch and asked them to sort it out with customer services as they had copies of my Barclays bank statements as evidence of meeting their requirements. In fact, I was really impressed with the level of customer care I got from my branch.....for a start I was able to ring them and actually speak directly to a member of staff at my branch!!!!! They said they would look into it, but I actually got a phone call an hour later to tell me they had faxed all my details to Head Office and I would get a letter confirming the matched overdraft. This would never have happened with Barclays!!!!

MarkyMarkD

Well done, Tibbie's. I think chris could have resolved his problem if he'd gone about it a bit better - you clearly took the right approach in pursuing it.