Alliance and Leicester overdraft switching.

PBA

arfster wrote: »

"In a satisfactory manner"

When I've heard this used in banking, it means within the limits of the account. So an account that's £1499 overdrawn, but with a £1500 limit, is being run "in a satisfactory manner". A&L seem to be changing the definition to "in a profitable manner", they're happy to give you a 0% OD as long as you're not likely to use it.

masonic

PBA wrote: »

When I've heard this used in banking, it means within the limits of the account. So an account that's £1499 overdrawn, but with a £1500 limit, is being run "in a satisfactory manner".

This is from a US account, admittedly, but the only reference to a definition of "satisfactory manner" I could find...

http://www.grandbankoftexas.com/p_overdraft.htm

"Satisfactory manner" is defined as i) you make regular deposits to the account to cover the overdraft, ii) sufficient deposits are made to bring your account to a positive balance within 30 days of the first overdraft, ...

Unfortunately it is not a regulated term, so it can mean whatever a bank wishes it to mean. So, that is why if you see a term like this form part of the conditions for a service you expect to have, you should clarify it. And considering people have been told different things at different times about what A&L expect when they say "satisfactory", it's doubly worth asking about.