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A&L Funding Requirement

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Hi,

I need to know I opened an A&L Direct Premier Account aound 6 months ago. On my application I said that I pay in 1000 a month into my account.

For tle last 2 months I'm just paying £500 which is minimum. Will A&L will take any action? Is it OK if I continue paying in the minimum £500 every month?

Thanks
M

Comments

  • KTF
    KTF Posts: 4,848 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The min funding on the account has been lowered to £500 a month.
  • msaquib
    msaquib Posts: 717 Forumite
    At the time of making my application the funding requirment was £500.00. During my application I was asked how much I will pay into my account every month. I enetered £1000.

    Can I still pay on £500.00?

    Thanks
    M
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    msaquib wrote: »
    At the time of making my application the funding requirment was £500.00. During my application I was asked how much I will pay into my account every month. I enetered £1000.

    Can I still pay on £500.00?

    Thanks
    M

    Yes no problem. As long as you pay in £500 or more a month A+L are not bothered. Pay in less than £500 they will start to charge an "underfunding fee" of £5 a month.

    Nigel
  • ad44downey
    ad44downey Posts: 2,246 Forumite
    Or do what I did. Phone them up and switch from the Premier account to their normal bog standard current account. Then there's no mimimum funding requirement at all. :beer:
    Krusty & Phil Madoff, 1990 - 2007:
    "Buy now because house prices only ever go UP, UP, UP."
  • msaquib
    msaquib Posts: 717 Forumite
    Good one. At present I have 0% on overdraft. I will switch to there standard account once the overdraft expires. Also if I switch will I continue to have the existing Overdaft/Debt Card etc?

    Thanks
    M
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