A&L premier direct overdraft charges.....

melancholly

i've had this account for about 3 years now and rather stupidly thought that the £250 interest free overdraft was a permanent thing. i was overdrawn for one day last month (was paid 3 days later than expected!!) and have just logged in online to see that there will be a charge for this. went to find the T&Cs and it was only interest free for a year (luckily i've not been in this position before!). the only paperwork i have that refers to an interest rate that is 'typical'. i've not received anything telling me what rate i'm on. obviously i'm going to ring up in the morning about it, but i just wanted to ask here about whether they're obliged to send me something in writing about what rate i'm on? (seems sensible to me!). i also don't understand why i've been charged a 'fee' (only 50p but i'm not sure if that's daily or not as it was just one day) rather than an interest rate (i assume something like rounding up to a minimum charge?).

just wondered if anyone had any advice before i call them up tomorrow on what i should expect from them about info like this, rather than what i'd like to get?! i don't mind the fee as it's tiny, but how can they not have informed me about overdraft charges/interest rates? (and yes, i know it's incredibly daft to have not noticed this for over 2 years).

YorkshireBoy

A&L introduced a new charging structure late last year (I think?).

Gone are the authorised and unauthorised interest rates, and in their place come daily charges (authorised is 50p a day, capped at £5 for the month...and unauthorised is £5 a day, with no cap!!!).

The paid/unpaid item fees are £25, with no cap on the number that can be applied in the month.

These are all explained on the A&L website...

http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=all-rates&RateTable=premier-direct&ct=curraccrates

melancholly

thanks for that - not sure how i didn't get sent something in the mail about it, but i guess i'll be more careful from now on!