A&L 0% overdraft

no1gymbunny

Where's the catch? I've just spoken to an adviser on the phone at Alliance & Leicester about the above account, as suggested by Martin.

I currently have 4 current acounts with Natwest who I've banked with for over 20 years and have an overall overdraft facility of about £5K. The guy from A&L said they'd match it.

My next query is the important one - I'm overdrawn by about £1,500 and have about £1,500 on my Barclaycard. My Natwest overdraft rate is something horrid like 29% APR and my credit card is just coming to the end of 0% (May). The guy at A&L said I could transfer my overdraft & credit card balance. This sounds too good to be true. I know I'll have to pay in at least £500 per month and pay direct debits out of it, but still. Can't quite believe it!

Any advice?

coinchaser

I applied to the A & L, with an overdraft of £2,600 which they said they'd match. They didn't and what's more they opened two accounts. Their customer service was appalling and administration a nightmare so I cancelled the move.
But guess what? Despite three phone calls they continued with the transfer and my pay went missing this month... They had it but had requested it into an account that was closed.
Their customer service rep was the RUDEST person I have ever met and I ended up having to take a day off to chase my pay.
It's a week later and I'm assured I should get it tomorrow.
I have written to them to explain their dreadful administration and customer service but as yet no reply.
However today I got a letter from them telling me the bank transfer had gone ahead successfully!
I am sticking with my bank of 25 years, HSBC, who I have found to be OK.
Sorry for the rant, but I would NOT move to A & L for ANYTHING!!!

no1gymbunny

OH MY GOD!!!!!!!!!!!!!!!!!!!!!! er... thanks.

PS GOOD LUCK!

joancary

Coinchacer, A&L have been the best bank i have ever banked with, that includes H.S.B.C, Lloyds T.S.B, Barclays etc, at least you speak to an English speaking person when you telephone them, i changed to A&L on Martins recommendation and have not looked back, they do what they say they do and everyone i have ever spoken to have been very nice.

no1gymbunny

Update!!! I called into my local branch earlier and when I told them what I was told on the phone last night by their call centre they looked at me as if I was mad. The guy last night lied to me. They'll only match your current overdraft facility if you can guarantee to be in credit for at least 2 days each month. There is no way on earth they would have allowed me to open an account and use the overdraft facility to pay off my existing overdraft and credit card debt.

I asked if there was any way of them 'having a word' with the little darling I spoke to last night. I was asked if I could remember his name. I said, 'I think his name was Ian or Adam, but I remember he had a strong Scouse accent.' The reply - 'the call centre's in Bootle' Hmm. (ie they'll all have Scouse accents!!).

Back to the drawing board.

If it sounds to good to be true...

YorkshireBoy

no1gymbunny wrote: »

Update!!! I called into my local branch earlier and when I told them what I was told on the phone last night by their call centre they looked at me as if I was mad. The guy last night lied to me. They'll only match your current overdraft facility if you can guarantee to be in credit for at least 2 days each month. There is no way on earth they would have allowed me to open an account and use the overdraft facility to pay off my existing overdraft and credit card debt.

The A&L overdraft matching T&C's are posted on their website.

Basically they will "consider" matching your existing overdraft if...

1. You use their switching team to transfer everything

2. Your existing current account is well managed (by that they mean you return the account to credit at least once per month...presumably when your salary hits?)

3. You pass all their other credit scoring requirements, ie the usual "subject to status" wording.

This kind of deal particularly suits those who have a large overdraft facility but don't use it, or at least only dip into it to a small degree each month...in which case you take A&L's 'free' money (up to £2,500 at 0% I believe?) and invest it at 6-7% AER.

no1gymbunny

My 'beef' is with the scally who promised me that my existing overdraft & credit card could be paid off using the new A&L overdraft.

YorkshireBoy

no1gymbunny wrote: »

My 'beef' is with the scally who promised me that my existing overdraft & credit card could be paid off using the new A&L overdraft.

They both could have...had you qualified for, and been given, the overdraft facility you wanted.

The only complaint you have is if you were promised you'd be given the overdraft amount required...and I don't believe any CSA would say that on a recorded telephone application call, because that would be "subject to status", ie credit scoring your application.

libby_d

I too had the same experience with A & L. The first thing I asked on the phone was "can you match my overdraft or there is no point in waisting everyones time. I too was lied to and went through the whole drawn out admin process and also had two accounts opened which I did not ask for. The reason for refusal was because we did not stay in credit for two consecutive days. If our salaries both went in at the same date this would be ok. When I rang to express my disgust and ask why I was not told this at the outset, they said I would have been. I was not. When I asked where this was printed in the masses of documentation they sent me, I was told it was not printed any where but was part of the banks discretionary policy. I cancelle the account and returned all my paperwork to our local branch. Needless to say I have had no written apology.:mad:

terafarma

libby_d wrote: »

I too had the same experience with A & L. The first thing I asked on the phone was "can you match my overdraft or there is no point in waisting everyones time. I too was lied to and went through the whole drawn out admin process and also had two accounts opened which I did not ask for. The reason for refusal was because we did not stay in credit for two consecutive days. If our salaries both went in at the same date this would be ok. When I rang to express my disgust and ask why I was not told this at the outset, they said I would have been. I was not. When I asked where this was printed in the masses of documentation they sent me, I was told it was not printed any where but was part of the banks discretionary policy. I cancelle the account and returned all my paperwork to our local branch. Needless to say I have had no written apology.:mad:

Same experience here. Had £1400 overdraft with Nationwide, asked all the questions about A&L matching it before switching from NW, yep, said the CSA. Went ahead to switch, Premier Direct Current account opened with Plussaver. Direct debit, SO, salary etc, transferred using their switcher service. Was the ovedraft matched as promised, NO!

Needless to say I was blatantly lied to and strung along by A&L, I was also left in a deep financial mess for the period that I had to try and pay off the difference between what I had with NW and the derisory amount offered byA&L.

To top it all, the chaps I spoke with on the phone never once mentioned any thing about being in-credit for two consecutive days until after I'd switched everything switchable to A&L, considering that my salary gets paid directly into my acount.

Was thoroughly messed up by their 'I can't be bothered attitude, that's your problem, not mine' CSA.

Its been one long year of pain with A&L.

If I were you, I'll think twice before attempting to switch to A&L with such a large overdraft amount. You may not get it and be worse off than you started out, the decision though is yours to make. Goodluck!

presh_2

joancary wrote: »

Coinchacer, A&L have been the best bank i have ever banked with, that includes H.S.B.C, Lloyds T.S.B, Barclays etc, at least you speak to an English speaking person when you telephone them, i changed to A&L on Martins recommendation and have not looked back, they do what they say they do and everyone i have ever spoken to have been very nice.

A&L is the worst bank to be with when you have a problem. would you like to wait until there is one, cause honestly, if there is one, you would be on the telephone about 2 hours every day for a week until the query is resolved. A&L sucks big time.