Alliance & Leicester criticizes Barclays' 0% overdraft
In a further ratcheting up of competition in the UK current account space, Alliance & Leicester has criticized Barclays 0% overdraft facility, calling it "complicated" with many catches.
Current accounts manager at Alliance and Leicester Simon Ripton said: We advise customers looking to switch current accounts to read the small print before they decide on one of these particular offers. One of the conditions of receiving the 12 month overdraft is that customers must credit GBP1,000 to their account every month for the whole year and exceeding the limit incurs a 27.5% rate. Mr Ripton added: In contrast, every Alliance & Leicester customer, on opening a Premier or Premier Direct current account, is eligible for a 12 month, zero per cent overdraft.
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