Alliance & Leicester comments on Barclays zero per cent overdraft

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Alliance & Leicester comments on Barclays zero per cent overdraft

Thu 3rd Nov 2005

Alliance & Leicester has commented on Barclays zero per cent overdraft, saying it is "full of catches" for customers.

Simon Ripton, current account manager at Alliance & Leicester, said: "We advise customers looking to switch current accounts to read the small print before they decide on one of these particular offers."

He added that the offers were "complicated" and that there "are a lot of restrictions".

One of the conditions of receiving a 12-month zero per cent overdraft is that customers must credit £1,000 to their account each month for the whole period.

Furthermore, Alliance & Leicester added that customers who exceed their overdraft limit must pay a rate of 27.5 per cent.

Mr Ripton concluded: "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."