Thread: does anybody know what this is?UNDER-FUNDING FEE

hi all ,i got my claim in with the fos for alliance&leicester and they are still charging me £5 aday capped at £100 for 20days @£5 aday.and now they are adding £5 for UNDER-FUNDING FEE. what the hell is this ?.has anybody else encountered this fee?.

[FONT='Arial','sans-serif']Premier Direct Current Account
interest rates and fees[/FONT]
[FONT='Arial','sans-serif']Service[/FONT]

[FONT='Arial','sans-serif']Amount you pay[/FONT]

[FONT='Arial','sans-serif']If you ask to stop paying a transaction[/FONT]

[FONT='Arial','sans-serif']£10 each item[/FONT]

[FONT='Arial','sans-serif']Banker's drafts [/FONT]

[FONT='Arial','sans-serif']£10 each draft[/FONT]

[FONT='Arial','sans-serif']Paper copy of monthly statements and documents [/FONT]

[FONT='Arial','sans-serif']£5 each copy[/FONT]

[FONT='Arial','sans-serif']Paper copy of PlusSaver statement[/FONT]

[FONT='Arial','sans-serif']£15 each year[/FONT]

[FONT='Arial','sans-serif']Same-day electronic payment to another person's account in the UK [/FONT]

[FONT='Arial','sans-serif']£30[/FONT]

[FONT='Arial','sans-serif']Banker's reference[/FONT]

[FONT='Arial','sans-serif']£10[/FONT]

[FONT='Arial','sans-serif']Under-funding fee (if you fail to pay in the minimum amount we ask for each month)[/FONT]

[FONT='Arial','sans-serif']£5 each month[/FONT]

[FONT='Arial','sans-serif']Cash withdrawals from abroad[/FONT]

[FONT='Arial','sans-serif']A 2% (at least £2) cash-advance charge, as well as a fee of 2.95% the sterling value of the transaction to convert currency into sterling. [/FONT]

[FONT='Arial','sans-serif']Card transactions abroad[/FONT]

[FONT='Arial','sans-serif']A fee of 2.95% the sterling value of the transaction to convert currency into sterling. [/FONT]

[FONT='Arial','sans-serif']Cash withdrawals from our cash machines[/FONT]

[FONT='Arial','sans-serif']Free[/FONT]

[FONT='Arial','sans-serif']Cash withdrawals at any Visa cash machine that is not part of the Link Network, or at any financial organisation which accepts the Visa card[/FONT]

[FONT='Arial','sans-serif']A 2% charge (at least £2). The charge may also apply to buying foreign currency or traveller's cheques at any outlet that provides foreign currency.[/FONT]

Sorry about the above

the underfunding fee is charged if you fail to make an agreed monthly payment to your account

In the alliance and leicester Premier current account, the minimum payment into the account is £500 per month. If you put less than this in your account you are charged the underfunding fee.

Its not mentioned on the back of the statement, but it is in the T&C's.

So one needs to watch out if they switch accounts and start using a new account without closing an old one.....

Jonny