A new account switching service from Alliance & Leicester (A&L) promises not to charge overdraft fees or charges to new current account holders.
The bank’s Premier Switching Service will also match the overdraft provided by a customer’s current bank, whilst providing Premier Direct and conventional Premier current account customers with a minimum overdraft of £250.
A survey for the company found that 38 per cent of British consumers would switch current accounts if they were reassured against problems in the process, whilst 27 per cent claimed that they would move if a bank could match their current bank’s overdraft.
“Customers can switch with confidence in the knowledge that we will match their existing overdraft. This will allow them to cover their household bills during switching,” said Simon Ripton, current accounts manager at A&L.
“Even if a customer’s bills exceed their overdraft, they can be assured that they will not incur additional charges or fees,” he added.
The bank said that switching could be completed through filling in two forms, after which A&L would sort out direct debits and standing orders.
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