The UK banking industry has migrated from the physical transportation of cheques around the country to a new digital system whereby digital images of cheques are exchanged between banks and building societies. This will speed up cheque clearing significantly from the current timescale of up to six working days to the next working day.
Alpha Bank London has adopted this system. This means that cheques written by an Alpha Bank London customer could clear by 11.59pm the next working day. We therefore ask you to ensure that you have sufficient funds in your account to cover the cheques that you write.
For more information
Overdraft and current account charges
If you go overdrawn without an overdraft facility being in place or you exceed your overdraft facility then the following may be applicable to you. Please operate within any overdraft limit.
Any amount overdrawn without an arranged overdraft or in excess of your overdraft limit will be charged at a rate of 6% + the prevailing Base Rate of the currency concerned, which, for Sterling, as at 30th April 2020 is equivalent to 6.18% APR Typical (variable).
How much does my overdraft cost in pounds and pence?
Here are some examples of how much it would cost if you borrowed £500 of your agreed overdraft*:
£500 Overdraft @ 6.18% APR
Indicative Cost (£)
* Subject to lending criteria
We will not provide any Arranged Overdrafts under £10,000.
CALCULATION AND APPLICATION OF INTEREST
Interest on arranged and unarranged overdrafts is calculated on a daily basis and charged monthly 14 days after the end of each month.