Mis-Sold Packaged Bank Accounts
It’s important to know that PPI claims are not the only type of mis-sold financial product. There are over 11 million Packaged Bank Accounts (PBA) in the UK. It’s estimated that 1 in 5 of them have been mis-sold to UK customers.
Most banks sell Packaged Bank Accounts (PBA). They work by charging the account holder a monthly fee. This amount is usually between £10 and £25 and in return you will be entitled to a selection of benefits. These services are predominantly insurance products such as travel, phone or car insurance but some may also include breakdown cover. For some customers these added insurance products prove beneficial and can lead to money-saving opportunities.
Nevertheless, just like we have seen with PPI, over the last decade there are many cases where these Packaged Bank Account have been mis-sold to customers. The mis-selling strategies used for PPI are very similar to those used to mis-sell packaged bank accounts. By offering bonuses to staff to sell PBA, forceful methods of selling to customers have occurred irrespective of whether the customer would genuinely benefit from the package. Some customers were even told that having a Packaged Bank Account would help with their credit rating which isn’t true.
Restrictions on the claim ability of some products within in the PBA have meant that many customers found they did not get suitable cover. Restrictions include age, pre-existing health conditions or limited radius response cover on the car breakdown. In this instance, you can claim back your bank account fees if these conditions were not explained to you before being given the packaged bank account.
You may also have been mis- sold a packaged bank account if you were not offered an alternative account that was free or cheaper without the bundled benefits. Your bank is at fault if they did not check to see if the insurance benefits were of any real value to you or if you already had similar insurance products in other plans, like car breakdown cover or mobile phone cover. If this is the case we can claim back your bank account fees plus interest.
Complaints to the Financial Ombudsman relating to Packaged Bank Accounts are on the rise. We have successfully handled claims for our clients from the following bank account types;
Barclays Premier Life 25/Additions Plus/ Additions/Current Account Plus
Halifax Ultimate Reward
Lloyds TSB Premier/Platinum/Gold/Silver/Select
Natwest Advantage Gold
Royal Bank of Scotland Royalties Gold
Bank of Scotland Premier/Platinum/Gold/Silver
Santander/Alliance and Leicester Family Reward/Travel Reward/Premium/Reward
Clydesdale Bank Signature
Yorkshire Bank Signature
First Direct First Directory
A successful PBA claim could see you receive hundreds or even thousands of pounds back from the bank. To help our customers claim back on their mis-sold package bank account we put together a thorough portfolio of information. Including details on how the packaged bank account was mis-sold. We process the whole claim on your behalf and operate on a no win, no fee basis. Why not use our free package bank fee check form to see if you’re entitled to claim back on your mis-sold packaged bank account?
Mis-Sold Packaged Bank Accounts