Reclaiming your Packaged Bank Account Fees
If you paid a monthly or annual fee for your bank account, you may have been mis-sold and able to reclaim all of those fees back plus interest. Many Packaged Bank Accounts (PBA) or sometimes known as ‘Paid for’ accounts offered extra features that were charged for, often as much as £25 to £30 a month, that’s £360 a year!
What are Packaged Bank Accounts?
Packaged Bank Accounts are basically current accounts that have added extra features included. These extra features were paid for and normally included:-
- Travel Insurance
- Mobile Phone Insurance
- Vehicle Breakdown Cover
Packaged Bank Accounts were often sold to customers as a way of receiving further benefits like reduced loan rates, preferential rate mortgages or other financial products.
Have you been mis-sold?
There can be many reasons why you may have been mis-sold a Packaged Bank Account. Below is a short checklist to see if you have been mis-sold and may be able to reclaim your fees:-
- You were told you must have a Packaged Bank Account to get a mortgage, loan or other financial product from your bank
- You weren’t told about any qualifying criteria for the extra benefits. As with most insurance products, the insurance cover may be tied to your age, health or personal circumstances. You were not checked to see if you were eligible
- You were misled into taking the account. Packaged Bank Accounts were sold by banking staff rather than bought by the consumers. The staff were under pressure to hit sales targets and the account might not have been suitable for you
- The Packaged Bank Account fees were hiked up without you being notified
- The service fee was added to your account without your knowledge or authorisation
- You were told that a Packaged Bank Account would improve your credit rating
- You were told that a Packaged Bank Account was the only way you could get an overdraft
- Your current account was automatically upgraded to a Packaged Bank Account without your knowledge
Banks that provide Packaged Bank Accounts
Almost all of the high street banks provided Packaged Bank Accounts, with some of the more well-known accounts listed below:-
- Lloyds TSB – Select Account, Platinum Account, Gold Account
- NatWest – Select Silver Account, Advantage Gold
- Halifax – Ultimate Reward Current Account
- Royal Bank of Scotland (RBS) – Royalties Gold, uFirstGold, Select Platinum Account
- HSBC – Passport, Bank Account Pay Monthly, Premier Account
- Santander – Premier 50, Reward Account
- Barclays Bank – Additions Active, Premier Account, Current Account Plus
- The Co-operative Bank – Privilege Current Account, Privilege Premier
How to make your claim?
If your Packaged Bank Account was opened or upgraded before 2013, please fill out the online form and we’ll start your Packaged Bank Account fees investigation.