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Packaged bank accounts or paid-for accounts, charge a consumer a monthly or annual fee. These accounts are often under names, such as gold, premium or reward, they may hide under many different guises but the thing they all have in common is that they all include benefits and perks.
For example a typical account might include things like travel insurance, breakdown cover, phone insurance and overdrafts. These usually cost £5 to £25 per month for the consumer.
Packaged accounts are a good option for some, providing they know what the benefits are and how they can use them to their advantage.
But now, it has emerged that many were mis-sold an account and can now make packaged bank accounts claims against their banks.
The controversy surrounding packaged bank accounts is that some customers are unaware they even had them in the first place or those that did were unaware they were paying for the benefits. Some customers who had insurance policies attached to their accounts, were unable to claim and discovered that they were never covered in the first place. Common reasons being an age limit or a pre-existing medical condition.
There are many limitations in these policies that people have run into in their packaged accounts. Often these are things the customers wouldn’t expect to find in stand-alone insurance policies. Sometimes in order to activate these policies customers had to buy the packaged accounts.
Even if the bank gave advice, it’s important they gave correct and concise information about the cost, workings and the specific products available, that way the customer was able to make an informed and clear decision about getting the product.
In those cases where we decide that the bank had acted unfairly, we look at the broader circumstances to decide what it should do to put things right.
There are many reasons why an account may have been mis-sold, in most cases the result means you can make a packaged bank account claim against the lender who provided the account.
The ombudsman estimates that it receives about 1,000 complaints per week about packages bank account claims.The latest complaints from the Ombudsman suggests that the popularity of these types of accounts is steeply declining. They are now the fourth most complained financial product currently on the market.
In the past year there has been a huge 278% increase in the number of complaints received about packaged bank accounts. In exchange for a fee of £5-25 a month, the account can offer many benefits including travel insurance, breakdown cover or interest free overdrafts.
Barclays for example offer a “Tech Pack” account for £7 a month, which covers insurance for up to 2 electronic devices, such as mobile phones or games consoles.
Most of the complaints about these accounts were mostly revolving around the mis-selling, many customers have referred to aggressive selling techniques and information being purposefully withheld or complicated to the point of confusion.
In all of these cases you can make a packaged bank account claim, refunds can total thousands.
There are three categories these complaints tend to fall in: people who never wanted the accounts and were signed up without prior permission; people who had requested the banks to cancel and then later discovered they hadn’t done so and those who had and wanted the accounts but discovered that they couldn’t use any of the benefits.
If this applies to you, get in touch using the form and we can get your claims started today.
Banks are given up to 8 weeks to issue their final decision. Should they then offer a refund, they are given another 28 days to issue that refund, once it has been accepted by the customer. It currently takes around 8 weeks for us to get an offer of settlement. If we need to involve the FOS this will be longer.
If you require any more help regarding your packaged bank account claims, get in touch using the form or the phone number and we’ll endeavour to advise you through the process.
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After the huge PPI mis-selling scandal, the last thing the banks needed was another costly scandal, but it now appears that the mis-selling of packaged
Many people have been mis-sold the financial product packaged bank accounts. However if you have been sold a packaged bank account are you due for