Although some consumers can benefit greatly from the services provided from a packaged account, there is plenty of evidence showing that banking customers are increasingly being mis sold packaged bank accounts, and have been paying for services and insurances they are ineligible for, or will never reap the benefits of. We spoke to financial claims expert’s Quantum Refunds who gave us their breakdown on the rise of the PBA’S
What is a Packaged Bank Account?
If you currently pay, or have ever paid a monthly fee to hold a bank account then you have used a packaged bank account.
Packaged bank accounts by definition are current bank accounts that come with extra features that can include, but are not limited to, things like mobile phone and travel insurance, overdraft protection and preferred interest rates on mortgages, loans and other lending products.
While it is true that a packaged bank account can be good value to users even if they don’t take advantage of all the available features, they aren’t right for everyone, and for some it is simply a waste of money.
Problems with Packaged Bank Accounts
You only have to look online to see that many customers with packaged bank accounts have a wide range of issues and complaints about the products they’ve been sold. Common concerns from customers include being pressured into taking on a packaged account, not even being aware they were committed to a packaged account, and being mislead into thinking that having a packaged bank account was mandatory.
Many consumers are also under the impression that they must have a packaged bank account in order to obtain a loan, mortgage, overdraft, credit card or other lending product, which is just not the case.
Some bank staff have been found to play a role in misleading clients by recommending packages that are not suitable for the individual, by failing to clearly communicate the costs associated, or specific limitations of the features offered with the account.
What can you do if you think you’ve been mis sold?
If you as a customer have experienced any of the aforementioned issues with your packaged bank account, have found out after the fact that you are not able to use one or more of the insurance benefits sold with the account, or feel you have been given inaccurate or misleading information about the account, then chances are you are one of many banking customers that have been mis sold a packaged bank account.
It is the responsibility of the banking institution to check all insurance and features sold with the account to ensure the account holder is eligible to receive the benefits of the account features. Failure to do so means they have indeed mis sold you your packaged account and you are therefore liable to pay your fees back to you, with interest.
What If you were Mis Sold a Packaged Bank Account
If you can check off one or more of the above mentioned complaints, and are now aware that you have been mis sold a packaged account, what can or should you do about it?
Consumers now have the option to file a claim with the ombudsmen in regards to their packaged account, and could be eligible to have many of their banking fees refunded, which for many people, depending on the cost of the account and how long it has been active for, can range anywhere from hundreds to thousands of pounds.
When deciding to take action and file a claim in regards to your missold packaged bank account, look to the services of professionals who can expertly handle your claim to give you the best chance of receiving a refund on the fees you have paid unnecessarily. An expert can help minimise the hassle of the claim process and help you get the most out of your banking dollars.