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Packaged Bank Account Claims

Packaged Bank Account claims

A Packaged Bank Account (PBA) is a bank account where customers are required to pay a monthly fee, typically between £5 and £30, in exchange for certain benefits such as travel insurance, mobile phone insurance and vehicle breakdown cover for example.

Banks use many various names for these accounts to make them sound attractive to customers, such as silver, gold, platinum or value added account.?

 

The next big mis-selling scandal!

Do you have a bank account for which you pay a monthly fee?

If you do, or even if you had but closed it within the the last 3 years, you may have been mis-sold the account.

Just like the huge PPI mis-selling scandal, it is clear that the profits generated by selling these accounts to customers have encouraged a culture of mis-selling within banks.

This is likely to see the banks facing a compensation bill running into the BILLIONS.

What is a Packaged Bank Account (PBA)?

A PBA requires customers to pay a monthly fee, generally between £5 – £30, in return for a range of ‘inclusive’ products, such as mobile phone insurance, travel insurance or breakdown to name a few.

To make the accounts sound more attractive to customers in order to sell the accounts, banks use different names for the accounts such as gold, platinum, value account.

Banks will also, when discussing accounts with customers, state that they can ‘upgrade’ their current account to a PBA, again in an attempt to make them sound more attractive.

You are not alone, millions potentially affected

Much like the PPI scandal, we estimate that the number of people affected could run into millions.

The number of complaints is rising as people become more aware of the problem, and media interest increases after the huge PPI mis-selling scandal.

Knowing if your PBA was ‘mis-sold’

There are various reasons why a packaged bank account may be deemed as having been mis-sold, so why not have a look and see whether you may have a case.

Why were PBA’s mis-sold?

Much as with the mis-selling of PPI, greed got the better of the banks due to the obscene profits in selling such products.

In September 2012 the FCA published evidence of banks poor practice and found that sales staff were driven to sell products through targeted incentive schemes, bonuses and rewards.

The review uncovered a range of serious failings, such as:

Am I eligible for a PBA Claim refund?

You may be eligible for a PBA claim refund if your bank has mis-sold you PBA. If you currently have a bank account for which you pay a monthly fee, (or if you’ve had one within the last 3 years), then you may be entitled for several reasons. Find out more in our PBA Claim Refund video.

How do I claim packaged bank account charges?

The first step to claiming packaged bank account charges is to find out if you are eligible. You can do that by starting your claim and filling out the simple form to receive one of our claim packages. Alternatively, you can download our claim pack to print and post the form to us. Check out more information about how to claim PBA charges in our video.

How much will a PBA cost me?

The claim process depends on certain factors, but generally the process and timeframes are as follows:

  • Step 1 – Obtaining information (1-6 weeks)
  • Step 2 – Awaiting decision after launching claim (4-12 weeks)
  • Step 3 – Offer of compensation (1-4 weeks)
  • Step 4 – Financial Ombudsman Service (12-24 months)

Find out more information in our Claims Process.

What’s the difference between PPI and PBA?

The difference between PPI and PBA is that they were designed to cover different things. PPI covered your monthly repayments like loans, mortgages or credit cards in the event of accident, sickness or redundancy. PBA, on the other hand, is a bank account that charges a monthly fee in exchange for inclusive products such as travel insurance or mobile phone insurance. Find out more information in our video.

Packaged Bank Account

Packaged Bank Account

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