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The next mis-selling scandal is here – Packaged Bank Accounts

The banks have been at it again!!!

Just as the country gets to grips with the fact that banks and lenders have been mis-selling millions of PPI (Payment Protection Insurance) policies to generate billions of pounds of profits at the expense of the everyday UK consumers, it is becoming apparent that this isn’t the only scandal.

The FCA and the Financial Ombudsman Service have released evidence that banks have been mis-selling bank accounts, referred to as Packaged Bank Accounts or Paid For Bank Accounts, with an estimated 10 MILLION accounts currently being of this nature.

So, what is a Packaged Bank Account?

A Paid For Bank Account is basically a bank account that charges a monthly fee in exchange for various built-in insurance products or ‘benefits’. The price of these accounts can vary, but is usually between £5-£30 per month. Whilst these are relatively low monthly amounts, the figure can soon start rising when you calculate how long you’ve held your account for. Couple that with compensatory interest that could be claimed back and you could soon be looking at thousands of pounds.

The ‘benefits’ generally include Breakdown Cover, Mobile Phone Insurance & Travel Insurance although there are various other products that can form part of the package.

Where is the problem?

Well it’s simple really, it’s been found that banks did not act correctly when selling these accounts. Banks have a legal responsibility to ensure their customers qualify for the products, are aware of the products and the cost, and agree to them. A Paid For Bank Account is OPTIONAL, so were you asked?!

Common reasons for a mis-sale

You may have cause to complain if any of the statements below are true…

  • You were advised you had to have the Packaged Bank Account in order for your application to be accepted
  • You were not aware you could have the account without the additional products
  • You did not qualify for some of the products. For example, you didn’t own a vehicle, or didn’t travel abroad
  • You were not aware that you had the products on your account
  • The terms and conditions of the account products were not explained to you

I know a few of the above apply to me!

What if the account is closed?

Don’t worry if your account is no longer open, or you can’t remember the details, we can obtain these from your bank

How to claim your compensation

It’s easier than you think. A good, Claims Management Company such as Your Money Claim handles thousands of cases for our clients and we are used to winning. Our ethos is to offer the best possible customer service, making the process as smooth and stress free as possible. We know the various tactics that banks employ that has deterred people from claiming, and the banks are aware we will fight our customer’s corner to the end, even escalating the matter to the Financial Ombudsman Service if required. Our approach has seen us claim MILLIONS in compensation for our customers already.

So, if you want your claim handled from start to finish by a company that cares deeply for it’s clients, and is used to beating the banks, you’ve come to the right place.

By simply completing the online form we can get the ball rolling and send you out a claim form. Once you receive the form, it literally takes no longer than 2 minutes to complete, sign and return to us in the freepost envelope and sit back and relax! If you can’t wait for the form to arrive, you can download one from our website now.

Our team is on hand to answer any questions you may have. You can contact us via telephone, email, or even use our online chat facility.

Get your claim in early before the rush!




Paid For Bank Accounts

Paid For Bank Accounts

About the author

Daniel Lee

Company Director

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