Can I Get Money Back on my Packaged Bank Account?
The next cock-up coming from the City is the mis-selling of packaged bank accounts. Some customers may even have packaged bank accounts without even really knowing whether they’re suitable, or indeed if they carry any benefits.
What is a Packaged Bank Account?
If you pay a monthly fee for your bank account in return for various bundled insurance policies, you have a packaged bank account. These accounts are sometimes referred to as ‘paid-for’ accounts. The insurance products vary and commonly include travel insurance, mobile phone insurance, breakdown cover and more.
Sometimes, the accounts come with other products or ‘perks’ such as preferential overdraft rates, or discounts of products and services from certain providers. Typically, packaged bank accounts cost between £5 and £30 per month.
Can money really be recouped?
For some people, these packaged accounts can be a useful way to access various insurance policies and keep them together neatly in one place. However, all too often customers are not made aware of the details and end up handing over money for something they don’t need and don’t want. The Financial Conduct Authority revealed bank staff have been incentivised to mis-sell packaged bank accounts to boost company profits.
As industry experts we’re confident packaged bank accounts will be the next big mis-selling scandal, and we’re equally confident we can win back the money that has been unfairly squeezed from unwitting consumers. If you have a useless packaged bank account, you’re part of a large club – it is estimated that 10 million people currently have a packaged bank account and the number keeps growing.
The Financial Ombudsman Service reported an increase in complaints from customers who did not know they had a packaged bank account and were unaware of how to access the ‘benefits’ for which they were paying. It is often not necessarily a case of whether or not a bank gave advice; it is a case of whether the advice was suitable and the customer was given enough information to make an informed decision independently.
What can you do to make a claim?
Get in touch with experts. At Your Money Claim we have a proven track record when it comes to taking on the banks. We’re efficient and effective, and we’re passionate about results. Don’t take our word for it, take a look at our client testimonials! If you feel you’ve been made to pay for a packaged bank account we want to hear from you, get in touch via email, telephone or our live chat facility so we can begin to put things right for you.