MBNA PPI Claims – The Story
MBNA was founded in 1982 and was initially known as Maryland Bank N.A, hence the initials MBNA. The letters N.A. stood for National Association. Maryland Bank was renamed MBNA officially in 1989. The founders of MBNA were a group of MNC Financial executives, with MBNA’s first offices being housed in a reformed supermarket in Ogletown, Delaware.
MBNA, like most banks and lenders, saw an opportunity to take advantage of the good nature of it’s customers in order to make vast amounts of profits by mis-selling PPI. Luckily for them however, it appears they may come through the new Packaged Bank Account scandal as MBNA do not currently offer current accounts.
MBNA PPI Claims have been consistently high since the scandal hit the media in the mid 2000s!
Bank of America acquired MBNA in 2006, and you could be forgiven in thinking that Bank of America may have regretted their purchase given the impact on it’s reputation since the PPI mis-selling scandal came to light.
Bank of America
Forbes magazine listed Bank of America the worlds third largest company in 2010, and in 2008 they became the worlds largest wealth management corporation by acquiring Merrill Lynch.
Such was the size of MBNA that the company held 12.2% of all bank deposits in America in 2009! They also have almost 50 MILLION customers across the globe.
On 21st August 2014, Bank of America found themselves facing a huge fine after the US Justice Department filed several lawsuits and countless investigations involving both mortgages and financial disclosers. The fine was reported at an eye watering $16.65 BILLION!
MBNA PPI Claims
MBNA have been one of the front runners in mis-selling of Payment Protection Insurance in recent times.
It’s also clear that MBNA have not been handling claims fairly. This is evident via checking the number of initially rejected complaints regarding MBNA PPI, that the Financial Ombudsman Service overturn.
A staggering 80% of MBNA PPI claims that the bank reject are decided to have been unfairly rejected. This is yet more evidence that banks such as MBNA continue to treat their customers unfairly, and why we insist on escalating rejected cases to the Financial Ombudsman Service!
MBNA, along with the other major mis-sellers have already set aside almost 25 BILLION in compensation. With our estimations suggesting that the majority of UK consumers have been affected, why not see if you’re entitled to thousands.
If you don’t want to be mis-treated by banks anymore then get your MBNA PPI Claims pack today! Need any help with filing it out? Click Here.
You can download it yourself in seconds or you can apply for one via the post today! With our simple process you could be on your way to compensation in minutes!
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