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Do you have a bank account for which you pay a monthly fee? If the answer is yes, then you may have been mis-sold the account.
PBAs (otherwise known as Packaged Bank Accounts or Added Value Accounts), were mis-sold by banks to generate more profit at the customer’s expense. This is quickly turning into the next big mis-selling scandal after the UK’s biggest mis-selling outrage of all: PPI.
On the surface, it seemed like what they were selling was a good idea: a PBA involved charging you a monthly fee (typically between £5 and £30), and, in return, you received some great benefits, like travel insurance or breakdown cover.
It seems like a fair deal, right? Well, the banks knew that not everyone would qualify for the benefits. For example, if you were over a certain age or had a pre-existing medical condition, then that inclusive travel insurance would never actually cover you, making paying for it simply meaningless.
The banks were fully aware of this. However, they still went ahead and sold the PBA to consumers anyway.
If customers weren’t totally convinced about PBAs, then the banks would roll out the ‘pushy salesman’ technique, pressuring people into signing on the dotted line – and convincing them that a PBA was necessary. It never was.
Another way that they would extract as much money from the customer as possible was to never fully explain PBAs, but instead, give a vague outline of what the deal was. They’d also avoid clarifying the full costs.
Find out what other tactics were used to pull the wool over customers’ eyes, while simultaneously forcing their wallets open, with our list of what else qualifies as mis-sold PBA.
If you’re doubting that your bank could have been so dishonest, then you may be surprised to see their name in the list below.
We’ve put together a table of all the main banks and lenders who have been involved in selling PBAs. The list isn’t exhaustive though. If you can’t see your bank, that doesn’t mean that they didn’t mis-sell PBAs. To be 100% sure, contact us to find out.
| Bank of Scotland | Barclays |
| Citi Bank | Clydesdale Bank |
| The Co-operative Bank | First Direct |
| Halifax | HSBC |
| Lloyds Bank | M&S Bank |
| Nationwide | Natwest |
| Royal Bank of Scotland | Santander |
| Yorkshire Bank | Danske Bank |
If you’ve paid a monthly fee for a bank account with added benefits, then you may very well have been mis-sold a PBA.
Feeling cheated? Then we can help you right their wrongs.
You may be entitled to receive hundreds of pounds back from your bank or lender. In fact, banks have reportedly set aside £1billion to pay compensation.1 This is surely a sign that they are aware of their wrongdoings. Find out more about whether you’ll be eligible to make a claim here.
We’re here to support you and make sure that you get your money back. We’ll deal with all the necessary paperwork and will tackle any slimy tactics that the banks or organisations may use to get out of repaying. We’ll even take the case to the Financial Ombudsman Service if we need to.
So, if you’re eligible, how do you get the justice ball rolling and make a PBA claim? It’s all very simple.
There are two options that you can choose from:
#1 The first option is to fill in the form that can be seen on every page. By doing so, we will send you a form in the post for you to complete. Once you’ve returned the form using the freepost envelope, we can make a start on your PBA claim.
#2 The second option is to download our form, which can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us. Our address can be found here. We will let you know once we receive the form and will make a start on your claim.
