Mis-sold Packaged Bank Accounts (PBA)
Have you been mis-sold a Packaged Bank Account? Mis-selling of Packaged Bank Accounts includes being mis-led about the benefits, being pressured into the purchase and being told that you had to have one in order to receive another service.
What is a packaged bank account?
A packaged bank account is also known as a PBA, which is a fee-paid account or bundle bank account which is typically a current account packaged with a range of insurance and non-insurance benefits.
A packaged bank account usually comes with a monthly fee of up to £25 for bundled insurance policies such as mobile phone cover, breakdown cover etc. Whilst the benefits of this account seem attractive on the surface, unfortunately they were widely mis-sold. Some consumers were not able to claim on the insurance cover as they did not qualify.
An investigation by consumer group which? found that 1/3 of people with a packaged bank account had never used any of the benefits.
How were Packaged Bank Accounts Mis-sold?
Reasons for packaged bank account mis-sell:
- You were signed up without being told.
- You weren’t told you could have a free bank account instead.
- You were told you had to get a packaged account in order to access other products such as a loan or mortgage.
- You were told you would get ‘unbeatable’ deals on other financial products or services by taking out this account, but found you could get them cheaper as a new customer.
- You weren’t told the full cost.
- A pushy salesman wouldn’t take no for an answer.
- The fee was added without your knowledge.
- You were told it was the only way to get an overdraft.
- You were told having one would improve your credit score.
- No-one mentioned you needed to register your phone/car.
How much can I claim back?
Claim values will vary and be dependant on individual circumstances. Usually you’re entitled to a refund of all your premiums, and 8 per cent interest on top.
How do I make a claim for a mis-sold packaged bank account?
If you think you have a valid case – even if you’ve now shut the account, contact us and we will send you out a very straightforward and simple to fill in claims pack in the post. Complete the claims pack and return it to us in the free post envelope that we provide.
We can then begin to start the claims process on your behalf. Alternatively or if you are unsure of anything then you can contact us either by telephone/ email or fill in the form to the right of this page and we will be happy to assist you. Our contact details are available on the contact us page of this website.
Note: Just because you pay for your bank account it does not mean that you have been mis-sold. Contact us today and we will assess your potential mis-sold bank account claim for you.
Apply now for our risk free assessment
We charge 25% + VAT of whatever we reclaim for you, so if we successfully reclaim £3,000 our fee is £900 (inclusive of VAT), and £2100 goes to you. Please remember that we work on a No Win No Fee Basis, which basically means that if your claim is unsuccessful we will not make any money from your claim. We only charge you if your claim is successful.