Packaged bank accounts are a great way of getting many types of insurance for the cheapest price. However, they are sometimes useless and you can end up paying a monthly fee in return for benefits you don’t need.
These accounts are often sold as an ‘’upgrade’’ account.
Bank employees often mis-sell these accounts to clients without them even knowing what they’d signed up for. Because of the frequency of mis-selling PBA, you may be owed money.
Analyzing the circumstances in which you took the PBA may get to realize you can make a packaged bank account claim.
Keep reading and find out in what cases you can make this type of claim.
What is mis-selling?
Before you sign any paper in the bank, you should be confident that the insurance you’re taking is the right fit for you.
Otherwise, if the employees failed in checking with you if you want or need the insurance, the case might be considered a mis-selling.
This means you can make a claim and try to get back your money!
Other cases include the situations if you were told you have to get the PBA (for example, in order to get a mortgage) or if you were tricked into taking the account (you didn’t get the information about the account, the employee wouldn’t take no for an answer, you didn’t know the full cost etc.).
The rule also applies if you wanted to cancel but they forced you to keep it or if they added the fee without notifying you.
How to know if I can claim?
You can check your old and current statements or you can ask the bank for copies of old statements to see if there are transactions under the name of the account you’re signed up to.
If you spot these transactions and you don’t remember signing up for them, start collecting any evidence you can find. In this scenario, you can claim a PBA.
How much can I get in return?
If you have experienced unfair treatment by the bank that caused you financial hardship, you can try to reclaim a full refund.
In this case, you can get all of your fees and costs you’ve been paying for.
Who should I contact?
By writing a letter to your bank or by calling them you can explain the situation and the reason why you think you have the right to a refund.
After providing evidence and remaining persistent, the bank may decide to accept your claim and return to you the full amount or a partial amount.
If the bank rejects your request (and you’re not satisfied with it), contact your solicitor to help you in getting the result you deserve.
Is there a deadline?
This type of claim still doesn’t have a deadline or a time limit in which you have to act.
Keep in mind that the procedure will be much more complicated if you’ve closed your account more than six years ago, as the bank may not have your records anymore.
Whatever the case is, call your solicitor and get all the help you need!
