What is a Mis-sold Packaged Bank Account?
Most people in Britain today have a bank account. In the past many bank customers were mis-sold a premium bank account by bank staff. The type of account responsible is a bank account which charges its customers a monthly fee of between £5 and £25 per month for a range of products like Car Breakdown Cover, Mobile Phone Insurance, Travel Insurance, Flexible Overdraft, Subscription to a Film Rental Service, National Trust Days Passes, Manufacturers Extended Warranty, Travel Service, Accidental Death Benefits and Travel Money. There are people who have successfully reclaimed around £1,500 for being mis-sold packaged bank account by their banks
The banks all have their own name for these accounts like Premier, premium, gold, Here is a list of a few of the more popular types of mis-sold packaged bank account:
- Halifax Ultimate Reward Current Account
- Barclays Premier Account
- HSBC Premier Account
- Nat West Advantage Gold Account
- Royal Bank of Scotland Platinum Account
The Mis-sold Packaged Bank Account Story So Far…
In a recent YouGov survey they discovered that twenty percent of these special bank accounts were suspected of being mis-sold packaged bank account s. One of the reasons for the mis-selling of these accounts is that many of the optional extras failed to deliver what the banks promised.
The Financial Conduct Authority has issued new rules that banks and building societies must now follow when they sell any packaged current accounts. The FCA further concluded that many mis-sold packaged bank accounts were sold to customers and not bought voluntarily by customers as they would not have voluntarily purchased a premium bank account.
The latest information from the Financial Ombudsmen Service suggests they are currently seeing around seventy cases of mis-sold packaged bank accounts a week and the numbers new cases are increasing weekly.
Were You Mis-sold Packaged Bank Account?
In some instances customers signed up for a premium account by pushy telephone bank staff who did not explain everything to them. Bank staff were incentivised to sell these products and their performance was judged by their employers.
Some customers were automatically upgraded to a premium bank accounts by bank staff.
Many customers who signed up for the mis-sold packaged bank account did not fully understand the benefits.
Bank staff did not carry out a satisfactory fact-find to see if the premium account would suit their customers before recommending the accounts to them.
Were you provided with the relevant policy documents and did you receive the Terms and Conditions.
Customers would unknowingly buy further mobile insurance cover or travel insurance and some customers would only find out after they had lost their mobile phones that they were not covered as their mobile had not been registered.
Many people are able to reclaim compensation on the grounds that they have never used the benefits
How much can you claim back for a Mis-sold Packaged Bank Account?
Typically customers are reclaiming all the payments they have made to the bank during the lifetime of their premium current account and a further 8% for each year they had the account as way of compensation.
You can of course reclaim for your mis-sold packaged bank account yourself or you can choose to let a claims Management company do it for you.
Why would you want a claims company to do it for you?
Well Claims Management Companies have the experience, the time and the knowledge of knowing how to win you your compensation claim. Most claims Management companies have won money back for thousands of similar cases. If you have a claim for a mis-sold packaged bank account then you need to submit your claim sooner rather than later.