If you’ve paid a monthly charge for the bank account you have, then you may have a claim of thousands or hundreds of pounds if your account was misrepresented.
Package accounts can be extremely useful, but they could also be totally useless to the person who holds them. There are increasing evidence they have sold without any evaluation of their value to the buyer.
What is a Packaged Bank account? Do I have an account with a Packaged Bank Account?
A bank account packaged is typically a current account that is combined with additional features, such as the following:
Policies on insurance (travel insurance mobile phone insurance, travel insurance any other)
The ability to get preferential terms for various financial offerings. This can include personal loans, overdrafts or mortgages.
Sometimes, non-financial services and products are also offered, like early access to tickets for events.
To access these additional services, customers is required to pay a monthly cost. The account won’t typically be known as a package banking account, but it could be referred to as an “premium account” or an “added value account”.
Simply put, if you are using any of the services mentioned above, or any other services provided from your financial institution (whether Natwest, Barclays, Lloyds, TSB, Clydesdale Bank, Yorkshire Bank, National Australia Group, RBS, Santander or otherwise) in exchange for an annual fee If you are a member of a package bank account.
Additionally, if you’ve got one of these services on an account at your banks, you might not realize that you are paying each month in exchange for the services. It is best to check at your bank or at your bank statement If you don’t know you are paying for these services, it’s very likely that your package bank account was sold to a different person.
Are all bank accounts that are packaged negative?
Yes, not all packages of bank accounts are bad. Actually, package bank accounts are a fantastic option to save money on certain services , and could be a useful method to organize these things. However, they could be a complete cost-saving option, based on the circumstances.
When the benefits of a package account have been explained clearly and you’ve chosen one based on your preferences It is likely to be an excellent choice since a package account may be the most cost-effective method to secure certain types of insurance.
On the contrary, you might have been marketed to by a salesperson who was pressured to reach sales targets. They may not have described the benefits of your account in a clear manner or assessed correctly if you qualify to be a candidate for the account. Banks have been discovered to have mis-sold packages bank accounts . If have experienced this with you it could mean you’re in debt for thousands.
Why do banks offer packages accounts?
The majority of customers do not search for a package banking account. They are sold by brokers instead of purchased. People who purchase the package bank account tend to have their accounts upgraded by banks or given a package account, rather than the option of a free account when opening an account for a new current account, instead of soliciting an account package.
Most major banks provide package bank accounts. They can be important product that banks can use to distinguish their business from other banks on the market. This allows them to keep their clients and draw new ones. Package bank accounts are designed to benefit the consumer and are intended to be that way however the there is a lot of pressure on salespeople as well as the bundling of insurance products have led to unfairness to customers. Some customers may be misled by the quick explanations of the complexities of insurance products, and may be left in doubt about whether the account is appropriate for them.
Why are bank accounts packaged being sold for a profit?
If banks or their agents offer package bank accounts, it’s crucial that the customers are aware of how appropriate they will be for the particular account, and if there are other options available. If this isn’t implemented, then package bank accounts could be fraudulently sold to customers.
While the kinds of insurance policies offered in a bundle bank account are considered to be to be low risk since a lot of these insurance policies are offered in a package with an account that is current it is possible that the sales representatives of banks are not paying consideration to the insurance policies when selling.
This means that the consumers aren’t getting the information they require to fully consider the benefits of the item they are purchasing, or taking the time to research different providers or thinking about whether a non-packaged account is a better choice.
There is a chance that customers may purchase insurance policies that aren’t eligible under the system. It is possible that customers will not be eligible for the policy after they buy the account , or be ineligible due to a condition that is related to age which was not disclosed to the salesperson.
Additionally, it could be the case that the insurance offered is not suitable to the requirements of the customer , however the sales representative was not aware of this to the customer or pressured them to sign up for the account.
Am I being scammed into a package bank account?
If you were offered various services or insurance services through you bank accounts, your bank must have inspected whether the products and services to ensure they were appropriate for your requirements. What is crucial is the information you received or what the salesperson didn’t tell you when you were offered the plan and/or upgrade your account.
The following are the categories that are mis-sold. If your case falls within any of these groups, then it’s probable that you be able to claim.
I was told that I needed to buy it
Many times, customers were told that they needed the account in order to obtain mortgage, loan overdraft, or another financial product. This included that the application for such items would be rejected in the event they didn’t have a bank account that was a package. This is misleading.
I was not eligible for the insurance plan.
One of the major issues with bank accounts that are packaged is that the account holders aren’t eligible for the insurance policies they are purchasing. Most travel insurance policies be subject to upper age limits or other limitations.
You could fall in this category in the following situations:
* You were not informed about significant exclusions like an upper age threshold.
* You weren’t asked about any health issues that might hinder you from filing a claim. For instance an illness that could invalidate travel insurance.
* Your bank should verify whether you’re eligible for insurance each year, and if not , you could have claims.
You were deceived into taking your money out of the account.
* If you believed that it was a privilege obtain the package account however the bank was unable to explain the benefits of the account to you.
* A salesperson who used hard-sell tactics pushed the account onto you.
Then you were informed that that you’d be eligible for benefits, but you weren’t.
* You were told that you could get discounts on other insurances if you bought a bundle account, but that was not the situation.
* You weren’t informed of the total cost of the account
The bank increased the fee on a monthly basis without informing you or the charge was added without your consent
It is important to inform about a price hike on your package account as well as that the purchase is put into your bank account. Some aren’t even aware that they are paying for their package account or what they’re paying. This could be an indication of a fraudulent sale.
You attempted to delete the account but were compelled to keep it
In the event that you’ve received a message telling you that you must keep the account after you tried to remove it, that you’re guilty of the mis-selling of a package bank account. The sales representative’strongly’ advised to keep the account. However, this may also permit you to claim back.
You weren’t told that you were required to sign up your car or mobile phone
If a bank account package has insurance, you must be aware of the must register any items that are linked to it. For instance, if you have insurance for your mobile phone in the account, and your phone is later lost, you’ll require to sign up for that phone in order to be protected. If you’re not aware of this, you may be entitled to a compensation.
How long ago can I claim?
There’s no limit to the amount of time you can claim, however , the more back you go, the more difficult it will be to demonstrate. Claimants can easily claim if the account was active for the past six years. But don’t think that this will stop you from making a claim you can still try to claim and a professional claims handler will do the additional job for you. Here are some tips to follow for various situations:
* Accounts opened within the past six years There shouldn’t be an issue in the right to claim even though the account has closed.
* Accounts that are older but activeor closed in the last 6 years, you can file claims. The rule of six years applies to accounts that are active. If a account was created eight years ago and later closed four years later but it was still in use during the six-year timeframe.
* If your insurance policy expired at least six years ago. The reason is that banks don’t require documents that are more than the age of six. There is however no deadline for filing claims and if you still had the policy documents, making an application may be feasible.
Are you able to stay with your bank following an PBA claim?
Yes, it is possible to continue with the same bank even if you file an PBA complaint against them, rather than moving your banking to a different institution. We get often about this and are able to provide more information in the event of need.
What if I registered on the internet?
There isn’t any advantage to filing an claim even if you signed for the account via the internet rather than in a branch. Similar questions will be asked to determine the validity of the claim. Information you have available when you first opened an account with us will then be evaluated to determine whether you were misled about the accuracy of the information provided.
What do I need to do to make an claim?
If, after having read this article, you believe you may have a valid claim We can get you in contact with experts in packaged bank account claims who can assist you in claiming on a win-no-pay or fee basis.
You can also submit claims yourself. It is the first thing to do. submit an official complaint to the bank, stating explicit the reasons why you believe you were treated unfairly. Gather any evidence and copies of any documents to aid you in making your claim. This process can be lengthy and time long and time-consuming. There is no way to make an claim since circumstances differ and must be determined on a case-by basis. This is why it can be advantageous to work with an account claims package specialist. They have been through hundreds of cases and will be able to present the most convincing argument for your claim.
If you want to make an official request to your bank you must submit your complaint in written form to the complaints department. Then, you should request that the complaint be acknowledged in the form of an official report, and request a an official confirmation in writing.
In most cases, banks will deny complaints, or tell you that you have to take up your issue to the Financial Ombudsman Service – however this shouldn’t discourage you and isn’t all that is needed to resolve the road.
It is the Financial Ombudsman Service is the authorized body to settle disputes between financial firms. You must provide the body with the details of your case , along with the evidence you’ve gathered, and the ombudsman decides whether the bank account that you purchased was not properly sold. It will determine the most appropriate method of redress in the event that you are successful. In the majority of cases it is a reimbursement.
To make an inquiry with the Ombudsman you have to fill out an Ombudsman complaints form. Attach any supporting documentation to back your case . The form has to be signed by hand and sent. The Ombudsman is not able to consider your complaint until your bank is contacted by you or by you and has given the time frame of eight weeks to reply.
The Ombudsman will send you a confirmation letter to inform you that they will review your case and will contact you with any additional details.
If you do not agree on the Ombudsman or adjudicator’s ruling, you are able to request a formal decision to be taken by an ombudsmen who are official in the service. This process typically takes months as it involves an exhaustive investigation. If, even after all this time, you’re still not successful It is possible to bring your bank before a judge to recover your money.
