Packaged Bank Account (PBA) Claims
A packaged bank account offers a ‘package’ of extra items in addition to a current account. These packages can include a number of benefits, ranging from travel and mobile phone insurance, reductions in tickets to events and even reduced borrowing rates. These benefits were real, but chances are if you decided to shop around for them you may have been able to get a better price. PBAs increased the monthly bank fees of customers who had them from £3 to £25.
PBAs can be highly profitable for banks, they accrue revenue passively from numerous fees that can add up over time. For about 30 years, it has been standard practice for banks to offer PBAs. To remain competitive and profitable, banks marketed PBAs to new and existing customers as a means to stay relevant while greatly increasing their margins. Eventually, however, the banks faced a harsh public backlash.
After an investigation launched in 2012, the Financial Conduct Authority (FCA) decided that consumers must be given the right to receive a full refund if they have a valid misselling claim. Refunds would have to include the fees paid, interest and statutory interest.
How to tell if you have been mis-sold?
- You were pressured into taking out a packaged account;
- You were signed up for a packaged account without being told;
- You weren’t told you could have a free account instead;
- You thought you had to have a packaged account in order to get a mortgage, loan or other product;
- You were told having one would improve your credit score;
- You were recommended a packaged account that wasn’t suitable for you;
- You weren’t clearly told the cost of the account;
- Your bank knew you wouldn’t be eligible for one or more of the benefits, for example being too old to claim on the travel insurance.
- Your provider failed to tell you that you when you were no longer eligible for one or more of the benefits
How do I make a PBA Claim with Henderson Lawyers?
Get in touch with us below to start your PBA Claim.
Here at Henderson Lawyers, we pride ourselves on being able to help with every aspect from the initial consultation to the final settlement and we are always available to answer any questions you have.