Have you been persuaded to purchase a packaged bank account that you didn’t want or need? If so you may be entitled to have your payments refunded.
Packaged bank accounts are current accounts that come with a “package” of extra features – from mobile phone and travel insurance, to better rates on overdrafts and loans. They might be called things like “reward”, “premium” or “gold” accounts – and there’s usually a monthly fee.
If you have a packaged bank account, you might be wondering if your bank mis-sold it to you and if you should complain. Everyone’s situation is different – but here are some questions to help you think it through.
First, think back to how you took out the account – and why you’re wondering whether it could be unfair. Did your bank give you a choice to have the packaged account or a free one? What features did the account offer, and could these have been useful for you at the time? Did the bank explain what you would get and how much it would cost?
In a lot of instances customers were pressured into agreeing to take the offered package with the promise of better loan or overdraft rates, and in some cases the customer didn’t know that they had opted for one or weren’t given an option.
You’re able to make a claim on any bank account that’s still active or has already been closed up to 6 years.
Have I been mis-sold a packed bank account? Below are some of the tactics used by banks to persuade their customers to sign up.
- My bank told me by signing up to a packaged bank account it would improve my credit score.
- I was told that if I signed up to a packaged bank account it would improve my chances of getting a mortgage.
- My bank did not tell me that if I wanted to make a claim, my car or phone should have been registered beforehand and therefore I was not eligible to make a claim.
- I did not qualify for the packaged travel insurance due to my age.
- I tried to cancel my packaged bank account fees but I was advised or forced to keep it.
- I was misled to believe that I was receiving an exclusive deal if I signed up for the packaged account or the costs were not fully explained to me.
- The monthly fees increased without my knowledge or agreement.
- Your normal bank account was upgraded to a packaged bank account without your knowledge.
If you are unsure if you have been mis-sold this type of account contact us today on 01925 619911 and speak to one of our advisors.