COULD I HAVE BEEN MIS-SOLD?
Over 10 million Packaged Bank Accounts have been opened in the UK, often by people who didn’t ask for them, were told they had to have them or to people that couldn’t use the benefits they paid for.
A packaged bank account that costs you £15 per month might not sound a lot, but £15 x 12 months = £180. That’s £180 a year for benefits you may not have needed or been able to use.
DON’T FORGET THAT’S £180 A YEAR FOR EACH YEAR YOU’VE HAD THE ACCOUNT, SO IF THE SCENARIOS ABOVE FEEL FAMILIAR, START YOUR CLAIM TODAY.
Please note, you do have the right to pursue a case for free yourself directly with the financial institutions and there is an adjudication scheme provided by the Financial Ombudsman Service if you are not happy with the response.
Reasons for Mis-sale
I was told I had to get it to get a mortgage/overdraft/loan
Did your bank tell you that you had to sign up to a packaged bank account to qualify? At any point did they inform you of free alternatives?
The bank put me under pressure to agree
Pushy staff who wouldn’t take no for an answer? Told you’d be eligible for insurances only to find out you aren’t? These are all reasons for mis-sale.
You weren’t made aware of exclusions and excesses
If you weren’t made aware of exclusions and insurances to the insurance associated with your packaged bank account then you can make a claim.
I was too old to qualify for the insurance
Policies often have exclusions including age and pre-existing medical conditions. If you weren’t eligible for the cover included you can make a claim.
They increased the price and didn’t tell me
If your bank increased the fee and didn’t tell you, you have grounds to complain.
I didn’t know the fee had been added
When looking at your statements did you notice a fee you hadn’t agreed to? Banks have been known to add packaged bank account fees without your knowledge. Have you checked your statements lately?
I tried to cancel but was forced to keep it
Did you try to cancel but were forced to keep it by pushy staff?
I was told it was the only way I’d get an overdraft
If there were other accounts available that provided the overdraft cover you wanted you could be entitled to a refund.
No one told me I had to register my phone/car
Some policies aren’t active until you have registered your item. If you weren’t told about this stipulation you’re not covered and therefore could claim.
I was told having it would improve my credit score
Credit scores are based on good finance management, not the type of bank account you have. If you were told it would help you could have been mis-sold.
If you pay or have paid a monthly fee for a packaged bank account you feel you were mis-sold, like in the examples given above, you might be able to reclaim the amount paid plus interest.