Here are the most common ways that packaged bank accounts were mis-sold. If any one of these scenarios sounds familiar to you, then you may have a case to reclaim the packaged bank account fees. Basically, if the extras on the account are not suitable for you, or you were not aware of the features on the account, then you may be able to claim.Start Your Enquiry
Many customers were told that they simply had to sign up to a packaged account in order to be eligible for other products, such as a loan, overdraft or mortgage and were not offered free to use alternatives.
The Banks were obliged to write to customers informing them of any price change. If you were never told about an increase in the monthly fee on the packaged bank account, you may have a case to reclaim your fees.
Some banks actually switched customers from free bank accounts to fee-paid premium bank accounts without telling them. In some instances this was done as the customer took out a new bank account, although in others, customers were told they were a "privileged customer" and that the account was being 'upgraded', but it was not explained that it was a packaged bank account and there was a cost to upgrade.
The sales person who sold you the packaged account should have made sure you were aware of any next steps you needed to take and also how to use your insurance policies once set up. For example, if you were not told that you needed to register certain items for them to be covered under the insurance policies.
In many cases, packaged bank accounts were sold without checking the suitability of the insurance products for the customer. For example, many travel insurance policies were sold to people older than the upper age limit specified in the policy terms and conditions or were not asked if they had any pre-existing conditions that may have stopped them claiming against the insurance policy.
If you were told that you could not cancel your account, then you may be able to claim a refund.
Wherever a packaged bank account was offered, there will usually have been a fee-free account available to you as an alternative. If you were told that you had no free alternative, you may have a case to reclaim the packaged bank account fees.Start Your Enquiry