What is so wrong with Packaged Bank Account facilities?

What is so wrong with Packaged Bank Account facilities? 

Packaged bank account (PBA) facilities can be useful.  They can provide cover when abroad and provide cheap tickets to certain events or even a reduction in interest rates for facilities that the Bank may provide (such as loans, overdraft facilities and so on).

However, rather than promote this product to those who will benefit or who actually want the facility package, the Banks have yet again sold it on a wholesale basis and provided it to consumers who will not benefit and who ultimately find it to be a financial burden.  We have seen this from the Banks time and time again.

It is therefore important that the issue is addressed.  If you do have a packaged bank account facility and you are unhappy with it in whatever shape or form (whether you are unhappy with the money or did not know what it was all about) then we can look at this on your behalf addressing the premiums and any potential refund – all on a no win no fee basis.

When are Packaged Bank Accounts good? 

Packaged bank account facilities can be useful when they are sold in the correct manner.  If they have not been sold in the correct manner or promoted in a certain way then they can be expensive and a financial burden upon its customers.

How do I know if my Packaged Bank Account is not right for me? 

If you did not know anything about the packaged bank account facility then it will come as quite a surprise to you that you have this facility and that you are paying for it.  You may not have realised it was an option or did not know of any of the benefits of the package.  If that is the case, there is a good chance that the package was mis-sold to you.

Mis-selling tends to be centred around whether someone knew they had a product and the costs associated with it.  If you did not know you had the product or the cost or even what the benefits were, there is a good chance it was flogged to you and the bank employee who did the flogging was looking at ticking a number so that they did not get reprimanded at the end of the week.

Martin Knipe

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The customer is not required to use the services of a firm which carries out regulated claims management activity to pursue their claim. Should someone wish to handle the complaint themselves, they will first need to lodge the complaint with the financial institution first before escalating to the Financial Ombudsman. It is possible for the customer to present the claim themselves for free, either to the person against whom they wish to complain or to the Financial Ombudsman https://www.financial-ombudsman.org.uk/ or the statutory compensation scheme.

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