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Category Archives for "Bank Charges"

Reclaim Packaged Bank Charges

Reclaim Packaged Bank Account Fees

One in five people with an account has a fee that they pay each month. The problem is that the fee being charged is for a variety of services which are largely if not wholly redundant or can be purchased at an additional cost.

Packaged accounts can range from £5 – £25 per month, with a variety of incentives to encourage the bank customer to sign up to the package for a monthly fee. The main things that these include are; travel insurance, motor breakdown cover and mobile phone insurance.

Despite the FSA introducing a number of protective measures for the banks to adhere to this is too late for many customers who have been missold the package fee historically.

How were account packaged accounts missold

The Financial Ombudsman is seeing a considerable increase in the number of complaints for accounts of this kind. The complaints largely concern the fact that they are unable to claim on parts of the so called ‘benefits’ such as on their insurance or that they feel they were pushed into taking the account with the attached package with the pretence of greater service or positive decisions on any lending either then or in the future, some were even signed up for the account without realising they had to pay for it.

There are some key things to check to see if a packaged bank account would benefit you;

  • To see if the packaged account would benefit you, find one that has the benefits that appeal to you most then add up the costs of buying these benefits separately and see if it’s any cheaper.
  • Check if a free bank account might suit you better, some of these do actually offer travel insurance, so you could save a bundle by using one of these and buying your other insurance separately.
  • Check that you would be eligible to actually claim on your insurance. Some people have tried to make and claim only to find out that they aren’t eligible.
  • Make sure items like your phones and gadgets are registered with the bank as soon as you open the account to ensure you are covered. This has been another major complaint; many people were not told that they had to register their phone in order to insure it.
  • Check what the motor insurance covers; if you have two cars and the policy only covers one then you may want to look for better cover elsewhere.
  • You may also not be aware that you have cover elsewhere. If you want a packaged account for the mobile phone insurance, does your home contents insurance cover this already?

Were you mis-sold a packaged bank account?

If you have been mis-sold a packaged account and it wasn’t the right bank account for you, you can make a complaint and get refunded the amount that you have paid out in packaged account fees. Mis-selling could have happened in a variety of ways, it will depend what you were told when you took out the bank account, and if you fully understood the fees and policy. Examples of mis-selling include;

  • If you were upgraded to a fee paying account but were not told about the fees.
  • Maybe you were not told about all of the exclusions in the insurance policies.
  • If you felt pressured into taking the fee paying account.
  • You may have even been upgraded to a packaged account without your consent.
  • You may have been told that you could only get an overdraft if you took out the packaged account.

Recover Your Money would be delighted to look into the recovery of these fees on a no win no fee basis. So that we can get the ball rolling please email your details so that the paperwork can be forwarded to you.