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;
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;
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.