Want a Refund on your Packaged Bank Account? Here’s a Step-by-Step Guide.
Part 4 – Following on from part 3, we are looking at more ways packaged bank accounts were mis-sold. Here are some more examples for you to think about.
We’re you told you needed to upgrade your account to be eligible for an overdraft, loan or other service/product?
In some instances, when customers have applied for a loan, mortgage or overdraft, etc, they have been told by the bank that they would need to upgrade their account to be eligible to get the product. This was nothing more than a hard sales tactic, forcing the customer’s hand to have a product that they didn’t need to get a product they wanted.
Did you actually need any of the benefits that came with the account?
How many times a year do you travel? Do you own a mobile phone? Do you own a car? Do you have home contents insurance? Did you have a pre-existing medical condition? All of these questions will help you find out if you actually needed these benefits/insurances that came with the account. For example, if you didn’t own a car, the bank shouldn’t have sold you an account that includes breakdown cover. This is obvious mis-selling.
We’re you informed about the cost of the account?
We’ve heard it time and times again that customers weren’t given the full information when it came to being upgraded. One of the most surprising pieces of information being left out is the monthly fee. As with any service or product, you need to know the cost in order to make an informed decision. Without knowing the cost, it isn’t possible to assess the value of what you are being sold.
Did the bank take you through the terms and conditions?
“Right, that’s us all done. Now if you just sign here, we are all set up!”. We’ve all heard it before, the blasé approach used by sleazy sales staff to get your signature (your authorisation) on their contract. It is the bank’s responsibility to make sure that customers understand what they are agreeing to. Without verbally explaining the critical points, it’s impossible for a customer to make a decision on whether a packaged bank account will be right for them.
This sums up our 4-part guide to claiming back your packaged bank account fees yourself. It is quite a lengthy process and we cannot stress enough that you only get one chance to claim your money back. If you do this yourself and the bank rejects your claim, you won’t be able to get the help from a professional claims company. If you want some more advice before embarking on your claim journey, why not give us a call: 0800 007 3777. Alternatively, drop your details below and we will call you.