The Ultimate Rewards Account from Halifax – Did you need it?
Some Halifax customers have been paying for an Ultimate Rewards Account for many years. These accounts are packaged with a bundle of “benefits” such as Travel Insurance, Mobile Insurance and Car Breakdown Cover. It doesn’t come cheap though, £15 a month to be exact. So what made people take these accounts?
It’s a Sales Pitch
Whenever you go into the bank, you are greeted by the friendly bank staff, offering to do all they can to help you. They build a sense of trust with you, you feel like you can rely on your local branch to act in your best interest as their customer. Unfortunately, it’s a bit of a pipedream!
The reality is, the staff are pressured to hit targets. Managers in the branches used to set unachievable targets to bank staff. This meant that many of these packaged bank accounts, like the Halifax Ultimate Rewards Account, we’re mis-sold to customers so the staff could hit their targets.
How was it mis-sold?
Due to the pressure put on staff, the process of opening or upgrading an account sometimes wasn’t handled correctly. Staff were so focused on their targets they didn’t ask customers all of the relevant questions to check they would qualify for the benefits. For example, not all customers owned a car or mobile phone. So when they were advised to have an account with mobile insurance and breakdown cover, they were getting something they couldn’t use. This is mis-selling.
What can you do about it?
The good news is that banks, like Halifax, have set aside millions to refund customers for their mis-sold packaged bank accounts. This suggests that they are putting their hands up and admitting they were in the wrong. If you think you were mis-sold a Halifax Ultimate Rewards Account, or one of the many packaged accounts provided by other lenders, you can drop your details below and we will give you a call to talk you through the process. If you would prefer to call us, our freephone number is: 0800 007 3777.
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