Want a Refund on your Packaged Bank Account? Here’s a Step-by-Step Guide to DIY
Over the next 4 weeks we are going to take you through how to make a claim for a refund on your packaged bank account. As much as the professional are here to help you, we appreciate that customers sometimes would prefer to do these things themselves. Below is a quick bit of background on the notorious PBAs.
The packaged bank account scandal has been hot news for many years now. Banks have been investigated by the Financial Conduct Authority regarding mis-selling these “exclusive” accounts to millions of people. In a nutshell, these accounts included benefits such as travel insurance, mobile insurance and car breakdown cover, all for one monthly fee of anything between £7.50 and £30. Check out our previous blog post, explaining exactly what qualifies as a packages bank account.
Due to this mis-selling, it is now possible for customers to claim a refund on the amount they have been paying each month, plus an extra 8% in interest. A quick phone call to us and we can help you discover and get back exactly what you are owed. Just 10 minutes of your time could make you £1700 (average) better off! That’s not bad, ay?
Can’t I do it myself?
You certainly can! We understand that many people might prefer to claim for a refund on their packaged bank account themselves. So, we have put together a series of blog posts, so we can take you through the process, step by step. Be prepared though, it’s quite long winded! Also, bear in mind that once you have had a response from the bank yourself, you won’t be able to use a professional service to claim back these fees. So if the bank tells you that you can’t claim a refund, that will be the end of it. You might still be able to go to the financial ombudsman, but the chances of a success will be slim.
Right, where do I start?
Firstly, assess whether you had a packaged bank account. In most cases, the banks would give these accounts fancy names such as; Silver, Gold, Platinum, Premier, Royalties, Additions, etc. These accounts include benefits, like car breakdown cover, mobile insurance and travel insurance. Dig out some old bank statements or give your bank a call to see if you have ever paid a monthly fee for your account. At the bottom of this post are some examples of statements with upgraded accounts, so you know what you’re looking for.
That’s it for this week, check back on Monday for the next step. If you want to give us a call we can discuss your claim with you and see if you qualify. Our Freephone number is: 0800 007 3777 or you can drop your details in the form below:
Example Bank Statements