Lloyds TSB bank have used all sorts of names to market their packaged bank accounts – paid accounts with bundled insurances such as mobile phone, car breakdown, holiday and home cover – including:
- Lloyds TSB Premier Account
- Lloyds TSB Select Account
- Lloyds TSB Silver Account
- Lloyds TSB Gold Account
- Lloyds TSB Platinum Account
Actually, what are these accounts?
What’s in a name? I’ll tell you what’s in a name – a moneymaking agenda. The banks named their Packaged Bank Accounts to sound exciting, exclusive, and attractive to customers. A very clever strategy, after all who doesn’t want to feel that they’ve been given something exclusive?
The reality was that they were selling add-on products. That would have been fine if you wanted or needed those extra products, but as the Financial Services Authority has said, many of the banks customers DIDN’T NEED these products.
It actually gets worse, because many of the banks customers were not able to take advantage of the products they were paying for. Not to mince words, they had been MIS-SOLD products by banks they trusted to behave ethically towards them.
So what’s in a name? and was the Lloyds Premier Account a good buy? Thousands of holders of these accounts are taking a few minutes to find out, and a great many of those people have discovered, wonder of wonders, that the banks owe them a lot of money.
Do I qualify for a refund of my Lloyds bank fees?
If you have one of these accounts you may have been mis sold and be able to claim back all of the monthly fees you have paid, and get paid compensation as well.