Answer: a lot of people have discovered that it certainly WAS mis-sold to them. The result is that they’ve been receiving refund plus interest cheques that are very pleasing indeed.
HSBC used other names to attract customers to these highly profitable (for the banks) accounts. If any of these appear on your statements it’s time to have them investigated.
- HSBC Passport
- HSBC Bank Account Pay Monthly
- HSBC Premier Account
If you think you have been mis-sold then you can make make a claim to get back all of the monthly payments you made and also if successful you will receive compensation:
There are many reasons why such bank accounts were mis-sold
It seems some account holders didn’t even know they had been ‘up-graded’. ‘Up-graded’ – to put it mildly, that’s highly questionable. These accounts were paid-for, but the up-grades the customers thought they were getting often weren’t applicable to them. Such customers were paying good money for nothing: it was outrageous.
The good news is that the banks are having to refund all their customers who have been mis-sold unsuitable accounts. In cases where customers didn’t even KNOW they had such an account it’s usually an open-and-shut case for a refund.
- Did you NEED the built-in travel insurance? No? – it was probably mis-sold.
- Did you NEED built-in mobile phone insurance? No? – it was probably mis-sold.
- Did you NEED built-in car breakdown insurance? No? – it was probably mis-sold.
- Were you pressured into taking such an account?
If you’ve been paying for a mis-sold bank account you stand a very good chance of finding a very welcome refund cheque on your doormat.