What is a Packaged Bank Account (PBA)?

A packaged bank account, often called a PBA, is an account that has other products added alongside the basic account – a ‘package’ of ‘up-grades’, ‘perks’, ‘advantages’. These extras often include, travel insurance, mobile phone insurance, car breakdown cover, etc. To obtain this type of account you have to pay a monthly fee.

You might think such a package would be a very good offer. After all, without thinking it through or having it explained in detail, the idea of getting all those ‘free extras’ and not having to make separate arrangements for each of the insurances appears quite a good idea.  For just a few people it might actually be a good deal, but it certainly wasn’t for the majority.

But hang on a second; let’s just take a closer look at this. You have just paid a fee for all those extra insurances. The questions to ask are:

Are you paying for an account when you would rather have a FREE ACCOUNT?

Were you told a fee-paying account was optional, and that you could have had a FREE ACCOUNT? If not, you were probably mis-sold.
People were sometimes told they needed a PBA to obtain better interest rates, and so felt they had little choice but to agree. If that’s what you remember, you were probably mis-sold. It all makes very depressing reading, doesn’t it. If you think any of this applies to you it’s quite likely you were mis-sold a packaged bank account. Tens of thousands of people have been paying monthly fees for something they didn’t need, or couldn’t use. People have travelled abroad thinking they are covered with insurance in the event of a dire emergency, when in reality they are completely excluded by the small print in the packaged policy. It’s scandalous, and the banks should be ashamed of themselves.

 

Did you need ALL those individual insurances?

The answer in very many cases has proved to be ‘no’. And if the answer is ‘no’ then your PBA was almost certainly mis-sold, and you are entitled to compensation. How is it that so many people were duped into taking an account that was not suitable? A great many weren’t even told they had been ‘upgraded’ but it’s also clear that many other customers were persuaded by bank staff, who received a nice little chunk of commission for selling these accounts. The ‘upgraded’ account with all its add-ons may not have been at all suitable, but that didn’t seem to stand in the way of a profitable sale. Was too much pressure applied? Did the sales person tell them they could have a FREE account? What do you think?
You may notice a monthly fee on your bank statement. It may even be charged without you understanding that it’s for a PBA. The fee varies – maybe even up to £35 a month.
According to the ‘small print’ maybe not. Did you have a medical condition, were you too old, and was the cover suitable or adequate for your needs? Did the sales person take a detailed list of your requirements to ensure it was suitable? If not, you were probably mis-sold.

 

 What can you do about it now?

You can claim back any fees you paid, plus full compensation.

If you would like an expert to handle your refund and compensation we will be happy to help. We are one of the UK’s top Packaged Bank Account claim specialists.

We will fight every claim; we will ensure we obtain the maximum for our clients, even if the bank tries to say no.  We will stand up for YOUR rights. We are not frightened of the banking bullies.  If you have been mis-sold we will win for you.  Our success is your money back – with 8% interest.

Remember – we offer a no win no fee service.

 

 

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