Although this is another of the many accounts with a very posh sounding name, in reality it’s actually a Packaged Bank Account. It’s an account you pay for, and in return, at least in theory, you are being sold a range of added-on benefits and advantages. I say in theory, because in common with millions of PBA customers you may be one of those for whom the added-on benefits were of NO BENEFIT Why? – because you didn’t need them, or were simply ineligible to receive them. If that’s the case, in plain words, you were paying your hard-earned money for nothing.
It’s like PPI all over again
The banks know they’ve made an expensive mistake in selling these accounts to people for whom they were not suitable. You’ve heard the expression before in relation to PPI – they were mis-sold. Anyway, as I said, the banks KNOW they’re in trouble with these accounts, and they are likely to be setting aside millions of pounds in anticipation of thousands of claims. We’re talking about some pretty big refunds too. Some bank customers who have lodged PBA claims have received cheques for thousands of pounds.
So, can you claim a refund on my Yorkshire Bank Signature Current Account? The answer is a very strong maybe, and it’s time to have the account closely investigated – maybe by an independent expert. If like tens of thousands of others you’ve been mis-sold a PBA the chances are very good indeed that you will be getting a full refund, plus interest.
One last thought on this: it’s not at all uncommon for banks to refuse to pay a claim, and they have some pretty smart ways of rationalizing such refusals. That’s certainly not the end of the story though, because these claims can be pursued further through the Financial Ombudsman. It sounds like a lot of red tape, forms, and faffing around, but it CAN be done. And it’s worth it too, because the Financial Ombudsman has so far upheld over 80% of claims that they have judged.
The banks shouldn’t be allowed to get away with taking customers’ money for nothing. If the idea of a hefty cheque arriving in the post appeals to you, it’s a VERY good time to look into your PBA account. Find out if you qualify for a refund now – Freephone: 0800 007 3777.