How to Make a Claim for Unfair Bank Charges On Packaged Bank Accounts
Getting Your Money Back for Unfair & Mis-sold Packaged Bank Account Fees
Who Can Claim for Unfair Charges On Packaged Bank Accounts?
The answer to that one is simple, anyone who was sold or encouraged to accept a bank account, which included added extras like mobile phone insurance, travel insurance, car breakdown cover insurance, zero commission currency exchange services and other features, without the bank staff member first checking if you already had cover elsewhere, then you may well be entitled to claim back the charges that were applied to your account.
Most of the banks created accounts with added features that they charged a monthly fee for, and they packaged or packed into the accounts, various so called benefits, in order that they could justify making a monthly fee charge. The reason for these accounts evolving, was that the banks saw an opportunity to increase their profits, and by imposing these accounts on to people, they saw significant growth in revenue.
So where did things go wrong and what makes these bank charges unfair?
The law requires that we as consumers are treated fairly and understand what we are doing when we enter into financial agreements with companies. In order that this is achieved, we are required to be informed or guided in making financial decisions, which is where the banks have failed. They went ahead in launching the numerous types accounts, some of which are detailed below, providing so called added customer benefits, but because they didn’t go through a fact finding exercise with their customers, to establish eligibility, then they are deemed to have mis sold banks charges by selling packaged bank accounts without checking first with their customers qualified for the features that were being included.
How many more times are hear you screaming!!! You would be right, given the plethora of misselling scandals over the years that involve UK banks, I guess you like us are asking what on earth is going to be next, was I missold my box of frosted cornflakes because nobody checked if I wanted a sugar coating included? That’s just daft, but you get where I’m going… The real answer is that we think that there will be many more misselling claims situations that involve the sale of either finance, insurance or features and benefits that nobody check if the customer qualified for before making the sale.
A Packaged Bank Account – What is It?
A packaged bank account is an account that has been given may names over the years, in an effort to make it different by clever marketing experts. Some of the badges used for bank accounts that included insurances, benefits and features included members bank accounts, premium bank accounts, gold bank accounts, silver accounts, platinum accounts and many more.
What made these accounts a problem was what was included, meant that they should have gone through an evaluation process to establish if the cover was suitable to the customer. They are generally current accounts that included a monthly fee, in return for a variety of benefits or insurances as detailed above. They also entitled the customer to preferential rates on overdrafts, loans and other financial products.
It is estimated that as many as 1 in 5 UK customers over the age of 18 may have had a packaged account in one form or another. The government insisted that the UK regulator investigate the situation, which resulted in the financial regulator issuing finding that said that the issue could be greater than thought, with up to 1 in 3 account holders being affected by having held an account where they have not used the benefits and many were unable to claim when they needed to. An example is pensioners who are not and could not be covered by the travel insurance policy because of their age and/or preexisting medical conditions, and householders who do not have a car, yet have had cover for breakdowns imposed upon them and for which they had been charged for a useless breakdown policy.
Examples of Some Of the Packaged Bank Accounts, include:
|Barclays Bank||HSBC Bank||Natwest Bank|
|Barclays Additions||HSBC Passport||NatWest Select Silver Account|
|Barclays Current Account Plus||HSBC Bank Account Pay Monthly||NatWest Select Platinum|
|Barclays Tech Pack||HSBC Premier Account||NatWest Advantage Gold|
|Barclays Travel Pack/Travel Pack Plus||Lloyds TSB Bank||NatWest Black Account|
|Barclays Premier||Lloyds TSB Select Account||RBS (Royal Bank of Scotland)|
|Barclays NatWest Vantage||Lloyds TSB Silver Account||RBS Select Silver Account|
|Co-operative Bank||Lloyds TSB Gold Account||RBS Select Platinum Account|
|Privilege Current Account||Lloyds TSB Platinum Account||RBS Royalties Gold|
|Privilege Premier Current Account||Lloyds TSB Premier Account||RBS Black Account|
|Halifax Bank||RBS uFirst|
|Halifax Ultimate Reward Current Account||Yorkshire Bank/Clydesdale Bank|
|Yorkshire Bank Signature Current Account|
Getting your money back for bank account features that were packaged in and mis-sold.
There are two options for claiming your money back. Firstly, you can contact your bank and make a claim for yourself, however, this can be long winded and some customers find that they get lost in the maize that if the refund process.
The second is to use UK compensation claims experts to make your claim for you. Select a good claims company and then you can rely on an experts to get the job done correctly on the first attempt. Companies who specialise in handling compensation claims do make a charge, and a fair price we believe is in the region of 20 – 25%, any company who is charging more than this is making an unreasonably high charge, so make sure that you don’t pay more than you need to.
Just remember, nothing in this life comes for free and we believe that paying a fair price for a job done well is good. It means that businesses exist who can deliver expert, professional help and advice and by using these firms, they remain in business and will be there we we need them in the future
If you would like to find out more, go to www.claimcompensation4u.co.uk – They are UK claims experts and will deliver a job well done and won’t charge you more than a fair price for the service that they deliver.
Go ahead, get you claim for unfair bank charges on your packaged bank accounts underway today.