Why are complaints soaring and are packaged bank charges set to be the new PPI scandal?
A day, or in fairness probably a month or so doesn’t seem to go by without the banks being caught with their trousers down again. They seem to have this ability to say they are cleaning up shop yet all the time we are hearing PPI, Interest Swap scandal, LIBOR fixing what else we hear you cry?
Well the answer to that question is nice and easy, it is those lovely little fees that the banks have been slapping on clients’ accounts since about 2000. You know the ones they are about £10 to £30 per month for a lot of small incentives to justify the cost, like travel insurance, mobile phone cover, breakdown cover and of course the benefit of having your own account manager. Of course if you didn’t have the account you were caste from the protection of the account manager too the wolves. A load of rubbish but anything to make you have the account and add £300 to £400 to the bank coffers every year.
Personally the account fees won’t be like the PPI as PPI could have been applied to loads of accounts and loans that one person had whereas the account fees were attached to one account and even if you moved banks you are unlikely to ever have more than one claim.
Another problem is the lack of media interest, sadly the media likes the glory stories and saying that people can get back £1500 to £2000 from their bank isn’t interesting enough for them. Even though about 15 million people have been effected! Even so it is essential that you claim and it is a great time to do this where we are taking on more clients each day.