If you have paid any form of bank charges, including Packaged Bank Account (PBA) fees (which have been applied to your account on a monthly basis) then there is an opportunity for you to recover these. There are two types of Charges that are being applied in this particular instance. Both need to be looked at independently.
1. Bank Account Charges
In recent years, and following a report by the Financial Conduct Authority (FCA), the Packaged Bank Account charge sales market has been brought into question with regards to the techniques employed by the various Banks in the promotion of an account where a charge is applied for a variety of benefits which may, or may not be of benefit to the consumer. The fees tend to range from between £10 and £30 per month and the type of cover that this pays for relates to travel insurance, roadside assistance, possibly a variety of cheaper options with regards to loans and credit cards as well as the operation of the account itself.
There are approximately 11 million Packaged Bank Accounts in the Country. Following this report by the FCA a question mark has been placed over the sale processes of a large number of these. Whilst the numbers involved will not reach the same levels as the PPI scandal, the Banks are preparing themselves (and have made significant provisions in their annual accounts) for several billions of pounds, in order to redress clients who made complaints with regard to the sales process employed, and the usability of the Packaged Bank Accounts.
2. Over-Limit Fees
In 2009 a Ruling was passed following the involvement of the Office for Fair Trading, who lost a case when challenging the Banks with regard to the application of the various fees which have been applied to accounts following the consumer exceeding either a credit facility, or going overdrawn without prior arrangement.
The fees related to either just a normal excess which was charged at the time the excess was created, or on a daily basis until the balance was brought within the agreed terms of the operating account. The fees could also include returned cheque items and other fees, but all were primarily to do with the breach of the consumer’s agreement with the Bank.
Unfortunately (due to the Ruling in 2009) we are unable to make an application to recover these, despite the fact that the vast majority of the population believe that they are unfair and unjust. However, should you have had a successful claim in relation to the Packaged Bank Account charges, there is an opportunity to look at recovering these fees.
We look at a number of claims in relation to the Packaged Bank Account fees and look at obtaining a recovery of the monthly payments that have been met. The refunds take into account any Premiums that have been paid on a monthly basis. In addition to this, any interest that has been applied as a result, as well as the compensatory interest which runs at 8% upon the full balance of the refund. Should this refund be made, we can look at any other charges that have been applied to the account since the first Packaged Bank Account fee was taken.
This style of refund is looked at under the basis of “consequential loss” which basically means that, as a consequence of the Packaged Bank Account charge being applied, the facility was then breached and a further charge was applied for exceeding this. If we can prove this, then there is a good opportunity to recover the excess fees.
We work on a purely “No Win No Fee” basis. If we are unsuccessful in any attempt to recover these forms of fees on your behalf, whether it be the Packaged Bank Account fees themselves, or the excess following a successful Packaged Bank Account claim, then there is no charge to pay.