Can you Claim Back Packaged Bank Account (PBA) fees if you Intentionally Signed for it?

If you have Packaged Bank Account (PBA) fees and you intentionally signed for the account then yes – you can look at reclaiming these.  The fact that you signed agreeing to the terms and conditions does not mean that you are unable to make a valid claim that will succeed.  It means that the process of the sale must be reviewed to make sure that the Bank where you operate your current account (or operated your current account) was sold correctly and also to make sure that the Packaged Bank Account facility was appropriate for you.

The whole point of mis-selling is not that you agreed, or that you were aware that you had a packaged account facility, but whether the Bank undertook the correct processes in establishing whether it was appropriate for you.  As an example, if you had travel insurance cover already in place, or you undertook pursuits abroad which would mean a form of specialist insurance was more appropriate, then the packaged account facility would not be applicable in its entirety.  In addition, if you had mobile phones and you believed they were covered in the event of accidental damage but the Bank did not state that you needed to contact the various departments to register your mobile phones in order for this cover to be applicable, then again a mis-sale has taken place.

The Banks are extremely adept at convincing individuals to take products and services without question.  They somehow manage, despite all the recent mis-selling scandals that have taken place in recent history, to operate with some sort of aura and professional standing which means that individuals would believe them rather than believe anyone else – regardless of whether the facts would suggest or mean otherwise.

Packaged Bank Accounts have been mis-sold to approximately 11 million people throughout the UK.  At present and following a report by the Financial Conduct Authority (FCA) in 2013, it was highlighted that the FCA had considerable concerns with regards to the sales process in relation to these packaged account facilities.

The Banks are required to undertake a full review of the client’s circumstances and offer a variety of accounts that may well be appropriate to that individual – not just promote the one account that generates the most revenue for the particular Bank.  Sadly, Banks are profit driven.  We see on numerous cases that a mis-sale has taken place as the Banks have ignored the client’s requirements in light of the facilities available with the packaged account and sold them the most expensive account available, without suggesting other alternatives, particularly the free accounts that were available at that time.  In addition, Banks have also been known to promote the product as a way of convincing clients that they will succeed in future requests for funding, namely through loans and overdrafts as well as mortgages.  All of this is incorrect and all of this has led to the FCA’s review of the way that packaged account facilities have been sold.

We are seeing an ever continuing stream of clients’ complaints in relation to these accounts which follows the Banks publication of their annual accounts and ever increasing proportion of funds being made available to cover the costs of claims in relation to the packaged account facilities.

As a business we have been seeing more and more of these types of claims and have successfully obtained considerable refunds for our clients in the range of £1,000 to £3,000.  All of our work is undertaken on a “No Win No Fee” basis.  If we are unsuccessful, or the Bank successfully argues that the packaged account facility was sold correctly, then there is no fee to pay.

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