Is Your Packaged Bank Account Worthless?

Is you packaged bank account worthless? Sadly yes it is. In another episode of bank misselling the financial regulator has rapped the knuckles of the banks regarding the selling of packaged bank accounts paving the way for you to reclaim any missold payments and interest as well as compensation.

Packaged bank accounts are basically a current account but one where as a customer you have to pay for. The fee is payable monthly and is for between £10 and £30, most of the time it is sold as a no alternative product with the apparent benefit of Travel Insurance and Car breakdown cover and also the belief that you might have your own bank manager who will look after you personally. All sounds very good shame it is a bit of old rubbish.

The misselling of the paid for account product is that when a bank sells you a current account they must do so by establishing that you know all of the benefits and how they will apply to you. They must also offer you an alternative and not just an account that costs you money. They must also not imply that any other account that they give you will somehow weaken your chances of obtaining the banks help.

So all of the money that you have paid over since the account was opened or upgraded can potentially be recovered and on top of this we can also at recovering both the interest and penalty interest you would have lost as a result.

So if you have or had a paid for bank account then please contact us today when we can look at obtaining this refund for you.