What is a Packaged Bank Account?
Packaged Bank Accounts are paid for accounts that have additional features ranging from home, mobile phone and travel insurance to free overdrafts. They are sometimes referred to as “reward” or “value added” accounts and customers are typically charged between £5 and £25 a month for them.
Millions of people pay a monthly fee for their packaged bank account. You pay the fee to the bank and in return you are given a range of benefits which can include things such as mobile phone insurance, travel insurance and vehicle breakdown cover.
However, what thousands of people are experiencing is that they are paying for something they’ll never be able to actually use. Some people may not even be aware that they are being charged a fee, whilst some people were made to feel they had no choice of bank account other than these paid for accounts.
A Packaged Bank Account can provide good value, even for someone who isn't likely to use all of the features within the package. But unfortunately, they aren't for everyone, and many were knowingly mis-sold.
Who Can Claim?
You could be entitled to claim £1000s from your bank if it:
- Failed to tell you to register your mobile phone to qualify for mobile phone insurance.
- Failed to inform that your car had to be registered to receive breakdown cover.
- Informed you it was the only way to get a mortgage/loan.
- Informed you it was the only way to get an overdraft.
- Failed to update you that some of the insurances no longer covered you.
- Pressured you to keep the account when you wanted to cancel it.
- Added charges without your knowledge.
If you would like more information on whether you may have been mis-sold a packaged bank account, please fill in our short application form to start the process.