By Gene Wilson | Personal Finance
Last updated: 11th June 2020

Millions of People Are Due A Refund for Mis-Sold Packaged Bank Accounts

If you pay or previously paid a monthly fee for your bank account, you could be able to claim £100s or even £1000s in compensation if it was mis-sold.

Many banks offered packaged bank accounts to attract new customers

Like the enormous PPI scandal, there is evidence that Packaged Bank Accounts (PBA’s) were systematically mis-sold – often with worthless benefits such as mobile phone insurance, travel insurance or breakdown insurance.

The financial regulator, the Financial Conduct Authority, has previously stated that “Package Bank Accounts were generally sold rather than bought.”

If you didn’t need the benefits and insurance, then they weren’t appropriate for you and you have the right to make a claim.

Eligible for a Package Bank Account refund?
Tap your bank to find out

Over 30 mis-selling reasons

There are over 30 possible mis-selling reasons, the most common being:
1. Exclusions were not explained
2. Benefits were not explained
3. No medical questions were asked at point of sale
4. Customers were not told they needed to register products to activate insurance cover
5. Customers were told they needed a PBA to get other finance products
6. Customers were told having a PBA would improve their chances of getting a loan or mortgage

How much compensation could I get?

If you were mis-sold you will get back 100% of the monthly fees you paid, plus interest at 8% per annum. People whose claim is upheld typically win about £1,063 in compensation.

You can use this free online claim tool here. Many people get refunded in about six weeks but sometimes it can take as little as 14 days.

Eligible for a Package Bank Account refund?
Tap your bank to find out

Making a claim is quick and easy.

You could trawl through your old bank statements to find your account number and the name of your packaged bank account, but this online claim tool does all the hard work for you.

Step 1 - Click your location on the map
Step 2 - Answer a few simple questions
Step 3 - Relax and let us assign your claim to an expert legal provider for you


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