By Gene Wilson | Personal Finance
Last updated: 11th June 2020
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.
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.
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
The contents of this website are for informational purposes only. You should not rely upon any information on this website as legal advice.www.pba-checker.co.uk is a trading style of TGG LTD. TGG LTD introduces matters to Legal UK Services Ltd and receives payment as part of an ongoing marketing agreement TGG LTD Registered number: 11069602 Registered office: Unit 14 Edward Court, Broadheath, Altrincham, WA14 5GL. Information Commissioners Office registration number: ZA300256. VAT No 292 9900 64 Legal UK Services Ltd is registered in England and Wales. Registered number; 10087894, Registered office; 8 Edward Court, Broadheath, Altrincham, England, WA14 5GL. Authorised and regulated by the Solicitors Regulation Authority; SRA ID 630831. I C O registration number; ZA684815. VAT No. 347 8968 32. You do not need to use a Solicitors or Claims Management Company to make your complaint to your lender or other Compensation Scheme, such as the Financial Services Compensation Scheme (FSCS), and if your complaint is not successful, you can refer it to the Financial Ombudsman Service (FOS) yourself, for free.*The sign up and setup of your claim is fully online and will be actioned based on the information you have provided. Legal UK Services Ltd cannot accept any responsibility or liability for loss or damages due to the provision of inaccurate information. During the course of your claim we may need to contact you via telephone, email, SMS or any other electronic means.