How To Reclaim Your Packaged Bank Account's Monthly Fees

Reclaiming Your Packaged
Bank Account's Monthly Fees

four bank signs from royal bank of scotland, bank of scotland, clydesdale bank and TSB

If you currently pay or used to pay a monthly fee for your bank account, then you may be able to reclaim all those fees back. These refunds could run into thousands of pound. Most of these types of accounts were missold with many people ending up with added insurance products that they could not use.

What is a Packaged Bank Account

These types of bank accounts also known as a PBA are where you pay a monthly fee for use of your account and with this fee a number of "benefits" are bundled into the package. All bank offered these types of accounts most notable in aggressive selling techniques were Lloyds, HSBC, RBS and Barclays.

The benefits bundle might include:

      Travel Insurance
      Mobile Phone Insurance
      Vehicle Breakdown Cover

Banks have been found to have consistently missold these types of accounts.

List of Banks and Packaged Accounts

       

BoS

NatWest

RBS

HSBC

Silver
Gold
Platinum
Ultimate Reward
Black
Premier
Select Silver
Select Platinum    
Advantage Gold
Black
Select
Silver
Gold
Platinum
Royalties Reward Black
Passport
Pay Monthly
Premier
       

First Trust  

Halifax

Yorkshire

First Direct

Packaged Reward Signature First Directory
     

Santander

Clydesdale

Ulster

Co-Op

Premier 50
Reward
Signature uFirst
uFirstGold
Privilege
Premier
     

TSB

LLoyds

Barclays

Select
Silver
Gold
Platinum
Premier
Silver
Gold
Platinum
Premier
Select
Additions
Plus
Home Pack
Tech Pack
Travel Pack
Premier

Have I Been Missold a Packaged Bank Account


I was informed I needed it to get another product

Often customers were informed that they need to sign-up to a packaged bank account to get a mortgage,loan or other bank product and if they didn't then their other application would be declined. This is out and out misselling.

The salesperson mislead you into taking out the account

You were informed it was a privilege to get this type of account but it was not fully explained to you.

The salesperson would not take no for an answer.

You were informed that you would be eligible to claim when you were not.

You were informed that you would get large discounts on other insurance products if you took a packaged bank account.

You were not informed of the full cost.

You already had insurance cover

If you had household insurance then you were already covered for your mobile phone.

You should have been made aware that you already had cover in this instance.

You were ineligible to claim on the insurance

You were not informed of policy exclusions such as an age limit.

You had not been asked if you had any existing conditions that may stop you from claiming like a medical ailment that may disqualify you.

Furthermore if the bank did not check you were still eligible for the insurance each year. Then you have a claim

They increased the account fee without telling you

You need to be told of an increase of the fee before it happens yet many bank just went ahead and did it.

You were informed that having one would improve your credit score

This is out and out misselling as the product itself would not have improved your credit score only good financial management does.

Reclaimed Packaged Account Fees Example

This is an example calculation of the amount of fees that you would be able to reclaim.

Monthly Payment: £20
Years of having Account: 7
Interest: 8%

Claim Amount: £2167

Packaged Bank Account Claims Calculator


Use the Packaged Bank Account Refunds Calculator to work out how much you will be able to claim back from your bank. Enter how much in fees you have been paying monthly and for how many years. Then click calculate to see how much of a refund you are entitled to.

Monthly Payment
Years of having Account






Claiming Back Packaged Bank Account Fees


To reclaim your fees for your PBA simply complete our online claim form by clicking the button below.

USEFUL TOOLS:

Quick Claim Online

Fill in our online form and one of our claims advisors will get in touch.

Injury Compensation Calculator

Calculate and see how much you could claim for your injuries

Frequently Asked Questions

Find answers to the most commonly asked questions