Packaged Bank Accounts (PBAs) are bank accounts that charge a monthly fee. They’re usually given sparkly names like Gold, Platinum and Ultimate accounts. They’re accounts that provide benefits such as mobile phone insurance, world wide travel insurance and breakdown cover. Typically they cost between £5 and £25 a month from the major banks.
A lot of people consider PBAs to be the next big mis-selling scandal to rival PPI, however, it’s not as cut and dry as that. Many people actually benefit from the accounts and have utilised all of the benefits. However, some of them have been sold incorrectly. In fact, the FCA said “Banks are still treating customers unfairly when they sell packaged bank accounts and handle complaints about mis-selling.” – www.fca.org.uk.
Only you will know if you hold a packaged account. That’s something we cannot check for you without your consent. However, usually your debit card for said account will show a name as mentioned above, such as Gold, Advanced or Platinum. Also, unlike PPI, the cost of this will appear on you statements monthly and will range between £5 and £25 each month.
PBAs are not as straight forward as PPI in determining whether or not they have been mis-sold, however everybody is entitled to make a claim for the mis-sale of their Packaged Account if they have held one. Even if you don’t currently hold one but have held one at any time in the past, you are entitled to submit a complaint if you believe it has been mis-sold. There are no set rules and each case is assessed individually by Brazier Consulting Services to portray an honest account of the circumstances around the sale of the PBA and the client’s overall experience with the account.
If you believe you hold a Packaged Account or have ever held a current account you’ve ever paid a monthly fee on, then don’t hesitate to contact us to discuss whether or not you have reason to submit a complaint. You can get in touch on our contact form here, by any of the contact details listed throughout the website or even by clicking the live chat button at the bottom of the screen! We look forward to hearing from you!