Reclaim Your Packaged
Bank Account Monthly Fees
If you currently pay or used to pay a monthly fee for your bank account, then you may be able to reclaim your fees back. It has been found that most of these types of accounts were missold with people ending up with added insurance products that they could not use and you may be able to reclaim thousands in fees which you have paid.
Identify if you have a packaged bank account. These types of accounts are where you pay a monthly fee and the account comes with certain types of insurance such as travel or mobile
Find out if your account is eligible. Read the list of banks and their account types to see if your account is listed
Confirm if you have been missold. Read through the list of reasons why an account may have been missold and if you can answer yes to any one then you will have been missold
Use the Packaged Bank Account Claim Calculator to work out how much your claim could be worth
Complete our online claim form to start your claim
These types of bank accounts also known as a PBA account 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 banks offered these types of accounts and most notable in their aggressive selling techniques were Lloyds, NatWest, 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.
the account must be held at one of the following banks:
- Barclays
- Natwest
- RBS
- Lloyds
- TSB
Browse the list of affected accounts by bank and account type name
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.
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.
Below is an example calculation of how much a claim may be worth.
Monthly Payment: £20
Years of having Account: 7
Interest: 8%
Claim Amount: £2167
claim amount is calculated as follows - your monthly payment multiplied by the number of years you have had the account with compound yearly interest added
Use the Packaged Bank Account Claim Calculator to work out how much your claim could be worth.
We have listed the most commonly asked questions about reclaiming your monthly fees from a missold packaged bank account.
Reclaiming your fees could not be simpler. We will send you out a no obligation pack for you to complete. Click on the button below to start.