Reclaiming Your Packaged
Bank Account's Monthly Fees
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, HSBC, RBS and Barclays.
The benefits bundle might include:
Mobile Phone Insurance
Vehicle Breakdown Cover
Banks have been found to have consistently missold these types of accounts.
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
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.
To reclaim your fees for your PBA simply complete our online claim form by clicking the button below and you will be contacted by our claims partner John Jackson & Dick Solicitors
You do not need to use a claims management company to make your complaint to your bank, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free. Financial Claims Helpline do not charge you for our services. Once our in-depth assessment has identified that your claim meets the required criteria you will progress with John Jackson and Dick Solicitors. If your case is successful, John Jackson and Dick Solicitors will charge you for their services by deducting a percentage of your compensation, typically, this will be 33.33%. Financial Claims Helpline will receive half of the legal fees.