What is a Packaged Bank Account?
A packaged bank account is also known as ‘premium’ bank account. These are current accounts where you pay a monthly fee in return for a variety of extra “benefits” such as travel and mobile phone insurance, breakdown cover and preferential rates on other financial products. In some circumstances, the extras offer good value-for-money and can really benefit the account holder — which is great. However many packaged bank accounts have been mis-sold by banks. In far too many cases, account holders have discovered that they've been paying for something they'll never be able to claim on. Many, for example, tried to make a claim on their travel insurance policy, only to discover they did not qualify because of an age restriction, the type of holiday or the fact that they had a pre-existing medical condition which was excluded. Others just simply never use the benefits, didn't know how to or have never fully realised what's available.
How do I know if I have a Packaged Bank Account?
Check your statements to see if you are paying a regular set fee to your Bank. You also check the name of your bank account, does it have a description like “premier”, “select”, “gold”, “silver”, “additions”, “flexi” or “select” for example.
Have I been mis-sold my Packaged Bank Account?
You may be able to reclaim the monthly fees if you were mis-sold the account. If the extras on the account are not suitable for you, or you were not aware of the features on the account, then you may be able to claim.
Perhaps you were completely unaware of the fees when you signed up. Maybe the extras were genuinely unsuitable for you yet you were actively encouraged to take the account, for example if you did not want or already had travel insurance. You may have been 'upgraded' to one of these paid accounts without even being told or as a result of being made to feel like it was your only option..
Ask yourself if any of the following examples applied to you:
- You felt 'obliged' to take out a packaged bank account as you were told that it was your only available option
- Nobody told you that you could have a free account instead
- You were told that you could only have a loan or mortgage if you agreed to take a packaged account too
- You were told you would get better rates on a loan or mortgage if you agreed to take a packaged account too
- If the insurances that came with the account weren't useful to you, eg it included travel insurance yet you never go on holiday or breakdown cover but you don't own a car
- You weren't told about exclusions on the insurances, for example an age restriction on travel insurance
- Your bank account was 'upgraded' without your knowledge or agreement
- You didn't realise the cost of the packaged account or what the monthly fee was for
- You tried to cancel or downgrade the account but were told that you couldn't
- You didn't realise that you had to register or apply for the benefits, for example to register your mobile phone or join a club
Would my claim affect my bank account or relationship with the bank?
In our experience your bank would offer you a normal current account that doesn't charge a monthly fee or include any ‘packaged’ benefits. However, its probably best to check with your bank how you would like your banking arrangement to continue.
How long will it take to receive my Packaged Bank Account claim pack?
Once we have spoken to you we will send you our claim pack and you should receive it within a few days.
Can you help me claim if I closed my Packaged Bank Account some time ago?
Usually we can, yes. We will discuss any particular concerns with you, particularly if the account was closed more than 6 years ago.
What is the process?
Once we receive your completed Claim Pack we’ll review the information you provided initially and contact you to obtain any additional information we know the lender will want to know. In this way we aim to get everything in place at the start of the claim so we can present a full and detailed claim to the Bank.
Once we’ve submitted the complaint we’ll normally receive an acknowledgement from the Bank confirming receipt of the claim. They will then carry out their investigations into our complaint and we would expect their final decision in around 2 months after that. It’s possible that they will reject your complaint and deny mis-selling. We will review their decision for rejecting the complaint and if we consider that it’s appropriate we’ll usually take your complaint to the Financial Ombudsman Service (FOS) for review. However, don’t worry our fee remains the same whenever we settle your claim, we don’t charge any extra for referring your claim to either FOS.
We’ll contact you regularly to tell you about any developments in your claim and to tell you the decision from your Bank, and then later from FOS. Where we receive a compensation offer we’ll tell you about the offer and take your instructions on whether you want to accept if it is reasonable. If the offer is acceptable you may be asked to sign the acceptance form. Once the compensation is paid we will invoice you for our services.
Sometimes having taken on a case that we expect to win, we find that information comes to light that affects the prospect of success. Although this is unusual; if we’re forced to recommend withdrawing a claim we will discuss it with you first.
How long will the claim take?
Your Bank has 8 weeks to complete their investigation into the claim. Some of our client have received their compensation within a couple of weeks and we are finding that banks are dealing with these claims within the 8 week period that they are allowed.
Can I claim myself?
Yes you can make the claim yourself if you have the time and you are comfortable arguing your case with a big lender or maybe with an Ombudsman. You will also need to ensure that your claim succeeds first time because you will probably not be able to raise the complaint again. Would you know whether a lenders refusal to pay compensation is reasonable or whether an offer matches your full entitlement to compensation? Whether you make a claim yourself, seek advice elsewhere or use Go Claim Ltd we would advise you to claim sooner rather than later to ensure that you receive everything that you’re entitled to.
How we will communicate with you
We will communicate with you via post, email, sms and telephone. We will keep you informed of progress on your claim at all relevant stages. If at any time you would like an update on one or more of your claims, just ask.
What if I am unhappy about something?
At Go Claim Ltd we believe that a happy customer is a good customer and we always strive to provide excellent service. However, if you feel the need to make a complaint, we have a formal process which you can follow by viewing our complaints procedure on our website www.find-my-ppi.co.uk. If you are not satisfied with our handling of your complaint you can ask the Legal Ombudsman to consider the complaint. Full details can be found in our Complaints Policy.
What does Go Claim Ltd charge?
We handle your claim on a no win – no fee basis, if we don’t win you compensation we don’t charge you anything. All we charge is a share of the compensation we win for you. The only condition we make to protect our own position is that if you cancel our agreement with you before we finish, we reserve the right to charge a fee based on the time spent on your claim up to that point or our share of any compensation that has been offered at the time that you cancel.
What does Go Claim Ltd charge?
We handle your claim on a no win – no fee basis, if we don’t win you compensation we don’t charge you anything. All we charge is a share of the compensation we win for you. The only condition we make to protect our own position is that if you cancel our agreement with you before we finish, we reserve the right to charge a fee based on the time spent on your claim up to that point or our share of any compensation that has been offered at the time that you cancel. Our fee is 30% plus vat so for example if we win you £1000 compensation then our charge would be £360 including vat and you would be left with £640.
How much can I claim back?
Normally we would expect your compensation to include all of the monthly fees you have paid for the account together with interest of 8% which is added to the final settlement amount.
What happens to my Bank account when I claim?
Your packaged bank account would be closed if your claim is successful and you would normally be offered a “normal” account as of course the Bank cant continue to give you an account that they accept was mis-sold to you.