Packaged or Premium Bank Accounts usually incur a monthly charge of between £5 and £25 per month and in return the customer gets benefits which normally include mobile phone insurance, travel insurance, breakdown cover, interest-free overdrafts and gadget insurance. Recently the banks have been found to be systematically mis-selling packaged bank accounts to existing and new customers, and been overly-pushy in their methods and strategies.
Some of the reasons you may have been mis-sold a packaged bank account are:
- You were incorrectly told you had to open the account in order to obtain a mortgage, overdraft, loan or other product;
- No fee- free alternative account was offered;
- You were ineligible for the attached benefits – eg. too old for the insurance benefits
- You were mis-led into getting the account – fees were not fully explained, a pushy salesman wouldn’t take no for an answer, the product was not explained fully;
- You were upgraded to the account without knowledge
If you feel you have been mis-sold a packaged bank account then you may be entitled to a full refund of the fees paid plus interest.
Here at LA Law Limited we will act on your behalf on a no win, no fee basis so you are not put at any financial risk, and if you win your claim we will only keep 30% plus VAT of your compensation so you will keep the majority of your refund. We will do all the work and negotiate with the bank on your behalf.
By providing as little as the name of your bank account and account number, we would be able to start the quick claim process.
In most cases the duration to obtain the refund is minimal, sometimes concluded and paid out within a couple of months.
There is a large amount of unclaimed refund for mis-sold packaged bank accounts and as we work on a strictly ‘no win, no fee’ basis, you have nothing to lose.
For further information or if you have a mis-sold packaged bank account claim, then please contact one of our trained advisors