What is a packaged bank account?
A packaged bank account is one where you are offered numerous services in return of a monthly fee. Among the services, generally at least one insurance is offered, such as vehicle insurance, mobile phone insurance, or even a vacation cover. It might also include other service like airport lounge access, movie tickets, amusement park entry passes, among other things.
What are a mis-sold packaged bank account (mis sold PBA)?
Often it so happens that a customer lands up with a packaged bank account without his knowledge or approval. A PBA is more often sold than bought. When customers approach a bank for services like deposits or loan or credit cards, many times the banks offer attractive services in the form of cheaper interest rates on loans or better returns on investments. Many customers are thus lured into opening a PBA or upgrading to one.
It might be a mis sold PBA even if your bank dismissed offering any free account, or regarded you ineligible to hold a free account owing to their service norms. Thus, the bank actively encouraged you to choose a premium account over a free one.
Does Barclays offer PBAs?
Yes, Barclays like many other banks, offer PBA. These are under the following names:
• Additions
• Additions Active
• Addictions Plus
• Current Account Plus
• First Additions
• Premium Life
What do I do if I was mis sold a PBA?
If you think you were mis sold Barclays PBA, you can initiate a PBA refund. The Financial Conduct Authority found that many PBAs were mis sold since the customers were unaware of the benefits offered by the banks and never really made use of the services. Such customers can reclaim their PBA monthly charges.
How do I reclaim PBA charges?
If your Barclays account goes by any of the above names, you can ask for a PBA refund. There are 2 ways of going about it- by yourself or through a claims company.
You an get in touch with your bank and ask for a refund of your PBA monthly fees. You will be given a form to fill out the details, based on which the bank will investigate your case. If eligible, you will get your PBA refund.
Alternately, you can reclaim the PBA via a claim’s management company. A claims management company will raise a request for refund on behalf of their client and take care of all the hassles involved, till the client reclaims the PBA.
How much refund will I get?
You will get full refund of all the monthly fees that you had paid, along with 8% interest. A claims company like ours, that takes care of reclaiming PBA for its clients, charges 30% of the refund value in addition to the VAT, only upon successful refund of PBA claims.
How long does it take to reclaim Packaged Bank Account fees?
After receiving a PBA request from a claim’s management company, a bank generally takes 8 weeks. After this, you either receive the Packaged Bank Account refund letter or a rejection of your claim. For older accounts, however, banks might take a bit longer.
Do I necessarily have to go via a claim’s management company?
No, a bank customer can reclaim PBA himself as well. However, given the paperwork, calculations and the hassles involved, many of our clients find it easier to approach the bank via a claims company like ours.
If my claim gets rejected, do I still have to pay my claims management company?
No. Ideally a claims management company works on the principle of “No Win, No Fee”. The fee is charged only when a customer receives a successful PBA refund.
our website: pbachecker.com
pbaexperts.com
bank-refund.com
Mis-sold packaged bank account charges. 💷 Average Refund amount is £1211.26 for Lloyds Bank customers 💷 (for the period between 13th Jan/13th Feb 2020 by 111 customers). If you have a Lloyds account check for your claim here [ Ссылка ]! Coban Solutions Limited is a claims management company, we are authorised and regulated by the Financial Conduct Authority FRN: 829748. You do not need to use a claims management company to pursue your claim. You can make a complaint to your lender direct, to the Financial Ombudsman Service or the Financial Services Compensation Scheme yourself for free.
Check if we can assist in starting your claim [ Ссылка ]
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