A Packaged Bank Account or PBA is a bank account that you have paid a monthly fee for. This fee can be anything from £5 to £25 a month, a charge which is meant to cover added benefits such as travel insurance, breakdown services, better overdrafts and health insurance.
However, a lot of people don’t realise that this money is coming out of their account or aren’t actually eligible for the benefits included. 1 in 5 people who have a bank account pay a monthly fee to the bank, so it’s definitely worth checking if you’re one of them.
The first thing to do is to have a look through your bank statements and see if there’s a regular amount; between £5 to £25 coming out of your account. It’s worth looking through older accounts too because you can claim on these fees as far back as 6 years.
If your bank didn’t explain clearly all the benefits that are associated with a PBA, then it’s likely that you’ve been mis-sold. They have to talk you through everything that’s included in the package and send you a welcome pack so you can use the benefits that you’re paying for.
You may not have used any of the benefits included in the PBA because you were already covered for travel insurance, or you may find you’re not eligible to use the cover. If this is the case then you’re entitled to claim this money back from the bank.
- You were never told directly that you were being sold a Packaged Bank Account.
- To get a mortgage, overdraft or loan you were told you had to sign up to a Packaged Bank Account.
- To get preferential rates you were told you had to pay for a Packaged Bank Account.
- You were given a Packaged Bank Account with benefits that didn’t apply to your situation.
- You accepted the Packaged Bank Account because you were told it would improve your overall credit score.
- You were told that a Packaged Bank Account was the only viable option for you.
- You had problems claiming on the policies that were included with your Packaged Bank Account.
This will change based on your circumstances and reasons for claiming. I’ll log, investigate and complete your claim as soon as possible and speak with the bank directly to save any delays.
Me and my team operate on a no win, no fee basis. This means that if my team don’t manage to get you compensation, then you don’t owe us anything. The only other occasion that you may have to pay is after the cooling-off period should you decide to cancel our contract.
The longer you’ve had the account for, the more money you’ll be entitled to. If you’ve had the account for a few years, then it’s likely that you’re entitled to hundreds of pounds and interest, which is usually 8% a year.
This amount will change if you’ve used any of the benefits included with your Packaged Bank Account, but even with deductions, you’ll still be entitled to compensation if you’ve been mis-sold to.
That’s why I'm here. As the Payment Professor I act as the middle man and a neutral third party so that you can keep your relationship with the bank and the whole claim goes smoothly. You don’t have to worry though as banks are legally obliged to treat customers fairly and know that you have every right to claim on an unfairly sold Packaged Bank Account.
Me and my team are here to help you get your money back from mis-sold Packaged Bank Accounts. You’ve got a lot going on, which is why you only have to fill in our simple form and I’ll do the rest.
It’s possible to reclaim bank fees from an account you no longer have for up to six years, but to check you’re eligible it’s worth talking through your situation with me on 0330 995 0220.
It is possible to make the claim for compensation by yourself, but my team are professionals and you can rest easy knowing that they'll handle everything.
You can count on our team to take care of everything once you’ve completed the form. Someone in our claims handling team will carefully go through all the information you give me and then send it to your bank directly. Sometimes I’ll need some additional information from you to send to the bank, but they are obliged in terms of their rules to finish their investigation within 8 weeks. If they reject the claim, don't worry because I still have the option of appealing.