PACKAGED Bank Accounts have been named as one of the most useless financial products, yet reports of customers being mis-sold PBAs are on the increase.
Local personal injury specialists Johnson Law are now extending their range of services to help people who have been mis-sold packaged bank accounts, and from Jonathon Malbon will be able to represent you if you think you may be entitled to compensation from your bank.
Packaged Bank Accounts, sometimes called ’upgraded’, ‘gold’, ‘premium’ or ‘reward’ accounts, come with extra features which cost the account holder between £5 and £25 per month. These include mobile phone insurance, travel insurance, breakdown cover, or a combination of insurance products.
You may also be offered preferential rates on overdrafts or loans, use of airport lounges, and discounts on products and services.
While these products are useful to some, Jonathon Malbon from Johnson Law warns that the cost may outweigh the benefits.
“These insurance products may be useful to you if, for example, you travel regularly. But the terms and conditions of PBAs can be complicated, and they should be explained to you properly before you sign up for anything. You need to be aware of what you will be charged, and ensure that you’ll be eligible to make a claim should you need to.”
If you discover that you hold or are being charged for a PBA and were unaware of it, or the price of your PBA has increased without your knowledge, you could be entitled to a refund.
Being told you had to open a PBA in order to secure a loan or to increase your credit score also qualifies as mis-selling.
