Mis-Sold Packaged Bank Accounts – Claim Back Feesskippy2015-12-21T16:44:50+00:00
Call 0808 252 4196 Now to Claim for a Mis-Sold Bank Account
We can help you to claim for compensation and fees on mis-sold packaged bank accounts with just one phone call
If you believe you have a mis-sold packaged bank account, call Kangaroodle today for help claiming back the unfair fees and charges you have paid. We are one of UK’s leading financial claims management companies. The mis-selling of packaged accounts has been prevalent in the UK finance industry, and we have already helped thousands of UK consumers claim back unfair charges.
How to Claim for a Mis-Sold Packaged Bank Account
Call our hotline or complete the packaged current accounts claim form
Our specialists will ask you some questions about your packaged bank account
We will send you out a pack to complete and send back to us
We will then liaise with the Financial Ombudsman and bank to process your refund
How Much is Your Refund Worth?
Kangaroodle are the Leaders in Claiming for Mis-Sold Bank Accounts
We will help you claim back fees and compensation for mis-sold packaged bank accounts – call 0808 252 4196 now to get started
Were You Mis-Sold a Packaged Bank Account?
If you have any of the features shown below with your bank account, and are paying a fee for these services then you have a packaged bank account. You may not even be aware you are paying for a packaged bank account – if you are unsure whether you have any of these services with your account and paying a fee for them, you can check with your bank or look at your bank statements.
A packaged bank account is typically a current account bundled with a range of premium features such as the following:
Insurance policies (travel insurance, mobile phone insurance etc.)
Access to preferential terms for other financial services for example overdrafts, personal loans or mortgages
Sometimes non-financial products and services such as early access to event tickets
Are All Packaged Bank Accounts Bad?
Packaged accounts can be an excellent way of saving money for some, but for others they can be entirely useless and wasteful.
If you have had the benefits of having a packaged account properly set out to you and chosen one based on a rational decision, it may be the cheapest way to get many types of insurance.
However, you may have been sold an account by a sales agent at the bank with a strict target to meet, without having the benefits outlined to you or without having your eligibility properly assessed. This is mis-selling and you could be owed thousands, as banks have been found to have systemically mis-sold them.
This is why Kangaroodle now handle so many mis-sold packaged bank account complaints on the behalf of UK consumers – contact us today if you would like to know how to claim for a mis-sold bank account.
Why Do Banks Offer Packaged Bank Accounts?
Packaged bank accounts are usually sold rather than bought. Customers do not tend to ask for this but are more likely to be upgraded by their bank or offered a premium current account – rather than a standard and free option.
Packaged bank accounts are offered by almost all major banks. They are an important financial product, differentiating the brands in the market, enabling them to attract new customers and retain existing ones. These types of offer are designed and marketed to be “convenient” with the “customer in mind”.
However, the bundling of insurance products creates complexity for customers and may create confusion in understanding whether the account is right for them, and what the alternatives may be.
When packaged bank accounts are being offered, it is important that sales agents make the customer aware of their suitability for the product, and whether there are more appropriate options for the customer. If this is not complied with, the product is being mis sold.
Mis-Sold Packaged Bank Accounts: Why Does it Happen?
Insurance policies in a packaged account are normally considered low-risk financial products. However, because they are sold in a bundle with a current account, there is risk that the sales agents may not check that it’s suitable.
This means consumers may not receive the information they need to properly consider the option of the bank account being offered, shop around with other providers, or consider the alternatives.
As a result of this complex system, there is a risk that consumers may purchase insurance policies for which they are ineligible. Customers may be ineligible either at the point of purchase of the account or may become ineligible, for example because of a condition relating to age that was not made apparent to them by the bank. It could be unsuitable for their needs, yet this was not pointed out, or the customer felt pressured to sign-up.