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What are
Packaged Bank


A Packaged Bank Account is a current account bundled with a range of added extras and benefits, for example breakdown insurance, mobile phone insurance and travel insurance. It may also offer you preferential rates on loans, mortgages and overdrafts.

You pay a monthly fee for the account which will show as a transaction on
your statement, typically anything
from £8 to £25.

However attractive these attached benefits sounded when taking out the account, the reality meant that customers were either ineligible, or in some cases simply just didn’t want or need them.

More than 10 million people in the UK have been sold a Packaged Bank Account. As many as 1 in 5 account holders have one.
Of the cases that are being referred to the Financial Ombudsman, they are finding fault with 70% of the accounts.
If you had a paid-for account with any of these lenders you may be entitled to compensation:

  • NatWest
  • Lloyds
  • Bank of Scotland
  • HSBC
  • The Co-operative
  • Halifax
  • Barclays
  • Santander
  • Citibank
  • Ulster Bank
  • First Trust
  • Smile
  • First Direct
  • Yorkshire/Clydesdale
  • Royal Bank of Scotland

U Can Claim?

In many cases the banks have made exactly the same mistake as they did with PPI, that is, they failed to take the time to find out if customers actually needed the benefits; if they were eligible to use each benefit; and if they could buy them cheaper elsewhere.

Customers without cars charged for breakdown cover! Pensioners sold travel insurance but they were too old to claim! Customers sold mobile phone cover without being told of the hefty excess charges!

The Financial Conduct Authority has found numerous issues with PBAs, many of which were mis-sold in a similar way to Payment Protection Insurance.
A recent YouGov survey found that as many as one in five of all packaged bank accounts may have been mis-sold, with many of the optional extras failing to deliver what was promised.
And Natalie Ceeney, the former Chief Ombudsman, agrees.

She says: “There’s an obligation on the banks when selling packaged bank accounts to just explain what the cover is, because there may be limitations in the small print.
And it’s actually the obligation of the bank to make sure the customers understand those limitations.
Not being able to claim for a stolen mobile phone is one thing. Not being able to claim when your health depends on it is another thing entirely. It appears that serious errors are also being made when the banks are signing customers up to packages with travel insurance.”

The Financial Ombudsman is now settling in favour of the customer in over 70% of cases. Last year FOS received 155% more PBA claims. And with so many other potential victims out there, we could be on the verge of yet another major scandal for the banks.

If you feel that you’ve been sold a PBA that you didn’t want or ask for, Uclaim will help you claim back every penny of due compensation.

If you…
* Were told you had to get a premium account in order to get a mortgage/loan etc
* Were too old or ineligible for some of the insurances
* Were pressured into taking out the account
* Didn’t realise the bank hiked the price of the account and didn’t tell you
* Were in a position in which the fee/account was added without your knowledge
* Tried to cancel the account but were forced to keep it

These are just some of the reasons you may have been mis-sold a packaged bank account.

Give us a call at Uclaim today on
01872 211 380 and find out how we can
help Uclaim.

“Of course you are free to make a complaint yourself or approach a free service such as the Citizen Advice Bureau”

How much could U get back in compensation?

If you’re the victim of a mis-sale, you should be reimbursed all fees that you paid since the inception of the account, plus interest.

So if you paid £10 a month for two years you should get £240 back (£10 x 24 months) plus interest.

In some cases we’ve seen banks just change the insurances, so customers become eligible, as a way of dealing with the complaint.

But that doesn’t change the fact that
you were paying for something you either didn’t want or didn’t need, so we’ll make sure all the compensation due is paid back.

You’re entitled to 8% interest on any claim, as it’s assumed you’d have earned money on that amount had it not been taken from you.

This is calculated at a flat 8% per year – so if  you reclaim £100 for two years’ worth of fees U could get for each year.

If you had a NatWest account
• Costing £10 a month
• And you had the account over
a 5 year period
• And had no need for the mobile
or travel insurance
You could get back £648
If you had a Lloyds account
• Costing £25 a month
• And you had the account over an 8 year period
• And already had your own
Breakdown cover
You could get back £2592
If you had a Royal Bank of Scotland account
• Costing £16 a month
• And you had the account over
a 6 year period
• And you were told you had to have the account, because there was no free option
You could get back £1244.16

One example of a case looked at by the
Financial Ombudsman:

“Mr X realised only last July that he was paying Barclay’s £12.95 a month for his account. It turned out that he’d been paying them every single month for the previous seven years.

He said: ‘I had no idea what it was for. I looked into it and it was actually the bank. When I phoned them I was absolutely astounded that this had happened since 2005. And it was for upgrading my current account.’

When he complained Barclays refused his claim. They said he must have been made aware his account had been upgraded. The case went to the Ombudsman, which, as Mr X explains, proved successful.

‘After one year, they won the case and got all the money back that I had calculated plus interest – and that totalled £1400.’”