Do you pay or have you ever paid a monthly fee for your bank account?
If so, there’s a chance that you could be overpaying without your knowledge for a packaged bank account. A packaged bank account, or PBA, is an account that groups extra services such as mobile phone insurance, travel insurance, car breakdown recovery together with banking services.
In the past two years, it has unfolded that some banks have been selling their customers these services without their customers’ full knowledge or approval. Many customers have been unable to use the benefits they’ve been paying for or may even be unaware that they’ve purchased these benefits.
Not all people who purchased packaged bank accounts are eligible for compensation, but if a packaged bank account was mis-sold to you (meaning you were not fully aware of the services and benefits you were purchasing), you may be able to make a successful claim to recover £100s-£1000s. If your bank account was upgraded without your knowledge, this qualifies as mis-selling.