What is a packaged bank account?

Monika Gubała

compensation claims expert

Financial advisers in the banking industry, taking advantage of the clients’ lack of information, have been committing financial abuse for many years. Just recently, this misconduct has come to light. Articles of the main British newspapers have portrayed the scale of the problem. Clients have realized that they have been misled for many years. More people today decide to claim their rights and undertake legal measures in order to recover what was legally theirs in the first place.

A packaged bank account (sometimes called a fee-paid account or bundle account) is a bank account where you pay a monthly fee to get access to a variety of extras. For example, many packaged bank accounts come with mobile phone insurance, breakdown cover or travel insurance.

In some circumstances, the extras offer good value-for-money and can really benefit the account holder — which is great. However, many packaged bank accounts may have been mis-sold by banks or not tailored to the Client’s needs.

It is possible for a bank to misinform the client when offering a packaged bank account

For example, you may have been completely unaware of the fees when you signed up. Maybe the extras were genuinely unsuitable for you, yet you were actively sold the account or you may not have needed or wanted travel insurance. You may have been ‘upgraded’ to one of these paid accounts without even being informed or as a result of it being presented as your only option.

If you have a packaged bank account and were not fully aware of what you were signing up for or you feel the benefits of the account do not apply to you, then you may be eligible to reclaim the fees you have paid.

Check, if you can reclaim bank charges
Check the list of banks offering packaged bank accounts