PBA Claim
The second most mis-sold financial product after PPI. Packaged bank account’s are current accounts in which you would pay a monthly fee for benefits such as insurances and breakdown cover. The FCA found that banks were not consistently selling these accounts correctly as late as 2014
What is it?
What is a PBA Claim?
A Packaged Bank Account, PBA for short is a current account which comes with a monthly fee and in return you will receive benefits. These benefits are usually in the form of insurances, cheaper/free overdrafts and/or breakdown cover. There will always be more than one benefit, hence the “Package”. The fees for these accounts are charged monthly and are in the region of £5-25 per month
But Why?
Why can I get money back?
The banks and mis-selling is nothing new. Last year alone (2019) the banks refunded over £4 billion to customers due to mis-sold financial products. Common examples of mis-selling of PBA’s are:
Being told free accounts were no longer available
Anyone in the UK had the right to a free bank account and not at any point since the 1970s has it been compulsory for anyone to ever pay for a current account
Informed you need a PBA to get a loan/mortgage/credit card
A PBA would not result in an improvement in your credit rating or effect the credit check a lender would undertake when deciding to offer you finance
Being given an account which was unsuitable for your needs
Many people held accounts with insurances or covers which offered them no benefit whatsoever, or offered less of a benefit than they actually believed
Hard to find terms/fees which people were not made aware of
Terms and conditions at best of times can be difficult to digest hence why the FCA required banks to be clear regarding key terms and exclusions but many banks failed in this respect
Is my account eligible for a claim?
It doesn’t matter if you no longer have a PBA, you can still claim. The sooner you do, the better as the banks can “time-bar” certain complaints. Ask yourself 3 simple questions:
“Did I receive benefits such as insurances or breakdown cover?”
“Was my account ever called something ‘exclusive’ such as Gold or Premier?”
“Did I pay a monthly fee for my current or an old bank account?"
If you answered yes to ANY of the 3 above you could be eligible to claim.
Remember, just because you don’t recall having benefits doesn’t mean the bank failed to inform you you were paying for them. We have hundreds of customers who are surprised to learn they have one of these accounts
Remember, just because you don’t recall having benefits doesn’t mean the bank failed to inform you you were paying for them. We have hundreds of customers who are surprised to learn they have one of these accounts
Who's affected
Who is affected by these financial claims
Packaged Bank Accounts first started appearing in the 1980's. Over the years the benefits they have offered have varied slightly including their names, benefits offered and their monthly cost. Some customers have found they were moved between these different types of accounts which had names indicating prestige such as 'Platinum', 'Gold' or 'Privilege'. PBA's are still available today and whilst they offer a lot of customers value for money for others they don't. Also what is important is that they were sold correctly and you weren't misled into agreeing for the account
Over 50
The one's who deserve a break
For a lot of people these accounts presented no real benefit, they provided cover for winter sports and smartphones. Also the travel insurance would become void at a certain age and due to certain medical conditions
Under 50 but over 18
The sweet spots
A lot of people have remained with the same bank for years, even those they first banked with. The longer you’ve had this account the larger the refund, but even if you paid £10 a month, that’s £120 for each year you had the account (not to mention the compensatory interest for each year since)
Who was it?
What companies can I claim against?
Pretty much every single major high street bank offered these accounts at some point in time; some still do. If you’ve ever dealt with one of these banks you could have been affected:
And Many More...
What could I get and how can Wyndan help?
Our average successful claim as of July 2020 was £1,045. Wyndan Group Ltd has now recovered over £14 million in little over 18 months for its customers for mis-sold financial products. We are authorised and regulated by the Financial Conduct Authority with respect to claims management activities
How it works
See just how simple our 4 stage process is below
1. Complete our simple questionnaire
In just a few minutes you can provide the simple information we require
2. Submit the claim securely online
If eligible we will send you a pack for you to fill out your details electronically
3. We’ll liaise with your Bank
If we need to contact you we will and you can check the progress through your account
4. Receive your money once successful
You’ll be paid out directly and we can settle any fees owed
Don’t believe us?
Why you should use us
It's Easy
We ask you a set of simple questions based on the claim you are submitting without you having to figure out what the potential issues are in the first place and how to effectively position your argument
Monitor your claim
Our claims portal means you can access and view the status of your claim at any time. Our customer service team are on hand to answer your questions via live chat, email, SMS and phone
We are experienced
With years of experience in the industry accompanied with external legal experts knowledge we have been able to establish effective arguments for our customers base on their circumstances
We are effecient
Due to the volume of complaints we deal with we have lines of communication setup to stay on top of your claims and get answers without you having to sit on hold
Apply in seconds
We have made a simple but effective process which means your precious time isn’t wasted on what we are good at. Allowing you to sit back while we fight your corner
You can trust us
As a regulated firm by the Financial Conduct Authority we are held to high standards, and rightly so. We remain clear and transparent throughout your claims process