"packaged bank account" - scam or next PPI?
Discussion
Had a random meail from a co. that claims to have assited me in a recent PPI claim, now claiming....
"You may recall we previously acted for you in relation to a mis sold PPI claim. As a highly valued client of this firm we are writing to you with an exclusive invitation to make a claim for a potential mis-sold packaged bank account(PBA). If you ever paid regular monthly fees for your current account (not overdraft charges) with any major high street bank you could be owed on average of between £3000 to £7000.
A Packaged Bank Account – sometimes called a “paid-for account” is a bank account when the bank usually charges a monthly fee in return for a range of insurance and non-insurance based benefits such as travel insurance, mobile phone insurance, vehicle breakdown cover, preferential loan or overdraft rates, emergency home callouts for tradesmen, discounts at shops or other services such as access to airport lounges.
Each bank usually has its own name or branding for these accounts to reflect the degree of benefits that are provided, also to reflect the superior nature of certain accounts – some examples are silver, gold, platinum, premier, additions plus, advantage, advantage gold.
Consumers typically pay between £5 and £25 each month for a packaged account. Around one in five adults in the UK has one of these accounts."
Its just spam isnt it ?
"You may recall we previously acted for you in relation to a mis sold PPI claim. As a highly valued client of this firm we are writing to you with an exclusive invitation to make a claim for a potential mis-sold packaged bank account(PBA). If you ever paid regular monthly fees for your current account (not overdraft charges) with any major high street bank you could be owed on average of between £3000 to £7000.
A Packaged Bank Account – sometimes called a “paid-for account” is a bank account when the bank usually charges a monthly fee in return for a range of insurance and non-insurance based benefits such as travel insurance, mobile phone insurance, vehicle breakdown cover, preferential loan or overdraft rates, emergency home callouts for tradesmen, discounts at shops or other services such as access to airport lounges.
Each bank usually has its own name or branding for these accounts to reflect the degree of benefits that are provided, also to reflect the superior nature of certain accounts – some examples are silver, gold, platinum, premier, additions plus, advantage, advantage gold.
Consumers typically pay between £5 and £25 each month for a packaged account. Around one in five adults in the UK has one of these accounts."
Its just spam isnt it ?
Apparently not.
https://www.moneysavingexpert.com/reclaim/reclaim-...
Although the one I have with my bank gives me breakdown/recovery cover for less than my old AA policy, and some other useful bits and pieces, so I am quite happy with mine.
https://www.moneysavingexpert.com/reclaim/reclaim-...
Although the one I have with my bank gives me breakdown/recovery cover for less than my old AA policy, and some other useful bits and pieces, so I am quite happy with mine.
Nothing wrong with a packaged account if you make use of the benefits. I upgraded mine a few years ago to a more expensive one as the perks were worth having. All these claims chasing firms are blood sucking a
holes and people fail to realise that the more money they extract from banks and the like the more we all end up paying for this in the long run through banks etc charging more to cover their costs going forwards. Sadly caveat emptor is seldom used these days.
holes and people fail to realise that the more money they extract from banks and the like the more we all end up paying for this in the long run through banks etc charging more to cover their costs going forwards. Sadly caveat emptor is seldom used these days.I'm not sure I'll be looking at claiming - but since my dad passed in June I've had to look into his finances (and my mums) joint account
He got drawn into a Nat West black account, and quite frankly I'm dumbfounded
I guess he liked flashing 'the card' - but £31 a month for a load of products/services he never used?
I'm pretty annoyed tbh.
He got drawn into a Nat West black account, and quite frankly I'm dumbfounded
I guess he liked flashing 'the card' - but £31 a month for a load of products/services he never used?
I'm pretty annoyed tbh.
jules_s said:
I'm not sure I'll be looking at claiming - but since my dad passed in June I've had to look into his finances (and my mums) joint account
He got drawn into a Nat West black account, and quite frankly I'm dumbfounded
I guess he liked flashing 'the card' - but £31 a month for a load of products/services he never used?
I'm pretty annoyed tbh.
That's £372 per year. Depending on their usual habits, it may have been cheaper and/or more convenient than breakdown cover and travel insurance for the two of them. The rest would be pointless but sometimes just one or two of the benefits make the package worth having. He got drawn into a Nat West black account, and quite frankly I'm dumbfounded
I guess he liked flashing 'the card' - but £31 a month for a load of products/services he never used?
I'm pretty annoyed tbh.
Black account also gives access to airport lounges. Not that I've used any since Covid but before that it was great as covered me and the OH as a joint account and could pay for the kids. That combined with breakdown for all vehicles (4 cars and 3 bikes) means good value and we get the reward cashbacks too. It's like with mobile phones, you just need to research and ensure the 'tariff' you are on suits you.
I got conned into one of these years ago with the promise of a lower overdraft interest rate than what I was already paying with the additional benefits of things like mobile phone insurance etc. etc.
These were the days when you visited your bank manager and being a bit wet behind the ears, I thought the bank were there to help me, so i took his advice.
Last year i got a very handsome payout from a certain large National bank.
I claimed through the advice given on one of the money saving forums, avoiding the commission charged by the claims companies. It was a simple process.
These were the days when you visited your bank manager and being a bit wet behind the ears, I thought the bank were there to help me, so i took his advice.
Last year i got a very handsome payout from a certain large National bank.
I claimed through the advice given on one of the money saving forums, avoiding the commission charged by the claims companies. It was a simple process.
Jules Sunley said:
Nothing wrong with a packaged account if you make use of the benefits. I upgraded mine a few years ago to a more expensive one as the perks were worth having. All these claims chasing firms are blood sucking aholes and people fail to realise that the more money they extract from banks and the like the more we all end up paying for this in the long run through banks etc charging more to cover their costs going forwards. Sadly caveat emptor is seldom used these days.
The difference here is that you have obviously looked into whether the product was of benefit in your circumstances.holes and people fail to realise that the more money they extract from banks and the like the more we all end up paying for this in the long run through banks etc charging more to cover their costs going forwards. Sadly caveat emptor is seldom used these days.Many were mis-sold or even coerced into buying a product which wasn't suitable for them.
fouronthefloor said:
I got conned into one of these years ago with the promise of a lower overdraft interest rate than what I was already paying with the additional benefits of things like mobile phone insurance etc. etc.
These were the days when you visited your bank manager and being a bit wet behind the ears, I thought the bank were there to help me, so i took his advice.
Last year i got a very handsome payout from a certain large National bank.
I claimed through the advice given on one of the money saving forums, avoiding the commission charged by the claims companies. It was a simple process.
Same for me. The money I received paid for a couple of flights to New York. These were the days when you visited your bank manager and being a bit wet behind the ears, I thought the bank were there to help me, so i took his advice.
Last year i got a very handsome payout from a certain large National bank.
I claimed through the advice given on one of the money saving forums, avoiding the commission charged by the claims companies. It was a simple process.
Quite happy with my banks packages right now, £8 a month and I get car breakdown cover, phone insurance, travel insurance.
mmm-five said:
I wonder how many of these 'mis-sold' customers knew exactly what they were getting into and are just simply jumping on the easy compo bandwagon - and now 'swearing' that they were pressured into, or misunderstood the terms?
Not many - why would you willingly sign up to something which would be disadvantageous to you?We have a Platinum Account with Lloyds which gives the usual Benefits.
When we opened the account part of the documentation signed was waiving any right to claim/sue/blame in the future and that we knew exactly what we were signing up for.
What's the shuddering fk has this world become.
When we opened the account part of the documentation signed was waiving any right to claim/sue/blame in the future and that we knew exactly what we were signing up for.
What's the shuddering f
k has this world become. I would advise anyone who gets "free" travel insurance to read thru the Tc & Cs in detail. The policies are often not worth the paper they are written on.
If you 60+ with a few ailments, travel insurance is expensive. So ask yourself, will "free" travel insurance give you the cover you need. How are the insurers make any money on the deal?
If you 60+ with a few ailments, travel insurance is expensive. So ask yourself, will "free" travel insurance give you the cover you need. How are the insurers make any money on the deal?
I had a fee paying bank account some years back, it gave little benefits, but for reasons unknown that’s the only current account Barclays would offer me (despite having a joint account with the same branch). After about 3 years they said they were dropping that account (Additions) and changed me to their Platinum account, no fees.
I heard a claim could be made as there was no reason to put me on a fee paying account, so did it through the Resolver scheme, only to be kicked into touch by Barclays as too much time had passed
Resolver costs nowt to do so you might as well give it a punt if you think they stiffed you with a fee payer
I heard a claim could be made as there was no reason to put me on a fee paying account, so did it through the Resolver scheme, only to be kicked into touch by Barclays as too much time had passed
Resolver costs nowt to do so you might as well give it a punt if you think they stiffed you with a fee payer
TwigtheWonderkid said:
I would advise anyone who gets "free" travel insurance to read thru the Tc & Cs in detail. The policies are often not worth the paper they are written on.
If you 60+ with a few ailments, travel insurance is expensive. So ask yourself, will "free" travel insurance give you the cover you need. How are the insurers make any money on the deal?
We claimed on ours whilst skiing in Bulgaria when she snapped a ligament in her leg. If you 60+ with a few ailments, travel insurance is expensive. So ask yourself, will "free" travel insurance give you the cover you need. How are the insurers make any money on the deal?
Paid out for an extra few days there, all food/drink etc during our extra few days, then flights back to London > Edinburgh > Newcastle.
Couldn't fault the process at all.
twister said:
fouronthefloor said:
Not many - why would you willingly sign up to something which would be disadvantageous to you?
That's not what they were suggesting...Having allocated funds to deal with this, I expect the banks consider it not worth their while to check the details of all claims relating to the period where their staff were incentivised to promote the product to everyone without warning them that it may not be suitable.
I would imagine you'd be unable to claim if you've actually used one of the perceived benefits but if you haven't, the likelihood is that the product was unsuitable.
The enticement of lower overdraft interest rates sounds good but effectively replacing it with a monthly fee for for a few discounted ticket/insurance products, etc. is of no benefit if you don't use them and if you have an overdraft, spending more money on stuff you don't need is not helping.
This is clearly mis-selling and that's why the law is in place.
I would suggest that anyone who has taken out one of these products and not been warned that it may not be suitable, should have a claim.
The suggestion that someone would knowingly sign up for one in the hope that somewhere down the line, they may be able to get compensation is ridiculous.
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