Reclaiming on packaged bank accounts

[di30]

When we were with Lloyds, they had a habit of upgrading our bank account automatically.

I can clearly recall that the one day we went to purchase a garden item in B&G (DIY)Store, and we knew we had a healthy balance at the time, well not exactly wealthy but it was well in credit LOL!

None of our debit cards went through at the till, "how embarrassing with a big queue", so we went straight to the bank, the balance was checked and all was fine, but we did not understand why it happened, the bank manager just said it must have been a glitch, but then said it would be best to move up from platinum account to premium.

We were not even told the amount we would be paying for a month, but it was that of £25!!!!

We received some leaflets/info in the post sometime later about the benefits, but we did not feel they were ALL beneficial to us, because we already had automatic cover elsewhere with the main of them, we asked if we can go to a cheaper account, but they said as it's set up now, they were unable to do so.

So with that, I think we will check on the other packaged accounts we had with them prior to that.

What are your views on this please folks?

Thank you in advance.

[pompeyfaith]

Re: Reclaiming on packaged bank accounts

In my view and as you have just shown, this is another big misselling issue that could cost the banks millions on top of the already increased PPI set aside.

Di if you feel you were sold add-ons that were of no use to you go for it as you have nothing to lose but maybe plenty to gain.

Regards

[vossy]

Re: Reclaiming on packaged bank accounts

My son is with Barclays, he was just looking through his bank statements one day and noticed a payment every month to I think it was Barclays Premier or similar, they had had him on this racket for two years before he noticed, it covered things like lost keys, breakdown cover, mobile phone cover and a few other things, when he queried it with the bank they said they do these things in the customers best interests based on what goes through their accounts, they did say they sent him all the info first but he can't remember any of it, promptly cancelled, dunno about refunds though.

[pompeyfaith]

Re: Reclaiming on packaged bank accounts

My son is with Barclays, he was just looking through his bank statements one day and noticed a payment every month to I think it was Barclays Premier or similar, they had had him on this racket for two years before he noticed, it covered things like lost keys, breakdown cover, mobile phone cover and a few other things, when he queried it with the bank they said they do these things in the customers best interests based on what goes through their accounts, they did say they sent him all the info first but he can't remember any of it, promptly cancelled, dunno about refunds though.

How the hell do they know for instance if he already has Phone insurance because he could be paying it within his phone bill so would not show up.

I would get him to check exactly what it was covering and whether he had any alternative cover with another provider and if he did not whether he in fact did want what they were selling.

[vossy]

Re: Reclaiming on packaged bank accounts

He did have car breakdown cover and his mobile was covered on his monthly contract if I remember correctly, so in effect he was paying for stuff he didn't need or even ask for, how many people have they just added this to over the years?

[di30]

Re: Reclaiming on packaged bank accounts

Cheers PF.

I did actually read that they are urging customers to complain, even if the policy protected you for some products but not all.

[pompeyfaith]

Re: Reclaiming on packaged bank accounts

As Blogged by 5corpio today:

Paid-for accounts threaten new bank scandal - allaboutFORUMS

[di30]

Re: Reclaiming on packaged bank accounts

I found the details they sent me in 2008 of all the charges, they range from £8 to £10 to £15, then finally £25 a month when they kept updating the account, a few years on the premier one of £25 a month.

Am going to give it a shot.

[di30]

Re: Reclaiming on packaged bank accounts

May make a start on this later.

I will keep them separate for each account, so they do not get confused, as some things would have covered on some but not for everything on each account.

I take it just a basic letter of complaint, bring in the FOS who are the one's who mentioned - even if covered for some but not the full products just to cover it.

Am open to further info/advice please if any, thank you.

[Undercover Elsa]

Re: Reclaiming on packaged bank accounts

Good luck with this hun, sounds like you may have a case.

You've probably seen this, but just in case, there's some useful info on there:
Packaged account mis-selling victims can claim compensation

Elsa x

[vint1954]

Re: Reclaiming on packaged bank accounts

Packaged bank accounts come under scrutiny from the FSA | This is Money

And this one

[di30]

Re: Reclaiming on packaged bank accounts

Thank you all

Now........how to word the letter

[di30]

Re: Reclaiming on packaged bank accounts

I have decided to keep to just one letter, and enclose copies of the account charges, just as long as they have the bank account number that should be fine, and will write all the products that were not suited on each package account.

[di30]

Re: Reclaiming on packaged bank accounts

Any ideas on how to word the letter folks, or should I just keep it basic?
Not sure to mention the FSA/FOS, because the FOS have mentioned on the write up about customers should try to reclaim on mis sold packaged accounts.

Thank you.

[pompeyfaith]

Re: Reclaiming on packaged bank accounts

Di

I think just for now a basic letter outlining your reasons why you where missold the product.

Would you like me to do a template later this evening ?