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  • Packaged Accounts: I still think that a partial refund might be gained

    What is a Packaged account?


    You will pay a monthly fee for an account with extras attached to it from anything from £3.00 to as high as £25.00 a month.


    Why should this article be of interest to me?
    A recent FSA publication stated this:


    “• Packaged accounts may offer value for money for some consumers, but they may not benefit all;
    consumers could be better off purchasing products individually or not at all. And some may find that where the add-ons are insurance products, they do not provide the expected level of cover.
    The potential for consumer detriment, although not likely to impact any individual consumer
    significantly, could occur across a large population; around 15% of UK adults have some form of
    packaged account.”


    Can I reclaim all the fees incurred?


    In many cases the answer is no as you will have benefited from it. However, there will be cases in which the bank have failed to explain that the account may cover you for travel insurance and you may have purchased insurance unnecessarily. You may not have a car so Roadside Recovery cover is completely irrelevant to you. You need to spend a whole evening looking over what the benefits are and what you are eligible for and whether you have paid for other cover because the account was not explained properly to you or you believed you had to have the account.


    What do I need to do?


    You need to write to the bank alleging misselling of the account and the basis for it. You need to explain the reasons why you either benefitted partially or did not benefit at all. You should ask for evidence that the person who sold the account to you did make sure that it was the right product for you otherwise they should refund fees. Make sure you cancel the “extras” on the account because why pay for something you do not benefit from?


    Successful reclaims example:


    It is important that you view this thread because the person on this thread went through the account with a fine tooth comb and in a sense is the template for how you should approach the bank.

    I reclaimed LTSB account FEE's and GOT THEM - MoneySavingExpert.com Forums
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