PBA FAQS

What is a Packaged Bank Account (PBA)?

A Packaged Bank Account is a current account where you pay a monthly fee for additional features.

Why may I have been Mis-sold a Packaged Bank Account?

Thousands of people have been paying for a packaged bank account and didn’t know they were paying a monthly fee.

A lot of people didn’t need the features or realise they had them and may have purchased the same cover already. The features could include Insurance for mobile phone cover or travel, breakdown cover and some preferential rates on other services from the bank, such as loans and mortgages as well as others.

An estimated 11 million people pay various monthly amounts for these accounts, typically between £5 and £25 a month for current accounts with added benefits, but as many as one in five people may have been mis-sold this type of packaged bank account as they were not required, may already had the feature or been unable to use the feature, due to age or other eligibility criteria.

How do I know if I am eligible to make a claim?

You may be eligible to make a claim if any one of the following reasons apply to yourself;

  • You were pressured into taking out the account;
  • You didn’t know you had a packaged bank account;
  • You thought you had to have a packaged bank account
  • You were told you couldn’t have a loan, credit card, overdraft, savings account, or mortgage unless you also took out a packaged bank account;
  • You were recommended a packaged bank account that was unsuitable for you;
  • You weren’t clearly told the cost of the packaged bank account – or the features of the account (and their limitations) weren’t properly explained;
  • You weren’t able to use one or more of the insurance benefits sold with the account; or
  • You were given incorrect information about the packaged bank account – for example, you were told having it would make you more likely to get a loan, or you were told you would be covered by an insurance policy when you weren’t.

Can I make a claim if the Bank Account has been closed?

Yes, you can still make a claim, but if the account had been closed for more than 6 years you will need some documentation or evidence of the account.