Package Bank Accounts
What is a package bank account? –
Packaged bank accounts are current accounts that come with extra features ‘packaged’ such as travel insurance, mobile phone insurance, and limited car breakdown cover. The bank accounts may be given titles like “reward”, “premium”, silver or “gold” accounts and you are charged a monthly fee for having the account.
Most of the features built into Package Bank Accounts were insurance based, this means the banks are required to check the cover is suitable and you are eligible, which often failed to happen. The key is what you were told (or NOT told) at the point of sale or upgrade. It is the banks responsibility to make sure the insurance was suitable to your needs and requirements.
Package Bank Accounts were sold by the following:
- Clydesdale Bank
- Yorkshire Bank
- Bank Of Scotland
How were Package Bank Accounts
- Told when opening a current account this was the only one available and no offered a free to use current account.
- Not told you had a package bank account but found out later when you realised you were paying a monthly fee.
- Told you had to have a package bank account if you wanted to qualify for a loan or overdraft.
- The benefits of the package bank account not explained to see if the features offered fit your needs or requirements, so you were misled into taking the account.
- You already had some of the features included in your account elsewhere.
GPI Claims work on a no win no fee basis and there are no upfront charges.
If your claim is successful, GPI Claims charge a fee of 20% + VAT (24% in Total) of the net compensation awarded (for examples see our fee page).
You have nothing to lose by contacting the GPI Claims team today for a free check to see if you were mis-sold and entitled to compensation plus loss of interest.
Fill out our quick and easy form to start your claim.