For years now many banks have been upgrading customers to what they call premier accounts, which offer a variety of claimed benefits for those who choose to take them, but they don’t come cheap and can cost as much as £20.00 a month, and more often than not they don’t give you any value at all.
If you have a premier type account or have had one in the past, you may be able to claim the fees back if you believe you were miss-sold the account, and to be miss-sold the bank should really have first assed with you whether or not the account would indeed be beneficial to you, if they didn’t and they just signed you up, then you have a claim, the problem is they sell then under a non-advised basis, meaning they could until now get away with it.
Can I make a claim?
If you currently pay or have paid a monthly fee for your bank account, it’s likely you’ve had a packaged or premier account.
These dodgy premier current accounts are now the most complained about financial product after the dreaded Payment Protection Insurance (PPI), which has seen billions paid out to customers.
Most banks sell packaged bank accounts on a non-advised basis which means they don’t have to assess whether an account meets your specific needs.
But they must still provide clear, fair and unambiguous information so you can make an informed decision. Mis-selling occurs when a bank fails to do this.
Examples of Miss Selling
- You were signed up without being told.
- You weren’t told you could have a free bank account instead.
- You were told having one would improve your credit score.
- You were told you would get ‘unbeatable’ deals on other financial products or services by taking out this account but found you could get them cheaper as a new customer.
- You were told you had to get a packaged account in order to access other products such as a loan or mortgage.
- You were signed up to an account and your bank knew you wouldn’t be eligible to claim on one or more of the benefits – eg you were too old to be able to use the travel insurance.
- Your bank or building society failed to tell you that you were no longer eligible for one or more of the benefits – eg you had passed the maximum age limit to claim on the travel insurance
- If any of these apply to you and you took out a packaged account as a result, head to Step 2 below for what to do next.