Packaged bank account refund | pbachecker.com | pbaexperts.com | bank-refund.com | pba claim barclays
What is a packaged bank account?
A packaged bank account
is one where you are offered numerous services in return of a monthly fee. Among
the services, generally at least one insurance is offered, such as vehicle
insurance, mobile phone insurance, or even a vacation cover. It might also
include other service like airport lounge access, movie tickets, amusement park
entry passes, among other things.
What are a mis-sold
packaged bank account (mis sold PBA)?
Often it so happens
that a customer lands up with a packaged bank account without his knowledge or
approval. A PBA is more often sold than bought. When customers approach a bank
for services like deposits or loan or credit cards, many times the banks offer
attractive services in the form of cheaper interest rates on loans or better
returns on investments. Many customers are thus lured into opening a PBA or
upgrading to one.
It might be a mis sold
PBA even if your bank dismissed offering any free account, or regarded you ineligible
to hold a free account owing to their service norms. Thus, the bank actively
encouraged you to choose a premium account over a free one.
Does Barclays offer PBAs?
Yes, Barclays like
many other banks, offer PBA. These are under the following names:
- Additions
- Additions Active
- Addictions Plus
- Current Account Plus
- First Additions
- Premium Life
What do I do if I was mis sold a PBA?
If you think you
were mis sold Barclays PBA, you can initiate a PBA refund. The Financial Conduct
Authority found that many PBAs were mis sold since the customers were unaware of
the benefits offered by the banks and never really made use of the services. Such
customers can reclaim their PBA monthly charges.
If your Barclays
account goes by any of the above names, you can ask for a PBA refund. There are
2 ways of going about it- by yourself or through a claims company.
You an get in touch
with your bank and ask for a refund of your PBA monthly fees. You will be given
a form to fill out the details, based on which the bank will investigate your
case. If eligible, you will get your PBA refund.
Alternately, you
can reclaim the PBA via a claim’s management company. A claims management company
will raise a request for refund on behalf of their client and take care of all
the hassles involved, till the client reclaims the PBA.
How much refund will I get?
You will get full
refund of all the monthly fees that you had paid, along with 8%
interest. A claims company like ours, that takes care of reclaiming PBA for its
clients, charges 30% of the refund value in addition to the VAT, only upon
successful refund of PBA claims.
How long does it take to reclaim Packaged
Bank Account fees?
After receiving a PBA request from a claim’s
management company, a bank generally takes 8 weeks. After this, you either
receive the Packaged Bank Account refund letter or a rejection of your claim. For
older accounts, however, banks might take a bit longer.
Do I necessarily
have to go via a claim’s management company?
No, a bank customer
can reclaim PBA himself as well. However, given the paperwork, calculations and
the hassles involved, many of our clients find it easier to approach the bank
via a claims company like ours.
If my claim gets rejected, do I still have to pay my claims management company?
No. Ideally a
claims management company works on the principle of “No Win, No Fee”. The fee is
charged only when a customer receives a successful PBA refund.
Simply complete the online form so we can start your claim to see if you were mis-sold your Packaged Bank Account. You may get a PBA refund.
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