MSE News: Santander scraps packaged accounts – check if you should ditch and switch

JuicyJesus

ChopperST wrote: »

Sorry I think my point was missed.

All I was trying to imply was that for some the products actually make financial sense and were fit for purpose. Clearly others were mis-sold the accounts and they were of little or no use.

PPI was the same.

Indeed. But what has happened with PPI and now with packaged account is that the people in the first group are either putting in b*llocks complaints to see if they get some money out of it or are being enticed to do so by claims companies lying about their chances in the hopes that they get some money out of it too. And MSE doesn't help.

starsailor123uk

Isn't the 123 actually a package account

It has a charge of £2 and offers premium items above the normal current account

Archi_Bald

starsailor123uk wrote: »

Isn't the 123 actually a package account

It has a charge of £2 and offers premium items above the normal current account

It's not a package account - - they don't sell you any insurance with the account.

You pay £2 a month for the account, regardless.

You might get cashback and / or interest if you fulfill the relevant pre-reqs.

Details are all on their site http://santander123.co.uk/

nrc_2

One of the primary reasons that we originally signed up for this account was that we were assured that travel insurance would be available until age 79. We are still a fair way off that but we hear tales of older folks being refused travel insurance or being charged massive premiums. We have accepted the increased cost of this account but it is now pulled without ever reaching the point where one of the main advantages that we signed up for is ever used. Is this not mis-selling?

Herbalus

nrc wrote: »

One of the primary reasons that we originally signed up for this account was that we were assured that travel insurance would be available until age 79. We are still a fair way off that but we hear tales of older folks being refused travel insurance or being charged massive premiums. We have accepted the increased cost of this account but it is now pulled without ever reaching the point where one of the main advantages that we signed up for is ever used. Is this not mis-selling?

You also didn't pay for the travel insurance for these years, so why is it miss-selling? It's not like you paid for something you didn't get, as you have been paying for the insurance and been getting the insurance. If you only wanted it when you were 75 plus (or similar), why did you open it before then?

If you are still a fair way off 79, Nationwide do travel insurance for up to 75, and Bank of Scotland Gold is up to 79. There are other options.

JuicyJesus

nrc wrote: »

One of the primary reasons that we originally signed up for this account was that we were assured that travel insurance would be available until age 79. We are still a fair way off that but we hear tales of older folks being refused travel insurance or being charged massive premiums. We have accepted the increased cost of this account but it is now pulled without ever reaching the point where one of the main advantages that we signed up for is ever used. Is this not mis-selling?

No. Mis-selling applies to conditions at the time of sale. Not in the future.

bfgun

Gave them my 2 pence worth today.

They just reel you in and then when the time is right dump all the benefits that enticed you to join.

Was told that I could register a complaint but when I asked if it would result in them reinstating the account benefits was told "NO".

So what's the point in complaining?

brewerdave

Herbalus wrote: »

You also didn't pay for the travel insurance for these years, so why is it miss-selling? It's not like you paid for something you didn't get, as you have been paying for the insurance and been getting the insurance. If you only wanted it when you were 75 plus (or similar), why did you open it before then?

If you are still a fair way off 79, Nationwide do travel insurance for up to 75, and Bank of Scotland Gold is up to 79. There are other options.

...just to say,the biggest shortcomings with most of these Bank supplied travel insurance policies was that they wouldn't cover pre existing medical conditions -or would with the addition of an extra premium -when we investigated (and we are way short of our 70s!!) -the extra premium for our conditions meant that we were better off insuring with a specialist company.
How many people in their 70s have not got some sort of reportable medical condition????:rotfl:

JuicyJesus

bfgun wrote: »

Gave them my 2 pence worth today.

They just reel you in and then when the time is right dump all the benefits that enticed you to join.

Was told that I could register a complaint but when I asked if it would result in them reinstating the account benefits was told "NO".

So what's the point in complaining?

They were charging you for a period when you were covered. Now they won't cover you, they also won't charge you. You get nothing, so you will pay nothing. You are also able to switch should you choose.

Really don't see what your issue is. If you want to get angry, get angry at the whingers who'll "reclaim" anything that costs money as "mis-sold" so banks can't have reliable sales processes for these things.

bellsblm

my folks have this over 50 thing and received the letter. holiday booked for next year, mum has to have a knee op. all declared but if hospital bring appointment forward can they claim. because they won't be able to move as its now pre existing? where do they stand?
:mad: