Packaged bank accounts but not paying monthly fee!

Undervalued

A bit of an odd one this.....

I have two bank accounts (different banks) that come with "benefits" such as travel insurance, AA, Sentinal etc.

Normally these accounts would have a monthly fee which early on I paid. However, both banks independently made major foul ups and after protracted complaints it was agreed that, as compensation, I would from that point forwards get the benefits without the monthly charge.

This now goes back 12 to 15 years and somewhere in the depths of my files I have letters confirming the arrangement. No end date is mentioned in either case!

Now, I think there is no doubt that I would have a valid mis-selling claim as at least one of the benefits in each case is of no use to me plus they partially overlap.

In effect I am paying for these "benefits" as had I not accepted this arrangement there would have been a cash settlement as compensation for their errors.

The biggest "benefit" is travel insurance but, to be honest, I'd be nervous of relying on this now as I could imagine a major dispute in the event of a big claim given that I've not paid any "premium" for c.15 years! How do I get confirmation that i am properly covered?

So, does anybody have any views on the wisdom of complaining under these circumstances? Or, should I let sleeping dogs lie?

dunstonh

Now, I think there is no doubt that I would have a valid mis-selling claim as at least one of the benefits in each case is of no use to me plus they partially overlap.

I dont see any validity.

1 - you are not paying for those benefits. So, are getting something for nothing
2 - a previous complaint was made and you agreed the outcome of that complaint.

The biggest "benefit" is travel insurance but, to be honest, I'd be nervous of relying on this now as I could imagine a major dispute in the event of a big claim given that I've not paid any "premium" for c.15 years! How do I get confirmation that i am properly covered?

Ask the bank for confirmation in writing or refer back to your original complaint documentation.

So, does anybody have any views on the wisdom of complaining under these circumstances?

You complained 12-15 years ago and accepted the outcome of that complaint. There is nothing to complain about now.

Undervalued

dunstonh wrote: »

I dont see any validity.

1 - you are not paying for those benefits. So, are getting something for nothing
2 - a previous complaint was made and you agreed the outcome of that complaint.



Ask the bank for confirmation in writing or refer back to your original complaint documentation.



You complained 12-15 years ago and accepted the outcome of that complaint. There is nothing to complain about now.

Thanks for your response but are you quire sure, particularly about point 1 ?

In effect I am paying for these benefits. There is no doubt that had I not accepted this arrangement there would have been a cash settlement. We did not get as far as having a specific figure on the table but I certainly wouldn't have accepted less than £500 in each case. Back then complaints procedures were less regimented and individual managers had far more discretion.

So, I don't agree that I'm getting something for nothing at all. Had I not accepted these deals I could have had easily £1000.

My argument is that this money effectively paid this insurance package / premium which was arguably mis sold?

dunstonh

Thanks for your response but are you quire sure, particularly about point 1 ?

Since your previous complaint, how much have you paid in product charges?

There is no doubt that had I not accepted this arrangement there would have been a cash settlement.

Maybe so. However, you did accept.

Back then complaints procedures were less regimented and individual managers had far more discretion.

The complaints process is much the same as it was 20 years ago. Although complaints were more likely to be dealt with locally rather than centrally back then. That discretion taken away from local managers is a shame (not that many banks even have proper managers nowadays).

Had I not accepted these deals I could have had easily £1000.

but you did.

My argument is that this money effectively paid this insurance package / premium which was arguably mis sold?

You decided to keep the package and go with it not being charged going forward. A hypothetical amount that you may or may not have been paid is not the equivalent of paying it going forward.

You accepted a continuation of the supply of service from that bank but on a non-chargeable basis. Providing their records show that they can just reject the complaint by referring you to their original decision and your acceptance of the outcome.

Undervalued

dunstonh wrote: »

You accepted a continuation of the supply of service from that bank but on a non-chargeable basis. Providing their records show that they can just reject the complaint by referring you to their original decision and your acceptance of the outcome.

Many thanks, my reason for posting was to get a different take on this to my own possibly blinkered view.

I somehow doubt one bank at least could find anything about this at all. It was the manager himself who had cocked up big style and I think he was fairly desperate not to have it paraded in front of his bosses. He went long term sick a few months later and never returned to work.

As I say I do have a letter apologising and confirming the fee free arrangement but it makes no mention of any time period.

CKhalvashi

Undervalued wrote: »

Many thanks, my reason for posting was to get a different take on this to my own possibly blinkered view.

I somehow doubt one bank at least could find anything about this at all. It was the manager himself who had cocked up big style and I think he was fairly desperate not to have it paraded in front of his bosses. He went long term sick a few months later and never returned to work.

As I say I do have a letter apologising and confirming the fee free arrangement but it makes no mention of any time period.

If you did need to claim, I'm sure it would be honoured if the FOS was threatened.

CK