packaged bank accounts

bogarab

Good morning everyone, I am brand new to this site, so please be gentle with me. I have had the same packaged bank account with RBS since 1976, it is still in use and at present costs £12.95 per month and at that rate it has cost me £5,905.20 to date. It appears that the insurance sold over the years is absolutely useless as it covers things that are rarely if ever used. Does anyone think I may have a reclaim case against RBS covering this timeline, or is there a limit on any claim? I truly believe I have never claimed against any of the so called 'benefits' including travel insurance, car breakdown and ' dining out '. The account in question is an RBS Royalties Gold that is no longer available for new customers and which RBS keep changing as in the ' benefits ' covered. Help.

[Deleted User]

I would think it unlikely.

38 years is a reasonable amout of time in which to work out if the product is right for you and to cancel if you no longer wanted it.

-taff

http://www.moneysavingexpert.com/reclaim/reclaim-packaged-bank-accounts

Nasqueron

Question is why you have the account - did you need it to get an overdraft or some other benefit that, at the time, they would not give you without it?

Buyers remorse is not a reason for a refund especially so many years later but a fair few people on the bank sub-forum have had refunds for accounts where they have never used the benefit without much evidence or investigation so worth a try if there was nothing in the account that benefited you, worst case they just say no.

Presumably you have now cancelled the account and moved to a free one now you realised it was not worth paying for?

bogarab

Hi again, thanks to those who replied. I am and always was a contractor and I think the reason the account was taken on was to do with the overdraft facility that was on offer at the time . I am PAYE even now, but some companies especially agencies are a tad slow when it comes to pay. That coupled with the facts that I am away from home a great deal and was brought up thinking that banks were 'the salt of the earth' trustworthy ,honest etc. Nothing really occurred to me until recently, the publicity surrounding these 'honest' banks finally registered and here I am with this quandary.

dunstonh

I have had the same packaged bank account with RBS since 1976

Packaged bank accounts were not around in 1976. Is it more likely that the addition of the package was a later thing?

I am and always was a contractor and I think the reason the account was taken on was to do with the overdraft facility that was on offer at the time .

How did those things help you take it out?

Packaged accounts have had some success when it comes to getting refunds. However, I would look at your dates as they do not seem consistent with the introduction of packaged accounts.

Insider101

dunstonh wrote: »

Packaged bank accounts were not around in 1976. Is it more likely that the addition of the package was a later thing?



How did those things help you take it out?

Packaged accounts have had some success when it comes to getting refunds. However, I would look at your dates as they do not seem consistent with the introduction of packaged accounts.

This is the correct answer. Packaged accounts were not around until the early 00s if memory serves. It is much more likely that the OP upgraded to one at some point over the last decade.

To the OP: if you are not happy with your packaged account then you can complain about it like anything else, however, not having claimed on any of the insurance products is not a valid reason. That's how insurance works, the fortunate majority who never need to claim subsidise the unfortunate few who do.

roonaldo

bogarab wrote: »

I have had the same packaged bank account with RBS since 1976, it is still in use and at present costs £12.95 per month and at that rate it has cost me £5,905.20 to date.

I just want to know what planet you came from?

[Deleted User]

bogarab wrote: »

I have had the same packaged bank account with RBS since 1976, it is still in use and at present costs £12.95 per month and at that rate it has cost me £5,905.20 to date.

Clearly, you haven't held a packaged account since 1976 since they didn't exist 38 years ago. While I'm certain you have had an RBS current account since that time, that £5K figure you give is way over what you will have actually paid.

As the others have said, you can complain about your packaged account (whenever it may have started) but not on the basis that you didn't claim on the insurance. That's like attempting to claim back a life insurance premium because you haven't died! To be successful, you'll ideally need to show that you didn't need any of the added benefits of the account because you already had cover elsewhere.

Insider101

Moneyineptitude wrote: »

Clearly, you haven't held a packaged account since 1976 since they didn't exist 38 years ago. While I'm certain you have had an RBS current account since that time, that £5K figure you give is way over what you will have actually paid.

As the others have said, you can complain about your packaged account (whenever it may have started) but not on the basis that you didn't claim on the insurance. That's like attempting to claim back a life insurance premium because you haven't died! To be successful, you'll ideally need to show that you didn't need any of the added benefits of the account because you already had cover elsewhere.

Not to mention that he was actually misled or misinformed over what the account actually entailed. Buyer remorse is not in itself grounds for complaint.

dunstonh

barryyking wrote: »

I work for a company who deal in getting the refunds back from package bank accounts and would like to do the claim for you.

Why would someone pay you when they can do it for free themselves?

By the way, you have just broken board rules