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Packaged Bank Account refund if already used mobile insurance
Rachel500
Posts: 5 Forumite
Hi,
Does anyone know if I can claim back money from a package bank account if I used the mobile insurance once? I was never asked in the beginning if I needed any of the cover for breakdown, holiday, boiler cover. Thanks in advance :money:
Does anyone know if I can claim back money from a package bank account if I used the mobile insurance once? I was never asked in the beginning if I needed any of the cover for breakdown, holiday, boiler cover. Thanks in advance :money:
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Comments
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Any complaint is severely compromised if any of the benefits of the account have been used. The Bank were under no obligation to ask you if you needed the benefits, the issue is whether or not you used them.0
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If successful in your reclaim, the bank will just deduct £x re a benefit used. If you didn't need or want most of the benefits that aids your case, although every reclaim is treated on an individual basis, depending upon what you were told and when etc.Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0
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Since packaged Bank accounts didn't actually charge individually for insurance policies and other benefits, I think it unlikely your are correct here.If successful in your reclaim, the bank will just deduct £x re a benefit used.
If the complaint is successful, the Bank will simply refund all fees charged with interest.
The problem is that it's very difficult to argue that the account's benefits were not useful if even some of them were used. It also makes a complaint of being unaware of the benefits impossible too.
Generally speaking, the complaints most likely to be upheld are ones in which the customer was precluded from using some of the benefits (motor insurance for a non-car owner, for example). A complaint of not using any of the benefits is not an automatic uphold, but it has a far greater chance than one in which some of them were taken advantage of.
The OP of this thread complains that the Bank didn't ask her if she needed the various insurances, but since the Bank was under no obligation to do this it's not a valid complaint.
Only if the Bank's investigation finds other faults with the sale will this complaint be upheld.0 -
If a claim on the phone insurance was made for say £300 then they will deduct the value of that claim from any refund of premiums
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Moneyineptitude wrote: »Ah, okay. I wasn't thinking of the cost of an insurance claim.
Doesn't make a successful complaint any more likely in the circumstances, however.
Yup, banks aren't daft, if you say that you didn't need the paid for account and want to be put back in a position as if you had never had it, they're not going to ignore the fact you used the account benefits that you say you didn't need so any financial benefit gained by the customer will be removed from the refundSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Moneyineptitude wrote: »Since packaged Bank accounts didn't actually charge individually for insurance policies and other benefits, I think it unlikely your are correct here.
The reason I knew I was correct is that this happened to both myself and my neighbour ie both refunded minus the one benefit used.
I suggest you watch Martin Lewis on ITV.
At least the resultant surge in complaints will keep you busy on here telling people all is woe ho ho.Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0 -
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The reason I knew I was correct is that this happened to both myself and my neighbour ie both refunded minus the one benefit used.
I suggest you watch Martin Lewis on ITV.
At least the resultant surge in complaints will keep you busy on here telling people all is woe ho ho.
You are actually both correct here - the packaged account was sold with all benefits as part of it so as MI says, you can't make a strong case that it was all useless because only part of it was useful to you and the rest not - the account is all or nothing, if you just wanted say phone insurance then getting a standalone policy would have made more sense than upgrading to an account with benefits you knew in advance existed but were useless. However, if you do make the case that it wasn't of benefit because all but one of the benefits were useless to you, the bank may pay out.
No-one but the bank will know why they paid out in each case, they may have disagreed it was miss-sold but it was cheaper to pay out than fight or below their auto-pay limit once the premium you claimed had been removed. It is fairly obvious from a third party view that if you have an account where you used one of the benefits and you took the account upgrade voluntarily then you were not miss-sold but rather chose the wrong package, the fact that bank paid out is a correlation, not proof it was miss-sold.
This is why if Rachel500 claims she may get back the cost of the premiums paid minus the claim value if that cost is say £500 (lower than FOS referral fee) or £1000 (if £1000 was the bank auto-pay limit) without the bank admitting fault.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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No-one but the bank will know why they paid out in each case, they may have disagreed it was miss-sold but it was cheaper to pay out than fight or below their auto-pay limit once the premium you claimed had been removed. It is fairly obvious from a third party view that if you have an account where you used one of the benefits and you took the account upgrade voluntarily then you were not miss-sold but rather chose the wrong package, the fact that bank paid out is a correlation, not proof it was miss-sold.
This is why if Rachel500 claims she may get back the cost of the premiums paid minus the claim value if that cost is say £500 (lower than FOS referral fee) or £1000 (if £1000 was the bank auto-pay limit) without the bank admitting fault.
Yes, almost true.
However, don't believe banks are merely paying out in all such cases on the basis of the economics of fighting the claim. Mis-selling was admitted in my case, as I was not informed there would be a monthly fee for the account. It was also not below auto-payout amount, as it took them 11 weeks and it was over £2k.
In all such cases, a refund plus interest - minus the benefit used - is paid out.
(Also remember that a 'benefit used' may not mean any insurance claim was ever made. It could merely be the customer benefited from the lower interest rate charged on any overdraft with the monthly fee account).Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0
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