Packaged bank account

Mchllwlkns_2

Claim sent to NatWest settled today for £591 - didn't have to argue much one letter sent that's all - thank you Martin didn't even know I could reclaim it until I saw on your site :j

jonesMUFCforever

Did you get any money back?

diamonds

jonesMUFCforever wrote: »

Did you get any money back?

settled today for £591

mchllwlkns

Yes got money back as stated!

anoncol

I dont understand how someone can claim packaged bank account misselling.

Anthorn

anoncol wrote: »

I dont understand how someone can claim packaged bank account misselling.

i.e. The bank account provides mobile phone insurance and foreign travel insurance for the whole family but you don't have a mobile phone, you don't travel and you don't have a family. It's missold if you didn't ask for it.

eskbanker

Anthorn wrote: »

i.e. The bank account provides mobile phone insurance and foreign travel insurance for the whole family but you don't have a mobile phone, you don't travel and you don't have a family. It's missold if you didn't ask for it.

Not really, that's misbuying rather than misselling, there is still an onus on the customer to ensure that a product is right for their circumstances.

More realistic examples of misselling (i.e. where a bank gives the customer misleading information) are given at http://www.moneysavingexpert.com/reclaim/reclaim-packaged-bank-accounts#missold.

Grumpyoldmoo

If you don't mind me asking, how many years was that £591 for of packaged bank account?

anoncol

Anthorn wrote: »

i.e. The bank account provides mobile phone insurance and foreign travel insurance for the whole family but you don't have a mobile phone, you don't travel and you don't have a family. It's missold if you didn't ask for it.

I dont see it as missold at all. You just bought a product you couldn't use. How is that misselling?

TheBanker

There have been cases of bank staff misleading customers into thinking the packaged account is the only account available, rather than explaining that the fee is for certain "extras" which are optional.

There have also been cases of bank staff misleading customers that they might get a bigger/cheaper overdraft or more likely to be accepted for a loan. For some banks they did indeed offer cheaper lending as part of their packaged accounts, but if they didn't (or if the customer for some reason didn't qualify) this would be a missold.

Not saying this is what happened here but it's not unknown of. Like PPI, these accounts were very profitable for the banks.

Anthorn

eskbanker wrote: »

Not really, that's misbuying rather than misselling, there is still an onus on the customer to ensure that a product is right for their circumstances.

More realistic examples of misselling (i.e. where a bank gives the customer misleading information) are given at http://www.moneysavingexpert.com/reclaim/reclaim-packaged-bank-accounts#missold.

When you don't ask for it you don't have the option to evaluate it. That's why in that case it can be missold. Pretty much obvious really