We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
When is an account a packaged account?
MsPepperPotts
Posts: 2 Newbie
First ever post, be kind!
Barclays are saying that their Premier Account is not a packaged account and therefore they have closed the complaint I sent via Resolver.It was a fee-paying account that they told me I had to open in order to get a mortgage with them. It may have had benefits but I can't remember any of them. This was in 1998. It must have had some benefits to justify the fee, therefore it must be a package, right?
How can I find out what the benefits would have been? When is a fee-paying account not a packaged account?
0
Comments
-
It seems odd they would close the complaint solely on a technicality over the description of the account, are you sure that's all they rejected it on? You could just ring them and ask I guess or paste the full rejection here minus any personal data
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.
0 -
It was a fee-paying account that they told me I had to open in order to get a mortgage with them.
Not all fee paying accounts were packaged bank accounts. There was a period when fee paying meant you got better overdraft rates or reduced borrowing charges. No addons of any sort.It must have had some benefits to justify the fee, therefore it must be a package, right?
It would have benefits but it doesnt make it a package if there are no third party provider/products packaged in.
When there is nothing packaged into the account from third parties.When is a fee-paying account not a packaged account?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Barclays say 'we are unable to find a packaged bank account product on your account'. My italics, on re-reading.
So if there were no add-ons, their £10/month fee is even worse value, and I don't have a case?! They are unable to tell me what the fee was for.0 -
MsPepperPotts wrote: »Barclays say 'we are unable to find a packaged bank account product on your account'. My italics, on re-reading.
So if there were no add-ons, their £10/month fee is even worse value, and I don't have a case?! They are unable to tell me what the fee was for.
Ring them up and tell them you want to complain about the fee paying account period and see what happensSam 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.
0 -
So if there were no add-ons, their £10/month fee is even worse value,
Not necessarily. Fee accounts often paid credit interest and had lower overdraft fees. They were fashionable for a period and indeed, there are calls for them to return. you dont see them much as the window they were offered was quite short.They are unable to tell me what the fee was for.
The fee would not have a specific purpose. it would be a fee for the account.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards