Midland Bank Orchard and Vector Accounts

Inbetweener2019

I been thinking about PPI but have just read the article on packaged bank accounts but cannot find any information on the Midland Bank Orchard and Vector accounts.
Would anyone know if these accounts are classed as packaged accounts and whether you can claim a refund dating back to when they were first introduced in the 1980's. I have found hundreds of my old bank statements still boxed up in the attic.

dunstonh

Packaged bank accounts were not around back then.

Inbetweener2019

Thank you for the quick reply!



Thats a shame, banking with Midland cost 100's over the years.



I take it the standing charges levied on these accounts were legitimate charges then?

[Deleted User]

Inbetweener2019 wrote: »

I take it the standing charges levied on these accounts were legitimate charges then?

On what basis would they not be "legitimate"?
Even the benefits attached to fully fledged packaged accounts were very useful to many customers. It's not a foregone conclusion that they were always mis-sold.

Nasqueron

Annual charges, charges for stuff like going into an overdraft etc are all legitimate, you could avoid them by managing your money or moving to a free account. The banks won the case in 2009 on unfair charges

PaulW922

There were three types of account - Orchard, Vector and Meridian. Vector and Meridian had a monthly fee. Orchard did not, although there was something called the 'Orchard Option' which for £5 a month gave you a £100 cheque card (as opposed to £50), Eurocheques etc. However these were not really packaged bank accounts as we know them. The fee on Vector for example, covered the overdraft (up to £250) and had no other account charges (back then banks otherwise used to charge per transaction). It also paid credit interest. Meridian was for much higher earners and had a fee unless you have a larger debit or credit balance.

So I doubt very much that you could claim those back on the basis of mis-selling.

horacedipstick

After a divorce I had to remortgage and approached my bank as then the Midland Bank now HSBC. They offered the remortgage on the condition only if I take out a Vector account with them at approx £15 - £20 per month. I didnt need any of the benefits etc as I worked for the health service and had adequate insurance etc. I had no option but to accept as I had to pay off my ex wife and they had me over a barrow as you may say.
Also, I had several credits cards over this period paying PPI but have no hard copies of statements, I've requested old bank statements etc but as they only go back 6 years they didnt cover this period. Anyone got any ideas?

[Deleted User]

If it was a condition of the mortgage, it wasn't mis sold.

I believe also you would have been over a barrel, rather than a barrow.

[Deleted User]

horacedipstick wrote: »

. They offered the remortgage on the condition only if I take out a Vector account with them at approx £15 - £20 per month. I didnt need any of the benefits etc as I worked for the health service and had adequate insurance etc. I had no option

That's correct, you had no option.
You need to understand that the Vector account would only have been mis-sold if you were mistakenly informed that it was a condition of the mortgage when it actually wasn't. It really doesn't matter that you already had similar benefits through your employment, although I doubt you would have received a preferential mortgage through the NHS!

Regardless of all that, Vector was not a packaged account in the modern sense and ceased to be available decades ago. Any complaint about it now would likely be time-barred.