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Packaged Bank Account Charges during Coronavirus Lockdown

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Packaged Bank Account Charges during Coronavirus Lockdown

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preservermanpreserverman Forumite
1 posts
MoneySaving Newbie
Do banks have a legal obligation to refund a portion of the packaged bank account charges for services offered (such as travel insurance, airport lounge access, theatre booking service) that are not available during the Coronavirus lockdown?

Replies

  • dunstonhdunstonh Forumite
    102.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    No they do not.  If the underlying provider rebates money then it will be pro-rata refunded to customers.    
    Remember you are free to move away from a PBA at no cost any time you like.
    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.
  • MGB43MGB43 Forumite
    4 posts
    First Post
    this past week I have had no less that 3 companies contact me via email or phone asking me to start a claim with my bank for a mis-sold package account. firstly how do they get all my contact info... secondly is this worth pursuing? I like lots of others have had one of these accounts for as long as I can remember, I did research one of the companies that contacted me and the charge 35% + 20% VAT on all successful claims. to me it seems like it's just not worth it!
  • zx81zx81 Forumite
    28.9K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    Just send your complaint, whatever it is, to the lender in question.

    Your contact details are on a sucker's list that gets passed around claims companies.  The more you engage with them, the higher up the list you go.
  • dunstonhdunstonh Forumite
    102.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    this past week I have had no less that 3 companies contact me via email or phone asking me to start a claim with my bank for a mis-sold package account. firstly how do they get all my contact info...

    You must be on a mugs list to get that many so quickly.   Once you get on a list, it gets passed around.

    secondly is this worth pursuing?

    Now the PPI issue is over, the CMCs are looking for other areas.  PBAs do have complaints but the uphold rate is very low as there isnt actually anything wrong with PBAs and as the FOS has said some years back, the banks acted very quickly to prevent it becoming a major issue.  I was at a FOS meeting some years back and they said they had absolutely no problem with PBAs as a product.    However, there were a small ratio of cases where people had been sold them incorrectly.


    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.
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