What’s a Packaged Bank Account?


Over the past couple of years plenty has been said about mis-sold PPI and how you can reclaim the money you’ve lost. However, there is another financial aspect millions of people have been mis-sold which hasn’t been given the attention it deserves. This is the Packaged Bank Account (PBA) and it has affected thousands of people all over the country. You may have been mis-sold a PBA and don’t even realise it.


What Is PBA?

A Packaged Bank Account charges a consumer a payable monthly or annual fee, which allows them access to a number of additional services they can benefit from. These services can include services such as car insurance, mobile phone insurance and preferential rates on overdrafts or loans, to name but a few.

The accounts are presented as either gold, premium, upgraded or reward accounts and can cost a consumer between £5 and £25 a month.

In theory, the PBA is a great package deal for some people, saving them time and money and lessening their financial burdens. In practice, however, some people can find themselves losing out on the benefits of a PBA.


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How Could the Packaged Bank Account Have Been Mis-Sold to Me?

3 years ago the FCA (Financial Conduct Association) reported an investigation into the forced selling of products on the back of sales incentives by banks. Among these products were Packaged Bank Accounts which made a massive profit for the banks year on year.

This forced selling meant information from staff to consumer was sometimes left out or misconstrued.

Consumers were mis-sold PBA under the following reasons:

  • They weren’t told they were being given a Packaged Bank Account
  • They didn’t realise the PBA came with a number of insurance advantages
  • The account’s Terms and Conditions hadn’t been fully explained
  • The customer was informed that they couldn’t have a loan approved without a PBA
  • The customer was unaware of their account being upgraded to a PBA


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I Think I’ve Been Mis-Sold a PBA, What Now?

The plus side is that you can reclaim all of the fees you’ve paid, plus interest and here at Debt Advisory Services (Scotland) Ltd., we’re more than capable of helping you reclaim every penny you’ve been mis-sold; you could be owed up to £2000.

We charge a small fee for our service, only 21% + VAT of the total refund you receive by the banks. If, however, we are unable to reclaim your money for you, we don’t take any money, strictly working on a No Win, No Fee basis.

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We also understand how stressful it can be realising you’ve been mis-sold PPI or a PBA, and as such we charge no upfront fees for our PBA services, so you need not worry about paying out any more money.

If you’re looking for debt help in Scotland we’re here to help. As a company who prides ourselves on our customers’ financial security, we strive to ensure all of your claims and financial burdens are dealt with in a swift and effective manner. For more information on our services, contact us today on 0800 011 2322.

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