Packaged Account Fees

[natweststaffmember]

What is a Packaged account?


You will pay a monthly fee for an account with extras attached to it from anything from £3.00 to as high as £25.00 a month.


Why should this article be of interest to me?
A recent FSA publication stated this:


“• Packaged accounts may offer value for money for some consumers, but they may not benefit all;
consumers could be better off purchasing products individually or not at all. And some may find that where the add-ons are insurance products, they do not provide the expected level of cover.
The potential for consumer detriment, although not likely to impact any individual consumer
significantly, could occur across a large population; around 15% of UK adults have some form of
packaged account.”


Can I reclaim all the fees incurred?


In many cases the answer is no as you will have benefited from it. However, there will be cases in which the bank have failed to explain that the account may cover you for travel insurance and you may have purchased insurance unnecessarily. You may not have a car so Roadside Recovery cover is completely irrelevant to you. You need to spend a whole evening looking over what the benefits are and what you are eligible for and whether you have paid for other cover because the account was not explained properly to you or you believed you had to have the account.


What do I need to do?


You need to write to the bank alleging misselling of the account and the basis for it. You need to explain the reasons why you either benefitted partially or did not benefit at all. You should ask for evidence that the person who sold the account to you did make sure that it was the right product for you otherwise they should refund fees. Make sure you cancel the “extras” on the account because why pay for something you do not benefit from?


Successful reclaims example:


It is important that you view this thread because the person on this thread went through the account with a fine tooth comb and in a sense is the template for how you should approach the bank.

I reclaimed LTSB account FEE's and GOT THEM - MoneySavingExpert.com Forums

[leclerc]

Re: Packaged Account Fees

I was kinda looking for something else but here is the FOS form for packaged accounts which is kinda a good guide to what you might be looking at together with the guide itself on post 1

http://www.financial-ombudsman.org.u...k-accounts.pdf

[marshallka]

Re: Packaged Account Fees

Put in a complaint about our Co-op Privilege account and privilege premier. Sent letter last Saturday but not heard anything as yet.

Di.... did you hear of yours, I read half the thread but doesn't look like you heard yet?

[dogtired]

Re: Packaged Account Fees

Have also spoken with FOS, they said they will assume rejection if we have not replied within the time frame.
From my favorite film!
Galaxy Quest!

[EXC]

Re: Packaged Account Fees

As your signature aptly says ''Never give up, NEVER surrender''.

[dogtired]

Re: Packaged Account Fees

After discussion with Mr. DT we intend to reject nothing to lose as don't bank with them anymore.
As for SDAR will still consider this as, apperently part of the " good will" amount was for that should we wish it!:tinysmile_aha_t:

[dogtired]

Re: Packaged Account Fees

Did your complaint to Halifax and/or FOS include the bank charges (as distinct from packaged account fees?)

As I said the bank charges case is a long shot and even if successful would be the subject of lengthy appeals so I wouldn't make any decisions based on a possible outcome.

Yeah I doubt if an SDAR would capture any information from 10/12 years ago but my reasoning was that for the sake of a few quid it could throw up interesting.

Not at first, as I said before it only came about when I asked them to provide statements for another matter and they messed up.
The adjudicator thought it may be worth a shot and it was they who suggested hardship!
Just glad to be rid as a bank to be honest, though the one I am with now is not much better!
Not sure if its worth that long shot but will think about it today.
Thank you

[EXC]

Re: Packaged Account Fees

[ QUOTE=EXC;459212]
So where would it leave me as regards the bank charges, would it not be worth rejecting this and waiting to see what happens?

Did your complaint to Halifax and/or FOS include the bank charges (as distinct from packaged account fees?)

As I said the bank charges case is a long shot and even if successful would be the subject of lengthy appeals so I wouldn't make any decisions based on a possible outcome.

Yeah I doubt if an SDAR would capture any information from 10/12 years ago but my reasoning was that for the sake of a few quid it could throw up interesting.

[dogtired]

Re: Packaged Account Fees

[ QUOTE=EXC;459212]I didn't realize FOS adjudicated on hardship bank charges cases.

If you've not done an SDAR I suppose it's worth doing just in case in brings anything up on the packaged account, which you should get back in time for your FOS deadline. TBH I don't think there's much point to appealing the FOS decision without any new evidence.

On the bank charges front we've actually had a case heard recently using some new European Court of Justice case law. It's a bit of a long shot but we're hoping that the judgment will be handed down in the next few weeks.[/QUOTE]

Well I did think it was strange!
So where would it leave me as regards the bank charges, would it not be worth rejecting this and waiting to see what happens?
As regards the SDAR will think about that but not sure what good it would do we are looking at records back to 2001/2002 which is when we opened the account.

[EXC]

Re: Packaged Account Fees

Yes but was verbally told they would look at the charges as " hardship"

I didn't realize FOS adjudicated on hardship bank charges cases.

If you've not done an SDAR I suppose it's worth doing just in case in brings anything up on the packaged account, which you should get back in time for your FOS deadline. TBH I don't think there's much point to appealing the FOS decision without any new evidence.

On the bank charges front we've actually had a case heard recently using some new European Court of Justice case law. It's a bit of a long shot but we're hoping that the judgment will be handed down in the next few weeks.

[dogtired]

Re: Packaged Account Fees

Yes but was verbally told they would look at the charges as " hardship"

[EXC]

Re: Packaged Account Fees

So the complaint to the FOS was just for the mis-sold packaged account?

[dogtired]

Re: Packaged Account Fees

Hi DT, sorry i have not been around as much, busy doing up house etc....

Is this the ombudsman's stage it was rejected or still the adjudicator?

Ombudsman stage Di. xx

[di30]

Re: Packaged Account Fees

Hi Samsky sorry for the delay.

Have you received the "final response?" you have 6 months as from the date on the "final" decision, but if you have time left, have you tried contacting the Chief Executive Officer (CEO) of the business as well?

[di30]

Re: Packaged Account Fees

Hi DT, sorry i have not been around as much, busy doing up house etc....

Is this the ombudsman's stage it was rejected or still the adjudicator?