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Packaged bank accounts are current accounts that come with a “package” of extra features – from mobile phone and travel insurance, to better rates on overdrafts and loans. They might be called things like “reward”, “premium” or “gold” accounts – and there’s usually a monthly fee.

need to know

  • Banks sell packaged bank accounts – and people buy them – as packages. So when we look into complaints about packaged bank accounts, we look at them as packages.
  • We’ll need to find out whether the bank gave their customer a choice about having the account, what the bank said about its features, and if the bank told their customer how much the account would cost. If the bank recommended the account, we’ll also need to know how they made sure it was right for that particular customer. That will mean understanding the customer’s personal and financial circumstances at the time.
  • If we decide that the bank did something wrong – and that if they hadn’t, their customer wouldn’t have taken out the packaged bank account – we’ll usually tell the bank to refund the account fees with interest.
  • If someone hasn’t used all features of the packaged bank account, that doesn’t mean the bank was wrong to sell it to them. If someone takes out an insurance policy but doesn’t claim on it, that doesn’t mean it was a waste of money. The same goes for insurance and other features that come with packaged bank accounts. But if someone didn’t want, couldn’t use or didn’t need any of the account’s features, we’re likely to say it wasn’t right for them.

thinking of complaining about a packaged bank account?

Steve, ombudsman

image: John Morris, Zoe Harvey and Sam Rutherford

If you have a packaged bank account, you might be wondering if your bank mis-sold it to you and if you should complain. Everyone’s situation is different – but here are some questions to help you think it through.

First, think back to how you took out the account – and why you’re wondering whether it could be unfair. Did your bank give you a choice to have the packaged account or a free one? What features did the account offer, and could these have been useful for you at the time? Did the bank explain what you would get and how much it would cost?

Have a look at the common complaints we see – they might be similar to your own situation. If you think your bank treated you unfairly, let them know why. If you’re not sure where to start, phone us. We’ll talk everything through – and there’s no need to use a claims manager.

common complaints and case studies

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