Packaged bank accounts are current accounts with a “package” of extra features like mobile phone and travel insurance, or preferential rates on overdrafts and loans. We often hear from people who complained to their bank as they haven’t used the extra features. Not using the features of a packaged bank account, however, doesn’t necessarily mean that the account was mis-sold.
Packaged bank accounts were one of the most complained about products in the third quarter of this financial year. We have information available on our website for consumers and for financial businesses to help all our customers understand our approach to dealing with complaints like this and to share examples of what we have said in cases we have resolved.