According to think-tanks, packed bank accounts are one less thing for consumers to worry about. They believe the impending deadline for payment protection insurance complaints would see a huge influx of refund requests in the Financial Ombudsman Service that will take the majority from packaged bank account claims.
About 10m packaged accounts are out in the market with each consumer holding them paying up to £25 monthly. Many consumers complain about useless features and perks offered in the bank accounts. These perks came as a promotional package for the bank accounts.
The number of PBA complaints had lowered significantly after the FCA announced the PPI claims deadline move from Spring 2018 to 2019 June.
The statement had disappointed many banks and financial institutions. Lloyds, the biggest PPI mis-seller in the country, said that it would deal with additional administrative costs due to the extended deadline.
Consumer groups said PBA complaints would continue to come in if the consumers believe the products they have received are unsatisfactory to their expected perks as indicated in their package.
Some claimants of PBAs believe they were ‘mis-sold’ the package similar to payment protection insurance. According to some, they were misled being told they could not have overdrafts if they did not take out the PBA. Some believe they lacked the disclosure.
We can help you know better whether your PBA complaint is valid and you can refund your previous monthly repayments to avoid paying for something that is truly useless for you.