Stay Vigilant Towards Packaged Bank Accounts

August 23, 2016
by admin in PPI News

Almost every UK household has a TV cable subscription and a high-speed Internet connection at home. But if households were to use the Internet connection to watch movies or favourite series compared to TV, then it would be best to lay off the television to cut costs.

If it is not needed, it is better dealt away with. While it may sound like a proverb, many consumers are locked-in their deals because of their terms and conditions.

But what if these terms and conditions were unfair from the beginning?

Packaged bank accounts paid for by consumers on a monthly basis do not seem to provide the benefits they promised. It could include travel insurance, breakdown cover and even additional payment protection insurance if you ever take out financing.

From March 2015 and 2016, the Financial Ombudsman Service had surveyed more than 44,000 new cases, double of its amount the previous year. Most consumers complained about not knowing the benefits of their accounts. Some said they were not led to read the terms and conditions properly or was added without their knowledge or consent.

The issue is consumers who do not find their added PBA perks useful or are ineligible for such are eligible for a payment protection insurance complaint. Consumer groups encourage consumers who may have a grudge with their PBA to consult with their banks. Consumers may also consult with claims management companies to see if their PBA could work for them.

Stay vigilant with the £120 yearly fee you pay for your PBA perks. Read your terms and conditions and consult with your bank to know if you really can use the PBA perks to your advantage.

Else, like TV vs Internet, you’re better off having one over the other.