Mis-sold packaged bank accounts, are you owed comp?

Have you heard about the mis-sold packaged bank accounts scandal? If not then it has been named as one of the biggest scandals since PPI.

People have been complaining about the accounts since last year and now it has been announced that Barclays Bank are setting aside £250 million to compensate customers who were mis-sold these packaged bank accounts and there’s a strong chance other banks will be doing the same.

It has been reported that last year over 21,000 people complained to the Financial Ombudsman compared to just 5,667 the year before.

According to The Mirror there are three common types of complaints and really mirror the way PPI was mis sold:

– People who never wanted  the accounts but found they’d been signed up without permission.

– People who asked the bank to canel an account, but found out they hadn’t.

– People who bought the accounts, but found out they couldn’t use the benefits.

If you have tried to make an insurance claim and found that your policy offered only limited cover, or if your account comes with breakdown cover but you do not have a car then you should definitley think about putting a claim in.

If you feel like you may of been mis-sold a packaged account, first complain to your bank but if you aren’t happy with their response then you can take your case to the Financial Ombudsman Service for free or call 0300 1239 123.

CLICK HERE for more information on mis-sold packaged bank accounts.