Think you may have been mis-sold a packaged bank account by Barclays? The vast majority of banks have package bank accounts available to their clients. These form an invaluable source of income for the banks to operate current account facilities where they are able to charge a monthly fee to justify the operation of an account. Attached to the accounts are a variety of apparent benefits to the account holder these are largely expensive and duplicate many financial products that the client already has in place
What is a package bank account?
Package bank account is basically a normal banking account which offers the bank customer the normal Facilities to pay direct debits have cheque-book on the odd occasion and provides cards to access monies. The account is operated normally by the customer as a facility to paying monthly or occasionally weekly income and to pay household bills.
In days gone by these accounts were free but the banks saw an opportunity to earn money from clients to operate them. Unfortunately they justify this by providing various benefits which sadly were not particularly beneficial.
How do I know if my Premier or Additions Account was Mis-sold?
Barclays operate Premier account as the main package bank account charging a monthly fee for a number of benefits. Some of these benefits can of course be useful such as cheaper or reduced rate overdraft or loan facilities. However, in selling the package bank account it is important that the member of staff established if the various benefits are applicable to you the customer giving the various options available should they you not wish to pay a monthly fee.
It is important that this particular area concerning the promotion of the product was promoted correctly and sold in a way the benefits client of the bank.
What do I do if I Believe my Barclays Account was Mis-sold?
If you’re Barclays account was mis-sold you have several options that you can take. Firstly you can contact Barclays yourself to make a complaint about the product was sold and asked them to address this issue by explaining why the product sold to you correctly within their allowed 8 week period. Should the bank not wish to address this with you can then take the complaint to the financial ombudsman for arbitration which can then take 3/6 months to review.
Alternatively you can use a claims firm in order to work on your behalf to establish if the package account facility was sold correctly and if not look at representing you in making a claim on your behalf both with the bank and if they choose to decline the claim via the ombudsman. This work should be undertaken on a purely no win no fee basis where it is important to establish if there are any hidden charges should not be if the firm is confident in their abilities to represent you and your claim. So make sure no cancellation fees!
Can I Complain about a Mis-sold Premier or Additions Account?
You can complain about the mis-sold Premier account if you feel unhappy with either the way that the account was sold to you in the first place or you feel aggrieved at having to pay a monthly fee for no apparent reason. Some bank customers benefit from operating a packaged account in that the benefits outweigh the cost. However, that is not always the case and if for whatever reason you are unhappy with the product there is a good chance that it has been mis-sold.
If my Packaged bank Account was Mis-sold what are my Options?
If your package bank account been mis-sold it is certainly worthwhile making a complaint or claim to check whether a refund is due and that the accounts sale is challenged. If for whatever reason it was not mis-sold then at least the account would be moved to a fee free account.
Can I Claim against a Mis-sold Barclays bank Account?
If you have any financial concerns with regard to any particular financial product including your Barclays bank account whether in place or an older facility then you have every right to challenge its validity and the sale that took place. No financial harm can occur as the Barclay’s have to treat you fairly in the way they conduct any investigation with regard to a complaint or mis-sale.