What is a PBA?
What is a PBA or a package bank account or as it is more familiarly known as basically a current account? The banks a number of years ago, always looking for ways to maximise their income stream, decided to charge clients’ money for the operation of current accounts which had always been free of charge. They did so in a way to justify their monthly charge to the account by adding financially beneficial add-ons to justify the charge. Unfortunately many of the add-ons were not relevant to the bank customer and could be quite costly. The main reason why many of the package bank account facilities in operation today and in the past were in fact mis-sold.
Is my Ultimate Reward account mis-sold?
If your ultimate reward account both now or in the past was a bone of contention and you found it costly to operate and you didn’t understand why you had to pay a fee, then there is a good chance that it was mis-sold. Package bank accounts can be good, however the bank and in this case the Halifax would have needed to establish if the bank account was beneficial to you and the various financial benefits actually of some benefit.
Options if I believe my Halifax account was mis-sold?
The options that you have if you believe that your Halifax account was mis-sold are completely up to you to take. You can either go in and close the account down or transfer it to a fee-based account and leave it at that. Or you can challenge the bank as to the validity of the sale and whether it was appropriate for you. You can do this either yourself or using an outside firm although you would have to pay a fee if successful. Although they can take the strain of having to deal with not only the bank but if the bank then decide to decline your claim the financial ombudsman.
Can I Complain about a Mis-sold Halifax Ultimate Reward account?
If you have or had an Ultimate Reward account that you believe was not appropriate for your needs as you felt the sale did not cover what you would have expected, now that we are in the enlightened times where claims can be made and challenges against financial institutions are taken seriously. Then yes you can certainly challenge the sale and whether the account was of any relevance to you whatsoever and the products and services that it apparently provides to you were beneficial to you financially.
If my PBA was Mis-sold what can I do?
If you’re PBA or package bank account was mis-sold which you can establish through a complaint or claim through the bank and the claim is found in your favour you can look at obtaining a refund. This can be significant in that it will incorporate any charges that were applied in addition to interest and compensatory interest. For a number of our clients and this does depend on the length of time that the account was in operation the refunds can run into several thousand pounds.
The bank has to take your claim or complaint seriously and address your concerns explaining their answers clearly and concisely within a certain period that being eight weeks in order to deal with your initial concerns. Should they decline your claim as they are entitled to do then it is your option within the following six months to do so through the financial ombudsman who will then review on your behalf.
Can I claim Against a Mis-sold Halifax bank Account?
If you have a mis-sold bank account with the Halifax you can certainly make a claim and it is financially worthwhile doing so should this be found in favour as any refund can run into hundreds and possibly thousands of pounds. In addition it can also end of the monthly fees that you’re paying each month on an account which may well not be beneficial to you.