What is a bank Account with a Monthly fee?
A bank account with a monthly fee charged is normally referred to as a package bank account. The packaged bank account or PBA are account facilities set up by banks through a current account and are their way of justifying charging a monthly fee for the operation of the account. Prior to the onslaught of packaged bank account facilities about 20 years ago personal customers had the opportunity to operate free accounts. Free accounts are still in operation but they are promoted as derisory and of poor quality if offered at all which is of course an option anyone should they not wish to pay a monthly fee to operate an account.
Is my Select Silver, Select Platinum, Black or Advantage Gold Account Mis-sold?
If you have a Select Silver, Select Platinum, Black or Advantage Gold account with the NatWest there is a reasonable chance that it has been mis-sold. Many of the package bank accounts were correctly promoted and benefit to those who have them. However, following an investigation by the Financial Conduct Authority it was established that wide scale mis-selling occurred in relation to the promotion of these accounts. Since this investigation over five years ago many of the practices are still being carried out. It is vital that if you do have a package bank account that you are unhappy with both now or in the past you take issue with the account provider to ascertain whether the Sold correctly and if not seek redress
If I Believe my NatWest account was Mis-sold what are my Options?
The options to challenge the mis-sale of your NatWest account are available to you. In order to challenge the missile you must raise a complaint with the NatWest either in writing, online, by telephone or face-to-face. The firm has designated guidelines to follow in dealing with any complaints and as such should confirm receipt of your concerns within a week. Following this they have eight weeks to reply with a final response setting out their decision. Should they not find in your favour you then have the opportunity within six months of the decision to forward the complaint for review by the financial ombudsman. From experience whilst the firm should follow these prescribed guidelines on many occasions they do not leaving clients frustrated.
Complaining about a Mis-sold Select Silver, Select Platinum, Black or Advantage Gold account?
If you are complaining about a mis-sold Select Silver, Select Platinum, Black or Advantage Gold account it can help knowing some of the facts surrounding the sale and any recollection the have concerning the promotion of the account and the relevance of the various benefits. NatWest should have records of the sale but if they do not your recollection can be invaluable. The various benefits of the account should have been detailed to you and any exclusions that may have applied discussed.
My Package Bank Account was Mis-sold what can I do?
If the package bank account you have was mis-sold or you believe that it was mis-sold then it is certainly worthwhile challenging the bank to see if you can obtain redress. Mis-selling of a package bank account can happen in a number of ways. These can range from whether a fee free account was offered, through to the establishment as to whether the various benefits of the package account of any use to you financially or in your day-to-day lives. The various benefits include travel insurance, vehicle cover through to reduced rates in borrowing. Some of these benefits could be useful however there are exclusions. If a number of the benefits of the product do not meet your financial or lifestyle needs the product itself can be expensive and of course mis-sold.
Can I Claim for a Mis-sold NatWest bank account and what for?
If you have a NatWest bank account which you believe has been mis-sold there are several points which you need to consider and ask yourself. At the point of sale was product offered to you in conjunction with the fee free account which was available at the time and still is. Were the various benefits detailed to you, and was it established that these benefits were in fact of use. For instance if you have travel insurance on the bank account would this be worthwhile if you do not go abroad. The other area which should have been covered other limitations of the various benefits. Moving back to travel insurance there are limitations that the travel insurance attached package bank accounts does not normally cover high risk at activities such as skiing. So not only would the product be worthless but in the event of something happening when you are abroad you would be under the misguided belief that you are covered when you were not. All of these areas can be challenged.