Any form of packaged bank account will charge a fee, by the very nature of the account and additional benefits the bank will always impose a cost. Packaged bank accounts are not necessarily a bad thing but like anything the financial services sector have been prone to mis-sale in the past. Banks have a clear responsibility when dealing with their clients in that they must follow strict guidelines in the promotion of any financial product including something as straightforward as a current account.
Should they not follow these guidelines then it is for the client to challenge and seek a refund or compensation for any financial irregularities that have resulted or could potentially result in a financial loss to them.
Is the Santander Account Correctly Sold?
It is of the utmost importance to make sure any form financial product is fair, reasonable and appropriate for your needs. Whatever the financial product it must fit into your financial requirements and options presented to you at the time of sale must also be discussed. Concerning accounts this must include the promotion of a fee free account and not just an account which you have to pay for.
I Believe my Santander Account was Mis-sold, can I Claim?
If you believe that your Santander account was mis-sold then there is a good chance you can make a claim or if the account still in existence look at transferring it to a fee free account. The mis-sale of package bank accounts is relatively straightforward, if the firm does not establish that the account fits in with your finances and lifestyle and makes available to you alternatives which should include fee free account then there is a good chance that a mis-sale has taken place. If you have any concerns at all relating to the sale of the account then it is certainly worthwhile dressing these.
The best way to deal with a Mis-sold Account?
The best way to deal with the mis-sold account is via the complaints process all banks and financial institutions have in place. The complaints process can appear and often is seen as long winded and weighted to the financial institution. Unfortunately, it is a process that needs to be followed. Any bank customer can make a complaint and follow the complaints process through the firm and financial ombudsman should they wish. An alternative is to use a claims firm where we would always recommend that you make sure they charge as we do, purely success based fee, ours being 24% inc VAT of any refund and that they have no hidden charges.
I Believe my Package Bank account was Mis-sold?
If you believe that your package bank account was mis-sold it is essential that you challenge the sale either yourself or through a claims management firm. Gone are the days when the consumer readily accepts what their bank says, there have been too many financial scandals for this to ever happen again. Banks have been seen as institutions you should be wary of and question concerning any financial matter that you have in place with them as through the financial scandals such as PPI they have been seen to have little integrity and honesty when it comes to dealing with their clients.
Claiming for a Mis-sold Santander Packaged Bank Account?
Any claim regarding your Santander bank account is important to run through from beginning to end. If successful the claim itself will include several elements which all should be addressed in any calculation for a refund. They should include the fees themselves, interest applied from the first fee until the refund is provided and compensatory interest on both of these figures. If other charges occurred as a result of these fees being taken then these also need to be addressed.