One in five people mis-sold packaged accountsBanks overpromising benefits of packaged accounts
26 July 2013
More than a fifth of consumers with packaged accounts have experienced pushy sales practices or have found the account to be unsuitable, new research has found.
The most common reason people felt they'd been mis-sold was that banks and building societies had promised more than they delivered, the YouGov survey found.
Packaged accounts, which bundle up a range of perks such as mobile phone and travel insurance in return for a monthly fee, can also be known as fee-charging bank accounts.
And they don’t come cheap – they can cost as much as £25 per month, amounting to £300 per year.
If you believe you've been mis-sold your packaged account, read our guide to see what you should do.
Packaged accounts concerns
The Financial Ombudsman Service (FOS) recently reported seeing an increase in complaints about packaged current accounts. Customers complained that they had been let down by a packaged deal.
Almost a third of people who had problems said sales staff had made them feel they had no other option but to take a fee-charging account. But despite the concerns raised in the research, only one in four people had done something about it.
If you think you’ve been mis-sold your packaged bank account, complain directly to your bank, using our template letter for mis-sold packaged accounts.
If you’re not happy with the answer you get from your bank, or it doesn’t reply to you within eight weeks, you can take your complaint to the FOS.
Find out more about how to complain about your packaged bank account.
Packaged accounts mis-selling
Just because you pay for your bank account, it doesn’t mean you've been mis-sold.
If your account has benefits that you’re likely to use, you could actually save yourself money, so check you have the best account for you.
But if you were signed up without being told, or were told you had to get a packaged account in order to access other products, such as a loan or mortgage, you could have been mis-sold.
Read our checklist for other examples of mis-selling and to see if you've been affected.
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