What is a PBA claim?
Packaged Bank Account, also known as PBA, is often sold with other bank products. If you get PBA, you’re going to have some benefits, such as travel insurance or phone insurance.
However, most people don’t need it and they end up paying an expensive monthly fee for something they don’t use.
A well-known fact about PBA is that is often mis-sold! This means even you maybe have a PBA without even knowing it.
How is this possible? Simply with the help of bank employees who sometimes fail to check with customers if they really want or need a certain service, such as PBA or PPI (Payment Protection Insurance).
If you think you’ve been mis-sold and you want to get your money back, you can file a Packaged Bank Account claim.
Mis-selling Packaged Bank Account
If you start to notice you’ve been paying a monthly fee to your bank and you’re not sure what the fee is for, call them and check. If it happens to be a PBA and you don’t remember signing for it, you may be mis-sold.
Situations that include mis-selling are if the bank didn’t tell you but instead just signed you up for the PBA, you were told the account is free, you were told you had to take it, you signed for the PBA even though you were not eligible for payments, etc.
Rethink the whole situation. PBA, although it is often useless to the majority of people, can be of benefit to you, as it includes travel insurance for instance.
You may think it is a great option if you travel a lot but that is not necessarily the truth. It often doesn’t cover all the destinations and certain sports on holidays.
You can end up being on your vacation with the thought that you have insurance when in fact you don’t (at least for that country or that situation).
Make sure you’re familiar with all the features of PBA in order to know exactly if it is the right fit for you.
Also, make a financial look at the situation and see if you can afford it!
PBA claim
Unfortunately, instead of clients deciding for themselves whether they want it or not, it is often mis-sold by the bank.
If you want nothing to do with the PBA, it is time to get your money back!
Keep in mind, even if you weren’t mis-sold, you can change your mind and decide you don’t need the PBA anymore. In this case, you also have the right to cancel it.
When claiming PBA you have the right to a refund or turning back to a standard account.
The initial complaint is made through an email or letter to your bank with as much detail as possible. The bank has eight weeks to respond, otherwise, you can start the legal procedure with your solicitor.
Don’t be discouraged – with the help of a professional solicitor, you can exercise your rights and get a full refund for the fee you’ve been paying for a long time!