There has been some recent press surrounding fee paying current accounts. These accounts cost anything from £5-£25 and include added extras, for example, mobile phone cover, car breakdown cover, travel insurance, interest free overdraft and commission free travel money. They may have been promoted as ‘an upgrade’ from a normal current account and you may have been sold it on the basis that you are a ‘loyal’ customer. These accounts are given names such as ‘silver’ ‘gold’ ‘platinum’ ‘premier’ and give the impression that you are one of the banks preferred customers. However in many cases customers were missold current accounts as they were ineligible for the benefits, or in some cases the benefits were not worth the extra cost. Examples of when these benefits would be unsuitable are: Being ineligible to claim on travel insurance due to age or a pre existing medical condition Have existing breakdown cover with another provider Mobile phones and lost keys already being covered under your home insurance Background: Mis-Sold Current Accounts The FSA launched its investigation into these accounts in 2011. According to the Independent Banking Commission, it is estimated that almost one in five of Britain’s 54 million current accounts are paid for. Research from consumer group Which? suggests that around a third of consumers don’t use the extras for which they are paying, wasting between £240million and £320million a year. If you believe you may have been mis sold your fee paying current account then we maybe able to help you, so please contact me as soon as possible.
Posted on: Tue, 11 Nov 2014 20:12:00 +0000
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