A bank account with a monthly fee charged is normally referred to as a package bank account. For instance if you have travel insurance on the bank account would this be worthwhile if you do not go abroad. Many banks and building societies offer cashback on monthly bills and loyalty rewards as an incentive to open or retain an account. If you have been a victim of this, Claims Compass can help you get the compensation you deserve. Packaged bank accounts started in the 1990s, as Lloyds Bank started an account called the "Classic" account. Of course, you will need to file the same amount of information that you filed with Natwestand with the number of complaints, response time can be slow. Specific account and Premier eligibility criteria apply. Get help starting your claim. Clitheroe We've pulled together a range of commonly asked questions. You must have the latest version of the app which you can get or update from your app store You', Video Banking is a service where you can speak to us about our range of products and get a free face-to-face Financial Health Check wherever you are, at a. Along with other well-known high street banks, NatWest have been implicated in the financial mis-selling of some packaged bank accounts (PBA), including their Reward Silver and Reward Platinum accounts. Cora can help you with a wide range of queries and show you how to do your banking. For example, you may already have replacement cover for your mobile phone being paid for (or included) in your phone contract. Includes 10 million medical expenses cover, cancellations, baggage and more. An offer of 50 in cash and a 4-year free Tastecard. If you are currently a NatWest customer and are paying for a packaged bank account, you may be entitled to a NatWest Packaged Bank Account Refund. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. After taking out a 3,100 overdraft with the Bank of Scotland he was left struggling to repay overdraft charges of up to almost 1,682 a year. Even if you are basically happy with the fees you are paying for your packaged bank account, it is prudent to check if the annual costs of the PBA represent good value compared to buying those insurances or services elsewhere. These rip-off charges were banned in April 2020, but you can make a historic claim. App eligibility criteria apply. Can a low carbon lifestyle save me money? Even if youre still paying the monthly fee. Due to my personal circumstances as a good old gesture of goodwill they have agreed to refund all charges and a 90 unarranged borrowing fee. In return, customers get benefits like travel insurance and airport lounge access. 1. If I Believe my NatWest account was Mis-sold what are my Options? DoNotPay can help get you the refund you deserve with our Chargebacks product. By Emma Gunn for Thisismoney.co.uk. All You Need to Know Before Joining, A Beginner's Guide to Claiming a Lumo Refund, All You Need to Know About Boots' Refund Policy, Requesting Lumo Refunds Has Never Been Easier, How to Pay Your Houston Water Bills Online Hassle-Free, How to Remove My Case From The Internet Instantly, How to Recover Your Forgotten Workday Password Hassle-Free, How to Stay In Touch With Inmates at Clements Unit, Sending Money to an Inmate Has Never Been Easier, Taking advantage of free trials and never getting charged, Preferential rates on other financial products, Assorted offers and discounts, such as VIP airport lounge access. You may have to pay extra for this, or you may find that your condition cannot be covered. Black can't be applied for. Can a low carbon lifestyle save me money? Are you an existing customer? 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. In the second half of 2015, it upheld nearly one in four complaints against the bank out of a total 4,872. You're automatically covered by your travel insurance if you have a Silver, Platinum, or Black bank account. From experience whilst the firm should follow these prescribed guidelines on many occasions they do not leaving clients frustrated. See the full list of your account benefits: To apply for a Reward Silver you must be an existing NatWest current account customer. Simply download a Claim Pack or request one by post. Plus, all the benefits of the Reward account. Our Silver bank accounts come with European travel insurance. New rules were implemented by the Financial Conduct Authority (FCA) back in 2013 to provide more protection for the customers being sold this type of bank account, as complaints to the Financial Ombudsman Service had been rising. If you or your joint account holder are aged 70 or over, youll need to get in touch with us each year to get your cover, where there will be a 75 annual premium per person. "Packaged" accounts are . Make a claim. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. The monthly fees pay for additional benefits and services, but many customers have now realised that the accounts are in fact unsuitable for their circumstances or were falsely recommended and so have successfully received a refund of all fees paid plus interest, in valid compensation claims. Most banks have an internal complaints procedure and so you should explain exactly what happened when you opened the account and under what basis the mis-selling occurred. The Financial Ombudsman has declared Natwest the worst offender when it comes to mis-selling Packaged Bank Accounts. For those who are reading this forum and want to learn from this experience, perversely it is always best to make all your finance complaints initially via the FOS. Includes all Reward Silver's benefits too. The Current Account Switch Service will move everything from your old account over to us in 7 working days. Family travel insurance for trips in the UK and worldwide up to 90 days, including 31 days for winter sports. You were told that in order to have access to other financial services, you had to have a packaged account. All the major UK banks including Natwest are implicated. He's also explained how to get free groceries at Asda, Sainsbury's and Co-opincluding tea bags, milk and biscuits. Just to be clear, you are not just asking for the monthly charges to be refunded. It's worth noting that if you send a payment to a closed account, you need to wait at least one working day as the funds may be sent back to your account. To reclaim funds you have sent to an incorrect payee you will need to chat with us. They might be called things like "reward", "premium" or "gold" accounts - and there's usually a monthly fee attached them. A review by the FCA found that some operating practices and bank sales tactics fell under this category and meant that thousands of PBA accounts were systematically sold to customers for whom they were wholly unsuitable. Packaged bank accounts are those that offer additional services for a monthly fee, such as: Many banks, including Natwest, sell packaged bank accounts, and if you pay for a NatWest bank account,it is probably a packaged account. When you meet these conditions well pay 200 into your eligible account within 7 days. We've set up a new account opening process for you. We cover unlimited holidays for a maximum of 22 days (Silver), 31 days (Platinum) or 90 days (Black). A further review was carried out some time later and still found that many financial institutions were falling foul of those rules, including the popular and well-known bank NatWest. Many of the package bank accounts were correctly promoted and benefit to those who have them. Registered in England & Wales No. Packaged Bank Accounts are the next big mis-selling scandal after PPI. Steps to register your travel plans for your debit card: You don't need your policy number to make a claim. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. View our online Press Pack. Martin said: "This is much less big than it used to be, but you can still put in a claim.". Packaged Bank Accounts were mis-sold on an industrial scale. Our European and Worldwide travel insurance is underwritten by U K Insurance Limited. The same applies if the insurance was invalid, for example if you were too old to make a claim on the policy, or if the price was hiked and you weren't told about it. 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. We add qualifying cases to an ongoing court action via our top tier partner solicitor. The fee was added without you knowing, for example, it was "upgraded" without your permission. While there are no rules that guarantee a payout, watchdog guidelines state that banks have a responsibility to treat you fairly. No, it is important to remember you can only claim on one insurance policy when making a claim for a specific loss, so could be doubling up on insurance costs unnecessarily if you are paying two providers. 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. Lenders previously charged between 2 to 30 a month for anarranged overdraft. To see all content on The Sun, please use the Site Map. This provides cover for you, your partner, and dependent children under 18 (or under 23 if in full time education) at the start of the journey. Ensure they dont wriggle out of paying back what theyve taken from you. I am an Independent Financial Adviser (IFA). This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Natwest PBA Claims & Brief History. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Martin Lewis has explained how to reclaim thousands of pounds from your bank, Martin Lewis reveals how you can make the most of the Green Homes Grant scheme, due to bank charges for going over your overdraft limit, urged Brits to apply for 5,000 Green Homes Grant vouchers, how to get free groceries at Asda, Sainsbury's and Co-op, warned 1.8million workers risk 2.6% interest charges, Independent Press Standards Organisation (IPSO). Some of these benefits could be useful however there are exclusions. Tell us which credit card (or ACH transfer) the payment was on, and enter the name of your bank and the merchant. . Those are only the complaints that made it to the Ombudsman, there are likely thousands more that never make it past the bank. WHAT a clever marketing ploy!. Well send you a complete Claim Pack along with a freepost envelope to return the filled out form. They are not financial advice and you should not treat them as such. Can I Claim for a Mis-sold NatWest bank account and what for. The comments I make are just my opinion and are for discussion purposes only. In the second half of 2015, it upheld nearly one in four complaints against the bank out of a total 4,872. Earn rewards for spending with our partners. Get an interest-free overdraft up to 2,000 (500 in the first term) when money gets a bit tight. because you were too old to be eligible or had excluded medical conditions etc), Telling a customer that they had to have a PBA as the only condition to be eligible for a loan, credit card, overdraft or mortgage with that bank, Being given false information or exaggerating the overall benefits, such as saying a PBA would hugely increase your financial credit score, Suggesting you would only be able to access amazing deals if you had a PBA and then later finding out those deals were available to all customers and, in some cases, at a cheaper price, Your bank failing to carry out an annual eligibility review or send you an annual eligibility statement for your packaged bank account, to clarify your current circumstances and establish whether the account is still right for you. No, there are many customers for whom packaged bank accounts are considered beneficial for their personal circumstances. Packaged bank accounts are those that offer additional services for a monthly fee, such as: Travel insurance Preferential rates on other financial products ID fraud insurance Mobile phone insurance Commission-free foreign currency Discounted or interest-free overdrafts Assorted offers and discounts, such as VIP airport lounge access We sometimes hear from consumers who feel their account wasn't suitable for them, or that they weren't given a choice about taking the account. They may find a PBA convenient, to have such insurances all in one place, and feel that the monthly fee they pay represents good value for money. Some 36,000 RBS, NatWest and Ulster Bank customers will be refunded a total of 2.2 million after the banks failed to set up the correct alerts warning them about unarranged overdraft charges. The straight answer - maybe. If, after reading this article, you feel you have been mis-sold a packaged bank account, we can help. Youll be covered for the following situations related to Covid-19 as long as the FCDO arent advising against "all travel" to your destination. The one that gets your money working for you. Our experts are on-hand to help. This is often the simplest option. You were told it was a privilege to get the account but it wasn't explained properly to you; the salesman wouldn't say no for an answer or you weren't told the full cost. For example, an account holder may in fact be too old or have medical conditions that renders the included travel insurance useless and totally void.