Help & FAQs
Packaged Bank Accounts (PBA)
What is a Packaged Bank Account (PBA)?
Packaged Bank Accounts (also known as Added Value Accounts or Premium Accounts) are current accounts that have a set monthly charge for additional benefits such as mobile phone insurance, car breakdown cover, gadget insurance and extended warranties. The account fees vary in price from around £6 to £35.
How do I know if I have a PBA?
In most instances, people who have a PBA will have been sold the account either over the phone, on the internet or in their high-street branch. However, on some occasions, bank accounts have been upgraded to a PBA without the client’s knowledge. To find out if you have a PBA, check your bank statement for a set amount leaving your account on a monthly basis.
How are PBAs mis-sold?
Whilst there are some PBA’s that have been correctly sold, there are many reasons why one may have been mis-sold. For example:
- You weren’t eligible for the products being offered e.g. there were age or medical restrictions for some of the insurance policies that were not explained at the time of purchase.
- You already had cover elsewhere e.g. you may be covered under a work policy or a personal policy purchased before the PBA.
- You were told that you needed to upgrade your account in order to qualify for a loan or overdraft application.
- You may not have been made aware that a free current account alternative was available.