What is a Packaged Bank Account (PBA)? - Allay
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What is a Packaged Bank Account (PBA)?

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Mis-sold Packaged Bank Accounts (PBA) is a scandal that has affected thousands of people but just what is a Packaged Bank Account?

A PBA is a bank account  that has a monthly fee in exchange for various benefits, such as car breakdown cover, mobile phone insurance and travel insurance.

Bank customers were often encouraged to take out a PBA and many have never used or were not eligible for any of the benefits.

How were Packaged Bank Accounts (PBA) mis-sold?

  • You were never given the option of a free alternative account at the point of sale.
  • You were told your account was due an upgrade and not given any option but to agree to the upgrade.
  • You were told you needed this account in order to qualify for another product with the bank (e.g. overdraft or loan).
  • You were encouraged to sign up for 'free benefits', such as mobile insurance or travel insurance, but did not qualify for one or more of the benefits.
  • You were not sure what benefits were actually included with your account, as the packaged bank account was given to you without your knowledge.
  • You have only just become aware that you are paying a fee for your account.

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