DoNotPay makes it both quick and easy to claim your NatWest packaged bank account refundin just three easy steps. We often link to other websites, but we can't be responsible for their content. View more information in our Coronavirus Support Hub. But the 29-year-old was able to easily increase his hefty overdraft at the same time as spending thousands on online gambling sites in the midst of a gambling addiction. It may also include preferential access to things like airport lounges or discounts on services or products and customers typically pay a monthly fee to have this type of account. If the package bank account you have was mis-sold or you believe that it was mis-sold then it is certainly worthwhile challenging the bank to see if you can obtain redress. Just to be clear, you are not just asking for the monthly charges to be refunded. 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. At the point of sale was product offered to you in conjunction with the fee free account which was available at the time and still is. DoNotPay can help you with: We have helped over 300,000 people with their problems. The other area which should have been covered other limitations of the various benefits. You can find more detail about other issues with bank . Children must be living at the home address (or with the other parent) and be neither married or in a Civil Partnership. We do our best to ensure everyone is aware of their account terms and conditions, please take some time to review, print and/or save a copy of these. We have a range of cover across our packaged bank accounts. First of all, you'll need to contact the bank and prove that you were in financial hardship which the fees contributed to or made worse. It is a sad fact of life that there are unscrupulous and unethical salespeople working in all industries, and unfortunately the banking sector is no exception. For example, you may already have replacement cover for your mobile phone being paid for (or included) in your phone contract. Enjoy your refund! Go for it. You were wrongly told that you had to get it if you wanted to get something else, such as a mortgage or an overdraft. Find out if youre eligible to claim by reading our guide to PBA mis-selling. Here we explain, step by step, how to reclaim packaged account fees - and we have a free online tool to help you (or free template letters to do it yourself). The comments I make are just my opinion and are for discussion purposes only. Before your trip 2. Packaged Bank Account Refund Calculator | Claims Bible In order to challenge the missile you must raise a complaint with the NatWest either in writing, online, by telephone or face-to-face. Your Money Claim is a trading name of Your Money Management Ltd. Authorised and regulated by the Financial Conduct Authority. Specific account eligibility criteria apply. If you have travel insurance, depending on your policy, it could cover the costs of unforeseen incidents such as health emergencies, cancelled flights or missing luggage. One reader, who was unwittingly charged 25 a month, recovered all his fees after complaining. You can just sit back and relax. 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. So, if you are paying 15 per month for your PBA, that is 180 per year. Have you met Cora, your digital assistant?Cora can help you with a wide range of queries, including this one. 31 monthly fee. Often taking hundreds of pounds every year for products you wont use, cant use, or arent even aware youre paying for. DoNotPay will fax a letter to your bank with all the information you need to get your refund processed. Most banks sell packaged bank accounts on a non-advised basis which means they don't have to assess whether an account meets your specific needs. Starting your claim is easy. As interest rates were high and the account provided accountholders with healthy returns for saving, the 8 per month fee was seen as relatively affordable, especially when people with these accounts secured cheaper overdrafts and . View our fullrange of accounts, including accounts with no monthly fee. Packaged Bank Account - Nat West MoneySavingExpert Forum How much emergency savings should I have? 10 monthly fee. By Emma Gunn for Thisismoney.co.uk. NatWest, along with many other high street banks, have been found to have mis-sold packaged bank accounts to thousands of customers for whom they were unsuitable, or failed to follow the rules in place to ensure consumers were fully informed of the pros and cons of such an account. Telephone: 0800 138 7777 | Relay UK: 18001 0800 138 7777. The price was hiked but the bank didn't tell you. Even if youve cancelled or downgraded the account in the last 3 years. Natwest Packaged Bank Account Claims | Your Money Claim Please contact Cora, your digital assistant will be able to provide . 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. Theres support from business experts, specialist programmes to help you grow and expertise to tap into so you can succeed. One viewer told The Martin Lewis Money Show she managed to get a 1,400 payout from NatWest after paying for a packaged account for 10 years. If you have a Natwest bank account that you pay money for, you may have been mis-sold a Natwest Packaged Bank Account (PBA). Martin Lewis explains how to claim back 1,000s from your bank Is my Select Silver, Select Platinum, Black or Advantage Gold Account Mis-sold? General Policy FAQsTravel InsuranceYou should refer to the, A free Rooster Card Subscription (usually costing 1.99 per month per card or 19.99 per year per card) with NatWest Rooster Money for up to, Sign up for NatWest Rooster Money and download the app. 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. Earn rewards for spending with our partners. 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. Well send you a complete Claim Pack along with a freepost envelope to return the filled out form. The straight answer - maybe. Have All Packaged Bank Accounts Been Mis-sold? DoNotPay believes that you work hard for your money, and you should be refunded for accounts that have been mis-sold or oversold. For other inquiries, Contact Us. 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. The various benefits include travel insurance, vehicle cover through to reduced rates in borrowing. Our Platinum and Black accounts cover trips in the UK and worldwide, including winter sports. If they do not respond within this timeframe, or you are unhappy with their answer, then your next step could be to contact the Ombudsman (although they do apply a strict time-limit to their cases). 30/09/2015 22:10. You will need to provide information about the transaction in question, as well as your NatWest account number. I received a response from the Financial Services Ombudsman last week in relation to my claim for refund against NatWest. You were told that in order to have access to other financial services, you had to have a packaged account. IF any of the below points apply to you, you should be able to make a claim. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you. They are those where you pay a 10-15 monthly fee in return for insurance.". If, after reading this article, you feel you have been mis-sold a packaged bank account, we can help. 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. They might be called things like "reward", "premium" or "gold" accounts - and there's usually a monthly fee attached them. Being unable to stay in pre-booked accommodation due to Covid-19 or another pandemic, as long as you werent aware of this when you travelled. What is a Packaged Bank Account? Prior to the onslaught of packaged bank account facilities about 20 years ago personal customers had the opportunity to operate free accounts. We can help you claim back any refund you my be entitled to from NatWest. Bank of Scotland told The Sun at the time he increased the overdraft he met all of their lending criteria, but they recognised some peoples circumstances did change and wanted to help. Many high street banks are having to accept liability in financial mis-selling claims relating to packaged bank accounts and, as such, are refunding millions of pounds in mis-sold account fees. Contact NatWest Online. Best bank accounts: Up to 200 to switch or up to 7% interest - MSE You should work out how much you spent in overdraft charges so you know how much you should ask for. Reward Black and Black account. Our Silver accounts cover trips in the UK and Europe, including winter sports. Have you paid for your bank account? NatWest - Support Centre We expect that many of the claims against bank accounts through the chargeback are likely to be challenged due to the sheer numbers that could be involved. Depending on your level of cover it could protect you, your trip, and your property such as medical care, cancelled flights or lost luggage. Moving back to travel insurance there are limitations that the travel insurance attached package bank accounts does not normally cover high risk at activities such as skiing. App eligibility criteria apply. I put in a claim for our packaged bank account on 28/04/2017 about an account we opened 09/10/2006 Natwest say they do not up hold the claim because they sent us review letters 29/07/2009 and again 31/03/2010 and that we needed to complain with in the first 6 years of opening the account or with in 3 years. While there are no rules that guarantee a payout, watchdog guidelines state that banks have a responsibility to treat you fairly. How much emergency savings should I have? Our digital banking solutions make it easier than ever to manage your money on-the-go. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. All right reserved. Deposit 1,250 into your account and log into our mobile banking app within 60 days. Advantage Gold Package Account Fees Surprise Refund after refusal years With another bank? We can help you claim back any refund you may be entitled to from NatWest due to being mis-sold a packaged bank account. Choose from the languages below to find more details and eligibility criteria. If you're not eligible for the bank account you are applying for, you might be offered the Foundation account instead. Well done, I also claimed back packaged account fees (I was told I had to have the account to get an overdraft - rubbish) and also for a long ago credit card and overdraft protection fees - altogether I got back around 17k and did NOT (for anyone else reading) use a claim company. 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. Packaged Bank Accounts were mis-sold on an industrial scale. 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. Below we explain how to claim for both issues. Absolutely do it Sally and Fluffy - it's so quick to fill out the form and you've nothing to lose and a whole lot to gain. You or any insured person, close relative or travelling companion being diagnosed with Covid-19 or another pandemic disease. Some pay as much as 20 per month. Do you have other chargebacks or refunds that take away your time and stress you out because they are so complicated? As you may have seen in the media, many of our high street banks are currently dealing with yet another financial mis-selling scandal, namely mis-sold packaged bank accounts (PBAs). Offer can be withdrawn or amended at any time. Examples of some scenarios that may fall under the classification of financial mis-selling include : If any of the above sounds familiar to you, you may be eligible to claim compensation for a mis-sold packaged bank account and receive a refund of all the fees you paid, plus interest. Family travel insurance for trips in the UK and worldwide up to 31 days, including winter sports. Quarantine (including if it's because you are contacted by Test and Trace). The options to challenge the mis-sale of your NatWest account are available to you. Current account with a contactless debit card for 11-17 year olds. See how we've performed in key service areas and view details on how we support all personal banking customers. Manage your benefits. Natwest charges Refunded, now after packaged account fees - didnt know 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. UKI have been working with the Financial Conduct Authority and MoneyHelper to create a directory that you can search when UKI are unable to help. Whalley Get an interest-free overdraft up to 2,000 (500 in the first term) when money gets a bit tight. The courts will give you the chance to reclaim your PBA fees, but only if you win the case, so it is important to weigh up the potential gain against any possible losses. GETTING into debt can leave you in a really sticky spot, as lorry driver Leon Rayfound out. Platinum Travel Insurance Terms (PDF 721KB), Black Account Travel Insurance Terms (PDF 800KB). 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