A PBA is a Packaged Bank Account. These accounts charge a monthly fee and include a range of services, such as mobile phone insurance, travel insurance and other memberships, depending on who you take out an account with. They’re often referred to by names such as “Gold” or “Platinum”.
For many people, a PBA is a useful product to have, and better than their normal bank account because of the benefits they enjoy. However many people have been mis-sold these accounts, either because they aren’t eligible for the benefits or they were falsely told they needed the account in order to qualify for some other form of credit with the bank.

For anyone who was mis-sold a PBA, it is possible to claim back the fees you’ve paid for the account, plus interest. If you think you were mis-sold a PBA, you could be entitled to a refund potentially worth hundreds of pounds.

How to claim a refund on a Packaged Bank Account?

When deciding to claim a refund for a Packaged Bank Account (PBA), you can either try to do it yourself or you can employ the services of a claims management company. You won’t pay any fees if you put the claim in yourself. But a claims management company can help you win using their experience in dealing with claims against banks.

They will be look after your claim, acting as the main point of contact for the bank, and they’ll do all they can to get back full amount due to you in your payout. Many work on a no win, no fee basis, so you’ll only pay fees if you win. Payment is usually a fixed percentage of your payout, around 25% being reasonable.

Either you or your claims management company will write to the bank, explaining why you think the PBA was mis-sold and asking for a refund. The bank may come back asking for more details from you to help them investigate.

What happens after I make a claim?

Once a decision has been reached, you’ll be informed by letter whether it was successful or not. If it wasn’t successful there are appeal options available to you if you are convinced your claim is valid, which you can seek advice on. If you do receive a refund, it will either be paid directly to you via cheque or bank transfer, or to your claims management company.

This might change if you owe the bank money. Whilst in debt with a bank, if you make a successful claim, they’re likely to keep the money to pay the debt off. If this happens and you’ve used a claims management company, you’ll still need to pay their fees.

If you want to know more about PBA claims, there are claims management companies and organisations  who can help.  See below more links to the help available for reclaiming your PBA.


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