What is PBA?

PBA is a Packaged Bank Account that was opened as a new account or as an upgrade to an existing, free of charge bank account.

The main feature of PBA are additional benefits such as travel insurance, phone insurance breakdown cover or VIP treatment at airports.

 

Who got PBA?

Millions of PBA account has been opened in UK. Many of the clients with packaged bank account were not informed or did not even know they were paying for the account. The additional benefits were not fully explained, the clients were not informed how to use the insurance or what the insurance actually covers.

 

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How were the packaged bank accounts mis-sold?

You were told that your credit rating would be significantly improved if you would decide to get the packaged bank account.

You weren't told you would have to pay excess fees if you would like to make a claim or that your phone would have to be registered to use the insurance.

You were told that packaged bank account is the only product you can go for and there is no such option as free account.

You weren't told that due to the type of your travels or your personal health you wouldn't even be able to use the additional insurance.

You were told that packaged bank account is the only account that would meet your needs.

You weren't told you would have to pay fees for the packaged bank account.

You were misinformed that by getting packaged bank account you would be able to get credit card, loan or mortgage.

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