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You can just sit back and relax. 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. Those thinking of switching to the NatWest Select and Reward current accounts could pocket 200 for the move. If for some reason we are not successful in obtaining a refund regarding your concerns then there is nothing to pay. 2023 YourMoneyClaim. Family travel insurance for trips in the UK and worldwide up to 31 days, including winter sports. See how we've performed in key service areas and view details on how we support all personal banking customers. Having a strong case for a mis-sold financial product is key to getting a refund and Claims Compass can help verify this for you. 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. That so many complaints make it to the Financial Ombudsman and are found in the customers favour should come as no surprise. Often taking hundreds of pounds every year for products you wont use, cant use, or arent even aware youre paying for. Specific account and Premier eligibility criteria apply. How to complain if you've been mis-sold a packaged bank account The fee will appear as a charge on your account. To find out if you can extend your travel insurance to include cover for someone over 70, or with a new or existing medical condition, please sign in toMembership Servicesand complete the online form. The various benefits of the account should have been detailed to you and any exclusions that may have applied discussed. In return, customers get benefits like travel insurance and airport lounge access. We can obtain the documentation from your bank, 2. Travel Insurance | Packaged Bank Accounts | NatWest You were never informed that you were not eligible for some benefits. Five tips to make the most of your bank account and savings If so, there is a reasonable chance that it has been mis-sold. You can use Claims Compass to: Access experienced, UK based claims advisors, Find the answers to your claims questions using our free guides & articles, Arrange a free, no obligation call to find out if you have a valid claim 24/7. Learn more about Cora. Current Accounts | 200 Switch Offer | UK Bank Accounts - NatWest The Current Account Switch Service will move everything from your old account over to us in 7 working days. Manage your benefits. NatWest has a simple online form that makes it easy to raise a dispute. You can also use, Coronavirus (Covid-19) and any other pandemics 1. Most banks have an internal complaints procedure and so you should explain exactly what happened when you opened the account and under what basis the mis-selling occurred. Banks are meant to look out for vulnerable customers. We sometimes hear from consumers who feel their account wasn't suitable for them, or that they weren't given a choice about taking the account. The firm has designated guidelines to follow in dealing with any complaints and as such should confirm receipt of your concerns within a week. NatWest Bank ; Advantage Gold Package Account Fees Surprise Refund after refusal years ago This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. 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). Take care of all the paperwork. We have a range of cover across our packaged bank accounts. We will be able to calculate if this account is saving/making you . See the full list of your account benefits: To apply for a Reward Silver you must be an existing NatWest current account customer. Cover for you, your partner, and dependent children under 18 (or under 23 if in full time education) at the start of the journey. Many of the package bank accounts were correctly promoted and benefit to those who have them. Includes 10 million medical expenses cover, cancellations, baggage and more. For Silver account customers, only you and any joint account holder is covered. From experience whilst the firm should follow these prescribed guidelines on many occasions they do not leaving clients frustrated. NatWest Packaged Bank Account Refunds: Next Steps, I am happy for a claims expert to contact me to find out if my claim qualifies, Pera Business Park, Melton Mowbray, LE13 0PB, 2021 -SoftwareBox Solutions Ltd TA Claims Compass - Company Reg No: 12205095, packaged bank account may have been mis-sold, Not being told what the monthly or annual fee was to open and retain the packaged bank account, Not having been made aware of all the key benefits and exclusions of the PBA when you first opened the account, Being moved or upgraded from an existing free current account to a fee based packaged bank account without knowing or gaining your permission, Being pressured into starting a PBA without the salesperson advising you there was a free current account option available instead, The bank neglecting to carry out an initial eligibility check on the account holders, to establish the relevance and access to the additional benefits and services on offer, Failing to reasonably check and advise you of the benefits you could not claim, or worse still knowing you would not be able to claim (i.e. Family travel insurance for trips in the UK and worldwide up to 90 days, including 31 days for winter sports. Packaged bank accounts are those that offer additional services for a monthly fee, such as: Many banks, including Natwest, sell packaged bank accounts, and if you pay for a NatWest bank account,it is probably a packaged account. 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. Bank easier with powerful online and mobile tools. Only available online. Once you have all of this information, you'll need to write to the bank to ask for your money back. Complaining about a Mis-sold Select Silver, Select Platinum, Black or Advantage Gold account? 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. Our Silver accounts cover trips in the UK and Europe, including winter sports. If you change your mind on your reward or packaged account, contact our telephony banking or visit us in branch. It's worth noting that if you send a payment to a closed account, you need to wait at least one working day as the funds may be sent back to your account. Share this answer. After The Sun got in touch, the bank offered Leon a 2,516 refund in overdraft fees as a gesture of goodwill. Claim a Packaged Bank Account Refund from. For new or existing customers, you can call us on: Silver:0345 601 5219(Relay UK 18001 0345 601 5219) Overseas:+44 1252 308 792 Platinum:0345 609 0453(Relay UK 18001 0345 609 0453) Overseas:+44 1252 763 658 Black:0345 601 7188(Relay UK 18001 0345 601 7188) Overseas:+44 1252 308 794. We recommend that if you know the person you have paid the money to, you contact them direct first. We often link to other websites, but we can't be responsible for their content. Cora can help you with a wide range of queries and show you how to do your banking. My Package Bank Account was Mis-sold what can I do? You can also get 200 if you switch to a TSB Spend and Save account, or Spend and Save . You can find more detail about other issues with bank . Apply online or via our mobile app to switch a current account held elsewhere into a NatWest account from 14th February 2023 to receive our offer of 200. The monthly subscription fee for our Packaged Accounts comes directly from your account 21 days after your first statement date. The Mortgage Guarantee Scheme (95% mortgages), Change my automatic renewal for my home Insurance, Change my automatic renewal for my car insurance. Due to my personal circumstances as a good old gesture of goodwill they have agreed to refund all charges and a 90 unarranged borrowing fee. Basic current account today, access to NatWest's vast offering for your future tomorrow. The options to challenge the mis-sale of your NatWest account are available to you. Financial Ombudsman Service: Packaged Bank Accounts Yes, they are. No, you are not legally required to have travel insurance however it is a good idea. A change in FCDO advice, as long as you werent aware of this advice when you travelled. Well send you a complete Claim Pack along with a freepost envelope to return the filled out form. Natwest customers have filed thousands of complaints and have been fined by the Financial Conduct Authority for the mishandling of claims. You were told that in order to have access to other financial services, you had to have a packaged account. You can't apply directly for this account. Bookmark RBS and Natwest have agreed to pay refunds to more than 36,000 customers, after wrongly charging them for unarranged overdrafts. Can a low carbon lifestyle save me money? PBAs are current accounts with extra features bolted on for a monthly fee, typically around 5-30 per month. Have All Packaged Bank Accounts Been Mis-sold? 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. Packaged Bank Account - Nat West MoneySavingExpert Forum The cash is available to customers who've either been mis-sold packaged accounts or where bank charges put you in financial difficulty. Natwests PBAs attract fees of up to 25 per month in return for the typical insurance products bundled with current accounts travel, mobile phone and vehicle breakdown. Sit back and relax while we do the work. Best bank accounts: Up to 200 to switch or up to 7% interest - MSE 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. Plus, all the benefits of the Reward account. 4) Get rewarded by using your account. 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. Your Money Claim is a trading name of Your Money Management Ltd. Authorised and regulated by the Financial Conduct Authority (FRN 835466). If you've previously received a switching incentive from NatWest Group, you will not be eligible for this offer. View more information in our Coronavirus Support Hub. To reclaim funds you have sent to an incorrect payee you will need to chat with us. To begin this process, you will need to complete the FOS Complaints Form and attach copies of all the correspondence relating to your claim, including those between you and your bank. Set allowances and track your kids' spending and saving. What Qualifies for a NatWest Chargeback? [Answered] - DoNotPay Easily Claim NatWest Packaged Bank Account Refund. Editor, Marcus Herbert. Find answers to your claims questions using our free guides & articles. 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Exchange encouragement and information about getting your bank charges refunded Followers 1 Subforums NatWest Successes **Existing Successful Claims Only *NO* New Threads Please** - Contact a moderator to move your thread 25.3k posts 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). We can check the documentation to see whether you may qualify for compensation, 3. A packaged bank account is a current account that includes additional benefits, such as mobile phone insurance, travel insurance, breakdown cover etc. You can choose the account that suits your plans.