If you answered yes to the above question there is a chance that your Bank of Scotland Packaged Bank Account policy was mis-sold and you could be due compensation.
A packaged current account is an account held with your bank that gives you a range of features and benefits in return for a monthly premium.
These features usually include mobile phone insurance, car breakdown cover, general gadget cover, interest free overdrafts and travel insurance.
Packaged accounts offer many services such as mobile phone insurance, breakdown cover and travel insurance.
Many consumers already have these insurances elsewhere and do not need the cover through the account, or could purchase stand alone cover at a more competitive price.
Most accounts included car breakdown cover, if you do not have a car, this negates the need.
The same can be applied to lower value pay as you go phones. Usually the excess on the policy is higher than the value of the device.
Some consumers were told that they had to have a packaged account in order to get to obtain other products.
An example of this would be being told you had to take out a packaged account in order to get an overdraft or bank loan.
Many untold exclusions are placed in the wording of the terms and conditions.
This includes having to register your mobile phone, a maximum payout cap, travel insurance limitations and different excess amounts dependant on phone make/model.
A full Refund of the monthly fees paid
An additional 8% Compensatory Interest
You do not need to use a CMC to make a complaint to a lender or other compensation scheme, such as the Financial Services Compensation Scheme (FSCS). If your complaint is not successful you can refer it to the Financial Ombudsman Service (FOS) yourself fee free.
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