A PBA (Packaged Bank Account) is a personal current account which has a range of services and insurance policies bundled up together. In return for these additional services, the customer pays a monthly fee, which is usually around £10 - £25 per month.
Customers can be pushed into taking a packaged bank account by sales people, with little or no explanation of the terms, and with the focus being on the underlying bank account rather than the add on (or packaged) insurance policies. Lenders have failed to check whether customers are eligible to be covered by the packaged services and as a result, millions of customers could have been paying for cover under a packaged bank account which is not necessary and, at worst, absolutely worthless.
Cover usually includes breakdown cover and travel and mobile phone insurance and complaints often include people who subsequently found out that they couldn’t use the benefits - because of age limits on travel insurance or not owning a car for example. Other complaints come from people who never wanted the accounts but found they’d been signed up without permission and customers who had agreed to the accounts but told the bank to cancel them, only to find out it hadn’t.
*FSA Consultation paper CP12-17
The typical services or insurance that are usually provided within a packaged bank account include:
"Great service, would use again and recommend to anyone. Received more than I thought. Would not have got this amount if it wasn’t for the work FRS did on my behalf. Thank you."
Mr. S Johnson - Halifax
"I never would have dreamed that the bank I had been dealing with would have 'pulled a fast one'."
Mr D Davies - Barclays
"You have dealt with a lot of claims for me which has been very helpful in improving the standard of living that I have."
Mrs B Mould - Lloyds Bank
"Very grateful for what you have achieved for me, I would never have done this myself. Thank you very much."
Mrs. S Walsh
"I wasn’t going to bother, but I’m glad I did. Everything was sorted very quickly, excellent communication. Very pleased."
Mrs. M Berrecloth
"For all the staff at at FRS a big thank you for everyone’s help in supporting me through my claims. I found it relaxing and not stressful, it’s greatly appreciated. A big thank you to you all."
Mrs. P Goddard - MBNA
"The service we received from FRS was first class. The staff are very friendly and extremely efficient."
Mr & Mrs Lavin - Halifax
"I found FRS to be very good they kept me informed at all times. They treated you very well and when I phoned them the service and information were easy to understand. I would rate this company at 10 out of 10"
Mr. J H Robinson - Barclays
"I'd never wanted the hassle of dealing with the banks but FRS took all the pain away!"
Miss M Hayward - Lloyds
"From the start to the end of the process, the whole experience of dealing with FRS was first class. I would recommend them 100%"
Mr. A Owen - Lloyds
"Was such a large amount and what a great service. Never did I think I would get back so much money. And it was so easy. Thank you all at FRS. A very big thank you."
Mr. M Grundill
"You have handled the case very professionally with superb correspondence and an excellent outcome, what more can I say, very pleased. Thanks."
Mr. & Mrs. King
All figures above show amount calculated after deduction of taxes and fees