HSBC Packaged Bank Account bill hits £31m

It appears the new scandal following the huge PPI mis-selling saga is officially here following recent announcements by two of the UK’s biggest banks.

We’ve been bringing you news and views for some time now regarding the mis-selling of Packaged Bank Accounts that affects at least 1 in 5 UK bank account holders.

Just last week RBS, which also owns Natwest, released figures which confirmed they had set aside £257m to compensate customers who have claimed so far.

A few days later and HSBC have become the second major player to set aside compensation specifically for this new scandal.

In setting aside £31m for it’s HSBC Packaged Bank Account bill, which will include compensation for First Direct customers too, it is clearly the first in what will be many additions over the course of the next few years, much as they’ve done with PPI.

What is a Packaged Bank Account?

PBAs have been around for years, and is basically a bank account that offers various insurances and ‘perks’ such as mobile phone cover, travel insurance and vehicle break down cover to name a few.

These ‘benefits’ are placed on the account in return for a monthly fee which generally ranges from £5 – £30 per month.

It is estimated that over 10 million of these accounts are currently active in the UK, with millions more closed.

These figures alone show that at least 1 in 5 UK adults have been affected.

Making a PBA Complaint

Not sure whether you’ve been sold a PBA? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the tens of millions who have been affected.

Not sure whether you qualify for a mis-sold PBA? Check here to see whether you may.

We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.

So….how do you start your claim?

#1: The first option for you is to fill in the ‘Start Your Claim’ form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘Download Claim Pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

HSBC Packaged Bank Account bill