HSBC suspends Packaged Bank Accounts

HSBC are the latest in a long line of banks to have suspended their packaged bank account offerings due to the complaints coming in from customers quickly piling up.

The bank is preparing to move its customers over to a new deal but it is believed that the main reason they have suspended their main, paid-for bank account is due to the sheer number of complaints.

The complaints have have seen a steady increase recently. Complaint reasons have ranged from customers not being aware of the ‘perks’, to customers feeling they had no other option but to accept the account with the additional charges. Moreover, some customers with such accounts, which can cost as much as £300 per year, have found that they are unable to reap the ‘benefits’ they were paying for. We have a blog guide regarding reasons for a potential mis-sale.

Rise in Complaints

These accounts are now being closely monitored by regulators after the financial ombudsman has said that the number of complaints that they received in the year to March was 5,667. This number was up 1,628 from the year previous and of these, 78% were decided in the customer’s favour.

Campaigners have warned that packaged bank accounts, which are held by almost 11 million people, is very close to being the next big mis-selling scandal in the UK after PPI so if you have a packaged bank account that you pay for, you could be owed money!

The ombudsman only deals with complaints that have been rejected by the banks and this could suggest that the true number of complaints is actually up around the 100,000 mark which could suggest that we’re on the verge of the next BIG financial scandal.

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HSBC Suspends Packaged Bank Accounts