Mis-Sold Packaged Banking

Mis-Sold package bank accounts

Many packaged bank accounts were sold to people with additional cover and policies that required monthly fees to be paid. These policies and fees for many people provided no value or benefit and it is possible to reclaim those fees. So far we’ve helped recover £600,000 in fees for our customers. Could we help you too?

What is a packaged bank account?

Packaged bank accounts promise a range of services, advice, insurance policies and personal services with a view to proving a complete banking solution.

Due to being a bundle of services they often boasted cost savings, safeguard insurances and various offers.

It is recognised that many paid for packaged bank accounts were mis-sold. This was often because of:

  • The customer never being able to claim the benefits of their policy
  • The customer was unaware of the cost or terms of the policy
  • The customer didn’t need the additional cover the policy provided
  • Customers not being refunded in the event of the finance covered by the policy in question being redeemed early

Can I make a claim?

Should you have ever paid a monthly fee for your bank account, it is likely that you will be able to make a claim.

Some of the more popular bank accounts that have the potential for a claim are:

  • RBS Select Silver Account
  • RBS Select Platinum Account
  • RBS Royalties Gold
  • RBS Black Account
  • RBS uFirst
  • RBS uFirstGold
  • HSBC Passport
  • HSBC Bank Account Pay Monthly
  • HSBC Premier Account
  • NatWest Select Silver Account
  • NatWest Select Platinum Account
  • NatWest Advantage Gold
  • NatWest Black Account
  • Privilege Current Account
  • Privilege Premier Current Account
  • Privilege Current Account
  • Privilege Premier Current Account
  • 1st Account with First Directory
  • Lloyds TSB Select Account
  • Lloyds TSB Silver Account
  • Lloyds TSB Gold Account
  • Lloyds TSB Platinum Account
  • Lloyds TSB Premier Account
  • Barclays Additions
  • Barclays Additions Active
  • Barclays Additions Plus
  • Barclays Current Account Plus
  • Barclays Home Pack
  • Barclays Travel Pack
  • Barclays Travel Pack Plus
  • Barclays Premier
  • Barclays NatWest Vantag
  • Nationwide Flexi Account
  • 1st Account with First Direct

How can OpenDoor help?

At OpenDoor we aim to get the provider to repay the full amount of which you are entitled and we will liaise with the provider(s) in question and negotiate until your claim has been settled.


Mis-Sold Packaged Banking FAQs

Although you are able to contact financial institutions directly this can sometimes seem daunting. Some customers may experience delays or simply don’t have the time or inclination to handle it themselves. We take away all the admin and time pressures and it’s in our interests to get you the right result.

It is also the case that a high percentage of claims are rejected by providers in the first instance, which we have experience in overturning.

We have a specially trained team of experts who know what is needed when dealing with these types of claims. We’ll take all the hassle out of claiming by obtaining all the required information at the start of the claim and ensure you don’t have to deal with the banks, airlines or other providers directly.

As a firm regulated by the Solicitors Regulation Authority we are heavily regulated and adhere to higher levels of compliance compared to other claims management firms. We also have a team of in-house solicitors should we need to scrutinise any claims and correspondence as required.

No. Unlike some of our competitors we won’t take an upfront fee. If your claim is unsuccessful you will not owe us any money.

In the first instance, please contact the person who is handling your matter, or their supervisor whose details will be provided to you upon request.  The complaint will then be investigated and reported back to you as soon as possible.

For more information on our complaint procedure please visit our How to complain page.

We will undertake your claim on a no win-no fee arrangement. If successful our fee will be 25% plus VAT of the total amount recovered. For example:

If your refund is £1,000 our fee will be £250 plus VAT.
VAT is 20% of £250 = £50
Total fee payable to us is £300.

Full terms and conditions can be found here
To find out more please visit our How we charge page.

Ten weeks is the usual turnaround time for a successful claim including admin, processing and postage time.

The Financial Conduct Authority (FCA) normally insists that all complaints are investigated within an eight-week period. In some cases, depending on the bank or firm involved, we have had payouts within the eight-week timeframe.

If the provider refuses to accept the complaint we can refer it to the Financial Ombudsman Service (FOS). Then the timescale can increase by up to a further two years.

We will endeavour to keep you informed at regular intervals about the progress of your claim.

Fees will be collected once an offer has been paid. You will be invoiced directly, as the lender normally pays the balance directly to you or offsets it against your current balances. You can pay OpenDoor over the phone using a debit or credit card, or arrange a bank transfer. If a bank or financial provider forwards the compensation directly to us, we will deduct our fee and then send you a cheque for the balance.

  • One of our claims managers will collect all the required information during your initial advisory call.
  • Approximately four days later you will receive your ‘claim pack’. This will include two copies of our Terms and Conditions and a Letter of Authority for each claim being processed.

To be able to act on your behalf and proceed with your claim, we need to have signed and completed Letters of Authority and Terms and Conditions relating to each provider we will be dealing with.  

  • Once we have received all required documents, from you, one of our specially trained claims managers will be assigned to you and they will issue a letter of complaint to the respective provider.
  • We will deal with the provider directly, chasing an acknowledgement of the complaint and ensuring all requests for further information are dealt with promptly.
  • A response will be received from the provider, which our claims managers will review. You will then be contacted to discuss how you would like to proceed. If the complaint has been rejected you may have the option to refer the complaint to the FOS.
  • Should your complaint be referred to the FOS, your claims manager will explain the rules and regulations and how we will refer the complaint for you ensuring it is presented in the strongest possible way.

If your claim is successful, you’ll receive the fees you paid plus interest at a statutory rate, which is currently 8%.