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