About one in five customers now have a packaged account which means in return for paying a monthly fee for your bank account you will be getting certain extras such as mobile phone insurance, car breakdown cover and travel insurance.
Are the banks checking that each individual customer gets a suitable package? The FSA have decided to firm up on the rules to ensure the customers are being sold the correct packaged account and to ensure that they can benefit from the insurance they have been sold.
Packaged deals vary and can cost between £8 and £25 per month.
Issues with Packaged Accounts
- Customers not realising they have been sold a packaged account and not even knowing how much it costs.
- Bank staff have been given sales targets to work to therefore pressurising customers.
- These extras may not be suitable for you e.g. you may not have a mobile phone or you may not be covered for certain things.