Packaged Bank Account Claims
Frequently Asked Questions
How will my account be affected if I make a claim?
If your packaged bank account is still in place, there is a possibility that your account could be downgraded to a free current account during/after the complaint process. Your account details will remain the same, but you would no longer receive the benefits that come associated with the account. If you have already downgraded from the package, your account will not be affected.
Will making a claim affect my overdraft?
If your overdraft is connected to your packaged bank account, the bank may cancel the overdraft or they may remove any preferential interest rates that you received from having this overdraft on your packaged bank account.
Why can’t you just send me out the pack for me to fill in?
We work for you, and we want to provide you with the best possible service. In order to do this, we must complete a questionnaire that captures the correct and relevant information in regard to the mis-selling of your packaged bank account. We have worked with many lenders to perfect our complaints process, so let our friendly advisers see how we could help with your complaint!
Can I upgrade in the future if its suitable?
If you realise at a later date you have a need for a packaged bank account, we are sure the bank would be willing to discuss the best options to suit your circumstances.
Will I get taxed on the refund?
If your case is successful, you will receive a refund of the package bank account fees that you have paid, plus the statutory 8% interest. You will only be taxed on the 8% interest as this is classed as a financial benefit, and therefore it is taxable. Please be aware that the bank will automatically send this to the HMRC on your behalf. If your case is upheld, and you are not a UK tax payer, please contact HMRC.
Will claiming affect my relationship with the bank?
Your bank has an obligation to treat all its customers fairly, meaning that this complaint will not affect your relationship with them, nor will it affect your credit rating.
Will my account be downgraded even if I don’t get a refund?
It is possible that your account could be downgraded to a free account, regardless of the outcome of your complaint. However, if this is a concern, please speak to one of our advisors.
I have left the bank and don’t know the account number or sort code. Can I still claim?
We can still process your claim without the account number and sort code, however the bank may require further information such as your address at the point of sale and any previous names in order to locate your account.
If my claim is successful, do the bank pay you or me?
The full refund recovered will always be sent directly to you from the bank. We will then send you an invoice for our fees, which are payable as soon as you receive the redress into your account. If you are having any issues with receiving this payment, please call us immediately so we can assist you.
What ways can I pay my invoice?
For your convenience, you can pay via cheque, BACS transfer, Credit card, debit card or PayPal. Full details are outlined on the reverse of your invoice. Please note we do not accept American Express.
For more information visit www.churchillsloan.co.uk/payment