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Packaged bank accounts among most complained about financial products - but only 4% of complaints are upheld

Packaged bank accounts were among the most complained about financial product between October and December last year, according to the Financial Ombudsman Service (FOS) - but only 4% of complaints were actually upheld. 

According to data published by the FOS today, (23 February), 1,477 complaints were made to the ombudsman about packaged accounts from October to December 2021, making them one of the most complained about financial instruments. However, the FOS said only 4% of these complaints were upheld. 

The FOS added that more than 90% of the complaints relating to packaged bank accounts were from people who believed they had been mis-sold their bank account.

Kevin Wright, ombudsman leader at the FOS, said: We continue to receive thousands of complaints about packaged back accounts, yet our uphold rate is low. People should consider the reasons why they are unhappy with their packaged bank account. Not using the benefits of the account [such as travel or mobile insurance] means it’s unlikely we will conclude that it was mis-sold.”

But you can reclaim packaged bank account fees if you think you've genuinely been mis-sold

If your bank sold you a packaged bank account and didn't ensure that any extras that come with it were suitable for you or you were told you needed a packaged bank account to qualify for an overdraft or mortgage, or the account was "upgraded" without your consent, then you might be eligible to reclaim the fees on your packaged account.

You can use our free tool via complaints website Resolver to make a complaint to your bank. If your complaint is rejected or you don't hear back after eight weeks, Resolver will prompt you to escalate it to the Financial Ombudsman Service, which you will have to do yourself.

See our Reclaim Packaged Bank Account Fees guide for more on your rights and how to complain.

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