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Published on February 27th, 2015 | by Pete

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Am I entitled to compensation from my mis sold bank account package?

You might have heard in the news recently of some sort of a compensation package for individuals holding a Mis-sold bank account, but are not sure what all of the details are or even why the compensation is taking place in the first place. In this situation, it is extremely important for you to understand why the compensation is being paid out, as you may be do a serious amount of money. In fact, the average compensation package can range anywhere from over £100 to all the way to £1,000. With this sort of payment potentially available to you, it proves extremely important to understand what the compensation is you may be entitled to.

There have been multiple banks that have charged a monthly fee to simply have the Mis-Sold back account open. This is not a fee associated with a different kind of movement of money or from other stipulations in the bank, but simply to open and maintain the account. Beyond this, there have been banks that have sold “insurance” to maintain the account and protect the money, but this insurance is fraudulent and pointless as well, due to the fact that all money deposited into such an account is already protected and insured by the government. Due to this, both of these kinds of fees are actually a fraud, so if you have paid any sort of money towards these fees in the past, you most likely are due some sort of compensation for the fraudulent fees. You just need to determine both how much you are due and how you are able to go about obtaining this sort of a fee.

In order to determine if you really are entitled to compensation, you need to contact Quantum Refunds in order to cut through all of the red tape and see if you are due money or not. It is rather simple to determine this, as it is only necessary to look at the account type you might have and then go about making a claim on the money that is rightfully owed to you. Even if you are not sure whether or not you are due any money, it is important for you to look into it. Banks are required to insure your money and, in certain principles where an additional form of insurance is necessary, the bank should never sell you insurance that is beyond what you might need. However, many banks oversell the kind of insurance to customers, which in turn may force someone like yourself to drastically overpay for the coverage you need. In an example given by Quantum Refunds, you may have been sold a form of insurance in order to access another service that you wanted to use, but this is illegal and you do not need to purchase the insurance in order to gain access to particular services. Due to this, you are paying for insurance coverage you do not need.

No matter what your banking habits are, it is important to know whether or not you are due money. Wouldn’t you like to have some extra money in your pocketbook? If so, there is a good chance that you may actually be due a good amount. In fact, there has already been a successful claim of £8,000. While you most likely are not due this kind of money, there is a good chance that you at least should be given at least £100, which is a nice bit of money you are able to use on other expenses during the month, or simply save again.

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