What is a PBA at a bank?
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What is a PBA at a bank?
Personal Banking Associate (PBA)
What is a premium current account? Premium current bank accounts, also known as packaged or sometimes gold bank accounts, offer the same service as the free current accounts on the market, while adding extras such as insurance and mobile phone cover, in return for a monthly fee.
What do packaged bank accounts offer?
For a monthly fee, packaged bank accounts offer you benefits such as travel insurance, preferential rate overdrafts and more. But before you decide, be aware that these extras aren’t always worth the fee.
What are the disadvantages of a packaged bank account?
Cons of a packaged bank account
- Age and medical limits for some insurance policies.
- Packaged bank accounts can be mis-sold.
- You may not be able to use some of the benefits.
- You may already have some of the benefits (i.e. through your job)
WHAT IS A PBA refund?
A PBA or Packaged Bank Account claim is one where you have, for some reason, got concerns or reservations about the account facility that you either had in the past, or have now and do not necessarily believe you should have had, as the fee you are paying each month is either a drain on your finances or you consider it …
What is a packaged account?
Packaged bank accounts are current accounts that come with a “package” of extra features – from mobile phone and travel insurance, to preferential rates on overdrafts and loans.
How do I know if I have a packaged bank account?
If you currently pay or have paid a monthly fee for your bank account, it’s likely you’ve had a packaged account. These souped-up current accounts are now the most complained about financial product after Payment Protection Insurance (PPI).
Is it worth paying for a bank account?
In many cases, these free accounts may pay out more than perks on a packaged account are worth, especially after taking into consideration the monthly or annual fee. However, if you are looking for all-round protection at fairly basic levels, paying for an account might be the best option.
What is a packaged current account?
A packaged bank account is a current account that comes with other goods or services. Generally, these include at least one insurance product (such as travel or mobile phone insurance), but they may also include a range of other non-insurance goods or services (such as airport lounge access).
How far back can you claim for packaged bank accounts?
six years
Yes. Even if you no longer have the account, if you think you were mis-sold and you can get your hands on the paperwork then you can complain to your bank going as far back as when you had the account. However, it gets harder to complain about a packaged bank account that is over six years old.