The Financial Services Authority that is FSA is taking steps to clamp down the manner in which the packages of the bank accounts are sold to stop the customers from throwing away their very own money down the drain.

The packaged accounts, where the customers have to make a payment a monthly fee for their account in return of which they get the freebies as well as the perks, that are big money spinners for the banks. Some amount of extras thrown in along-side with their current account in a very typical manner which is inclusive of travel insurance, breakdown cover, mobile phone insurance as well as the discounts on the fees of the overdraft.

But fees which they had to pay in for such kinds of perks which can easily cost up to a sum of 300 pounds in a year as well as the FSA is very much concerned that many of these extras that are offered are very much not suitable for the customers.

This regulator has now published new rules that will be forcing the banks as well as the building societies in order to check whether the customers are eligible for making a claim on their cover of insurance before selling them a packaged bank account and then also alerting them if any of the customer is not.

Sheila Nicoll, who works as director of policy, at FSA had to say that these products are quite often referred to as in the form of upgraded accounts but if the customers end up paying up for an element that he cannot even make a claim on, and then there money can go down the drain. They are very closely monitoring the promotion of such kinds of packaged bank accounts as well as the new rules will be making sure that the customers will be knowing that what they are going to buy as well as that whether they can rely on these products or have the limitations on the explanations which they need to be get before they buy it. Apply with text a loan @ http://www.textaloan.org.uk / quick pound for UK peoples.

The number of people who are holders of such kinds of packaged bank accounts has now almost doubled over the span of the last past five years. As per the figures from data analysts, with the name Defaqto, in the present times, there are 70 different types of packaged accounts that are on sale in the financial market of the UK, when compared to 39 in the year of 2007.