They got a $6,000 refund for unwanted credit card insurance (Marketplace)

♪ ♪ Common:This is
Marketplace. ♪ ♪ This is a picture of me in
Las Vegas driving a Ferrari. Common:Richard Jerome
had a blast
of a birthday this year.Richard:And I was
able to fly into
the Grand Canyon
on this helicopter.
Woman: Oh, my God.
Look at this. Richard:And this is my
birthday cake
at Hell’s Kitchen.Common:
The icing on the cake?
His trip was covered by a
big refund on his credit card.
Richard: I was getting
back $3,295.73. Oh goodness, that’s fantastic. So they said they are going
to put it on– a credit on my Visa card. Like, I had $3,295
to spend in Vegas. [chuckles] Common:For years, Richard
had been paying for services
he didn’t know aboutuntil he
watched our story about
credit card balance
protection insurance.
I paid them almost $500. $1,250. Just over $6,000. Common:These guys told us their
banks secretly added
credit card insurance
to their bills.
Man:I didn’t know
about this insurance.
I didn’t ask for it. They had put balance protection
insurance onto my account without my permission. I told them multiple
times that I don’t want this. I found this whole
situation very scummy. Common:So, we sent in hidden
cameras to see if banks
explain it all or
just sign you up.
Common:This employee
was a top seller
at a big bank and gave
us his insider take.
Have there been
instances where employees of the bank have signed people
up for this insurance without them knowing? Why is that happening? ♪ ♪ Common:Over in Ottawa,
Richard Jerome saw our story
and called up his bank.And I said, I would like
to hear that recording,
or I would like to see that
signature or crosscheck that
I wanted to go
with this program.
Common:But there was no proof.That’s why he got
that $3,200 credit.
Richard: Everybody I talk to,
I let them know they should be
checking into that, and that’s what
happened with my son. Honestly when I heard it
happened to him I thought, you know, that’s great,
but it took me, like, a couple weeks
to even move on it. I told him, like Graham,
you can look into this. Check it out and see
what’s going on there. Just do it. That’s the overpayment
right there. It is $2,663.65. So, the balance was zero, so it had
the credit of the $2,600. So I went into BMO and I said,
I would like to withdraw this as cash. Common:That’s right.He got back cash, which will
come in handy when he
and the dogs move out.I’m saving up to buy a
house soon so– hopefully in the spring, so that it’s
a nice chunk towards a down payment on that. Common:The Jerome men were
refunded about $6,000 in total.
He was frivolous and spent
it on Vegas for his birthday, and I’m going to, you
know, put it into a house. Common:And they’ll
keep spreading the word.
You kind of become a champion
for this with everyone you know, right? Like, you are this balance
insurance refund evangelical telling everyone you work with. ♪ ♪


Watch our initial investigation into how banks sell you on credit card insurance. ^nr

One of my credit cards is from a big box store….what about those? Are banks the only scammers doing this or what? Kind of a weak bit of journalism here.

Yet again stupid people get rewarded and the rest of us will have to pay. You can clearly see on the statement if you are paying this.
Sure banks push it. Dead easy to say NO. Life insurance on mortgages is a scam as well. No doubt people will claim they are owed cash for signing up for that.

This happened to me about 7 or 8 years ago. The only way I found out about it was I received a check which I almost threw away for $113. Someone filed a class action suite in Texas. I have no idea how I was signed up for it. I heard that unless you declined it you were automatically signed up. I don’t even know when or how it was offered. I am glad someone caught this. Really crazy.

so, what is Trudeau going about it? hundreds of thousands of people got charged fee illegally. bank continue to do illegal practices to fuck people over. you just going to ignore that? where is the law for rich people?

Big scam..happened to off my ass I had disability on it and they ended up only paying 4% so watch it..

Can someone tell me what should my first step be to check if I have been paying this so called insurance on my credit card? Should I just call my credit card company and ask them?

The concept of insurance in general is nothing but fraudulence and theft. Nobody needed it 100 years ago, people saved money instead of paying for fearmongering. I cancelled my credit cards years ago when they started to charge me deposits, now only using a debit card and cash as much as possible, and I’m saving 3 times more.

Really surprising the banks are even allowed to pull this crap in Canada. Have around 20 US cards and 5 Canadian cards. And two of my Canadian cards had been sneaking this in for years. But never had any issue with the US ones.

I've been offered balance insurance, but have always declined. Banks would not charge that without the customer's consent. From what I've been told by banks, balance insurance covers only minimum payment, never the balance. (It'll be better for me if it covers interest and I make the minimum payment, but that will be a losing deal for banks.) It's a sure way to rack up huge interest should one ever invoke it.

It took me literally 3transfers of the phone calls and 20min waiting on the line to even talk to the representative and they told me I don’t get my money back even though I never signed up for such thing. They kept on mentioning “what would you do if you die suddenly, get a cancer etc” to scare me off. That’s why I hav insurance for.. In the end I got refunded because I mentioned the recent news about the issue.

I don't see why they're so happy. They're just getting back money that was theirs in the first place. How do you wait that long before calling your bank to ask what that charge is on your monthly statement. Do people never read their statements?

i got my crazy credit card payed off that has been giving me sleepless night through the help of stanley, it was a miracle, he is God sent, any one with credit card issue should contact him on ; seven,eight,six,369,one,seven,three,4


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