Credit Protection Plus / Unwanted coverage billed
I have had all my banking with Bank of America for twenty years. Back in the summer(2008), I called my bank on a routine matter and was pressured to sign up for Credit Protection Plus-I was told I could get a free trial of it. I declined several times but even after hanging up I felt that the person I spoke to was so adamant I should call back and confirm that I didnt want it. I was told that they couldnt sign me up for it unless I signed and returned a form. I felt relieved.
Fastforward 8 months and I realize that I have been billed an average of $130/month since Sept/08! I had thought all this time the fee on the account was my finance charge because it was calculated on the unpaid balance and again, I didnt sign up for it or verbally agree to it! I called Bank of America today and was told that I should contact the merchant on my statement directly that it had nothing to do with them. I called and found out that during that routine call, I supposedly agreed verbally for this coverage-wrong! They said that they would promptly cancel the coverage but I was not entitled to the refund of back charges. I was angry to say the least! I said I expected a full refund since I did not ask for this. They said that since I didnt complain about it all this time, the best I could expect was a few months be reimbursed.
I have since Googled this coverage and found I am one of MANY that this has happened to. A lot of others missed it on their statements thinking it was finance fees. Apparently this coverage would kick in if I were to lose my job and couldnt make my monthly payments. Well, guess what? I havent worked in a year due to health problems so why on earth would I have agreed to buy this? I didnt obviously! I was told that they would investigate my claim and get back to me in writing within 7-10 days. I know I didnt verbally agree to this or sign anything so I am expecting that they will offer me the standard two months of back payment. This to me is ridiculous. Also, if Bank of America was the one who said I wanted it, how is it that when I call for wanting my money back, they say to contact the merchant and this is out of their control? Isnt that convenient?
I will be like a pitbull until this is fully reimbursed to me. I can not believe the banks can get away with this!
If anyone is even thinking about getting this, dont! For those of you who have said they dont want it, check your bills carefully and then re-check them again- I made the mistake of trusting my bank...wont happen again. Disgrunted and angry on Cape Cod