Hello & Thank You...

  The incidental exemption, or enrolling activity by the banks, is actually quite massive...

 Estimates are 2 million dollars a year per bank to administer, with a 20 million dollar profit per year...

 This is for the incidental enrolling...

 So the banks ARE selling insurance...

 That little afterthought exemption took $3,000.00 dollars out of my pocket...During the worst decade of my self-employed business life...

 There are probably tens of thousands of people like myself in Canada who were missold this exempted insurance by the bank, over the phone...

 Once you say yes over the phone, the money is automatically taken from your credit card without another word or any signed confirmation at all...

 Statistics on insurance state quite factually that in insurance "enrollment", the vast majority, over 90 per cent, of people who say yes to an insurance policy over the phone, do not or are not able to read or thoroughly understand/comprehend any written documentation that may or may not appear 10 days later in the mail...People who can say yes over the phone are not necessarily qualified to read or give informed consent to complicated & obfuscatory written insurance policies...

I have been through the entire ombudsprocess with the agencies mentioned...I have also attempted to use other intervention with other agencies not mentioned below...

 The insurance industry is making HUGE money on balance protection insurance...

As are the banks...

 Which is why I have not gotten my money back yet...They don't want to give it back...Even though they know that it is wrong...

 They all know they have taken money wrongly...But they are hurting too, so they have turned a blind eye...

 I have been in touch with a major Class Action law firm here in Canada...

 They are looking into a Class Action lawsuit against all the banks in Canada who have sold balance protection insurance...

 In The States & England this has happened already & ALL people sold a policy by a bank are getting a refund...ALL...ALL people who have EVER been sold a policy on a credit card by a bank...

 That is how bad this is...

Canada is the last country to correct this wrong...

It should be our government who initiates this action...Not a law firm...

But our government has been slow to act, because they are in bed with the banks...

The answers below sound good don't they?

But they are meaningless when one person attempts to jump through those hoops...

The incidental exemption is key...

Legislation is only regulating licensed insurers...

Nothing about the banks...

That is the loophole...It is a giant black hole loophole...


Sincerely, Sari Grove
grovecanada.ca
 
 
BALANCE PROTECTION INSURANCE ON TD VISA CREDIT CARD:




In January of 2004, I was sold balance protection insurance on my Td Visa card while  calling in to re-activate my card...I was NOT told that self-employed people were excluded from the policy...I did not receive anything in writing concerning the policy, & because it only appears on statements if you carry a balance, nothing came up on my credit card statements indicating anything about this policy...So I forgot I even had this...In August of 2011, my husband discovered a charge on my credit card that merely said "Balance Protection" (the word "insurance" does not get printed on the statement)...I suppose this is how we both missed these charges on our statements...I called to claim an unauthorized charge & found out that I had this weird insurance policy, & that $2,684.70 plus interest had been taken from my Td Visa card over the years, without me realizing it...That is when I found out that self-employed people cannot make a claim...(I had thought at the time of discovering this policy, that I might make a claim anyway, to get my monies back)...I asked for a refund...I have been refused 4 times- once by Td Insurance Indra Satram, once by Td Insurance Michael Brunette, once by Assurant Solutions the underwriter Michael Castonguay, once by Mireille Mishriky the associate Td bank ombudsperson in Montreal...

  I have been told by the OLHI (The Ombudservice for Life & health Insurance) that I deserve a refund based on the fact that a self-employed person is excluded from the policy & that I should not have been sold this policy...I have been told by a lawyer that the contract is "Void Abinitio" or void from the beginning, & that all monies should be rescinded back to the original position...I am also now aware of thousands & thousands of other people who have been MISSOLD credit card protection insurance...I found out credit insurance called PPI in England (payment protector insurance) has been BANNED in ENGLAND...I found several class action lawsuits in the States where money is being refunded to consumers as we speak...For example, Providien refunded over a 100 million dollars in 2001 in San Francisco alone in payment protection insurance that was missold...In fact the main brunt of all these cases is that the policy was sold to people who do NOT qualify to make a claim...These include the self-employed, the jobless, seasonal workers, part-time workers, students, the retired, thoe who did not have a job when saying yes over the phone, those already disabled when they said yes...

  This balance protection insurance brings in millions of dollars of revenue to banks, while not having to pay out any claims, since most people they sell to cannot qualify to make a claim...It is time for Canadians to take action against credit protection insurance, & refund monies back to those who have been cheated...One of the worst parts about balance protection insurance is that it only charges you when you are in debt- thus adding to your debt load...When we discovered this charge recently, we realized our only debt was the entire cost of the very very expensive premiums accrued over the years...$2,684.70 plus interest was the whole debt load we were carrying- on a product that was supposed to help relieve us of debt in the event that we couldn't pay back our credit card ourselves...Both my husband & I check our statements- it is not from laziness that we didn't flag these charges before...It is carefully buried at the bottom of statements, & because the word "insurance" is not used, it looks like a banking fee- like an annual fee or some transaction fee...The whole thing is carefully designed to deceive...Please regulate if you can...I myself have already helped others by publishing information that I have learned on my blogs or websites- but I am still stymied by TD Canada trust bank's unwillingness to admit their mistake & wrongdoing...(AS a sidenote, BMO Bank of Montreal has been giving refunds regularly to those who complain- it appears that BMO is aware of the corruption & is trying to make amends...TD bank no...But there are other banks in the Canadian market still selling this thing...It is wrong & it has to stop...)

  I have contacted other agencies about this, & am trying to be thorough by contacting the Competition Bureau...I read a favorable article by Ellen Roseman about Melanie Aitken & decided to write here...

http://classactionlawsuitsinthenews.com/class-action-lawsuit-complaints/citigroup-citicorp-credit-protection-class-action-lawsuit-complaint/ If you read this page you will get the basics on one Class Action lawsuit about credit card protection insurance-Click on the word "Complaints" down that page to read the full PDF by the lawyer's enumerating the exact crimes...

http://www.insurancejournal.com/news/national/2011/11/16/224227.htm Big Article about various federal actions & lawsuits about credit card protection insurance in the States...