Short Short Video Catalogue: Grove...(& a talk about bad bank practices that affect the self-employed, among others)...

10/30/2011

 
The above Mp3 file is a talk by Sari grove about why credit card insurance is such a very bad thing...As it happens, the Occupy Wall Street movement is about how banks have taken so much money in bad ways from the little person...This is one such way a self-employed artist can get exploited by a bank...But it also involves the disabled, retired, unemployed, seasonal or part time workers, or those who weren't employed when they said yes over the phone...Important! Listen now...

http://grovecanada.wordpress.com/2011/10/31/complaint-filed-october-31st-2011-to-obsi-officially-concerning-systemic-flaw-in-canadas-banking-system-using-td-bank-as-a-microcosmic-example-for-scrutinizing-the-flaw-the/ Then, read the great letter I wrote to OBSI on Hallowe'en, October 31st, 2011...
http://www.lautorite.qc.ca/files//pdf/publications/conso/assurance/AMF_insurance-sold-lenders-merchants.pdf Guidelines for how a bank must proceed when selling insurance...

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Sari Grove
10/30/2011 01:39:54 pm

Credit Balance Insurance has been proven in other countries to be a total scam & has been banned in its entirety in England & Class Action lawsuits in the States have all rewarded monies back to consumers who bought this bad faith product...
70% of people who have credit protection insurance don't even know they have it...95% of claims are refused due to the fine print exclusions...
Much of the profits on credit protection insurance comes from selling this product to those who cannot ever make a claim: self-employed, disabled, retired, seasonal or part-time workers, unemployed or those not employed when they said yes over the phone...
It costs a bank 2 million per year to run this scam, yet they take 20 million a year on it...
The FCAC should warn consumers of the dangers of this insurance, should tell those that bought it to cancel, & to penalize all banks that have ever sold this fraudulent bad faith insurance product since it came to Canada in 2001...
More law breaking things: Credit Insurance is sold over the phone when you activate your credit card...This is called Tie-in selling...A no-no...
Negative option billing is another no-no...You say yes over the phone with significant material facts about the insurance exclusions not being mentioned...Once you say yes, you are signed up...Later, they send you something in writing, with the exclusions in the fine print...If you get the document, & actually read it, & then read the exclusions & are smart enough to call & to cancel, that is your only way out...This is called negative option billing...(What is supposed to happen is you are told the exclusions before you are signed up...)
The mere fact that excluded people are sold this policy is enough to make it a willful fraud on the part of the bank...
The FCAC needs to tell Canadians about this...Also, all people who have ever owned credit protection insurance in Canada since 2001 need to get their money back...A severe penalty against all banks involved by the FCAC is also in order...Unless the FCAC is in bed with the banks & insurance companies...Then the rot will just spread...

Sari Grove
10/31/2011 12:03:45 am

http://www.olhi.ca/complaint_process.html To the OHLI Ombudsman for Life & Health Insurance:
I was sold an insurance product over the phone...I am self-employed...The product excludes self-employed persons from making a claim for the greater part of the policy...Had I known self-employed people were excluded, I would not have said yes over the phone...I am seeking a refund based on the fact that material facts about the insurance were not disclosed to me during the sales process...The product is called balance protection insurance & it was debited from my Td Visa card...I noticed in England & the States that customers are getting refunds based on this exact fact- product mis-sold to non-qualifying clients...Are the laws or ethics here in Canada sufficient at this moment to get me a refund? If not, will there be laws or rules put into place concerning this? Thank you for your time, Sari Grove [email protected]

Sari Grove
10/31/2011 12:49:26 am

http://grovecanada.wordpress.com/2011/10/31/complaint-filed-october-31st-2011-to-obsi-officially-concerning-systemic-flaw-in-canadas-banking-system-using-td-bank-as-a-microcosmic-example-for-scrutinizing-the-flaw-the/ A great article , must read! Written October 31st, 2011 at GroveCanada.wordpress.com ! Sent to OBSI, the Ombudsman for Banking Services & Investments on Oct. 31, 2011...

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