Personal Finance

TD Credit Card Balance Protection WITHOUT CONSENT

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  • May 31st, 2015 9:00 am
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Deal Addict
Jan 22, 2009
3637 posts
1646 upvotes

TD Credit Card Balance Protection WITHOUT CONSENT

I have a well aged TD visa card that I haven't used for a long time. I heard if I use my old credit card, it can help me build my credit score. So last week I used this card to buy a coffee. Couple days later, a charge popped up, with the name of "Balance Protection Ins". I called TD immediately and was told it's an optional insurance placed on my card. The rep also told me they must get my consent otherwise it cannot be added to my card. I never never gave consent to this balance protection insurance! I will call this protection insurance to find out why. All TD credit card holders please check your statements. Also found several videos on youtube for people with similar issues - insurance added without any consent.
7 replies
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
484 upvotes
Vancouver
It's irritating, possibly illegal and happens a lot. Bank staff or 3rd party salespersons sign you up to the insurance service and hope you don't notice.
Member
Mar 19, 2015
293 posts
58 upvotes
Balance protection if applied for, only shows up on a statement where you have a balance. It doesn't show as soon as a transaction posts on your account.
Sr. Member
Apr 28, 2014
675 posts
185 upvotes
Oakville, ON
braveblade wrote: I have a well aged TD visa card that I haven't used for a long time. I heard if I use my old credit card, it can help me build my credit score. So last week I used this card to buy a coffee. Couple days later, a charge popped up, with the name of "Balance Protection Ins". I called TD immediately and was told it's an optional insurance placed on my card. The rep also told me they must get my consent otherwise it cannot be added to my card. I never never gave consent to this balance protection insurance! I will call this protection insurance to find out why. All TD credit card holders please check your statements. Also found several videos on youtube for people with similar issues - insurance added without any consent.
How far back can you review your past TD Visa statements? You've probably been paying premiums on this balance insurance for years without even realizing it.

They most likely got your consent when you activated the card with a call centre agent years ago; the balance protection is an upsell that those agents are trained to push.

I've read similar complaints; you call to complain and it will do down like this: first you will be offered a significant discount in the premiums to keep the insurance, which you will decline, then you will hem and haw with the CSR as to whether or not TD got your express consent. The CSR may even offer a partial refund of premiums past paid as a token gesture.

If you continue to fight it, TD then will have to go and find proof of your consent to accept the insurance. Maybe you will get your premiums refunded, or maybe they will tell you tough break.
Member
Mar 19, 2015
293 posts
58 upvotes
Cerium398 wrote: How far back can you review your past TD Visa statements? You've probably been paying premiums on this balance insurance for years without even realizing it.

They most likely got your consent when you activated the card with a call centre agent years ago; the balance protection is an upsell that those agents are trained to push.

I've read similar complaints; you call to complain and it will do down like this: first you will be offered a significant discount in the premiums to keep the insurance, which you will decline, then you will hem and haw with the CSR as to whether or not TD got your express consent. The CSR may even offer a partial refund of premiums past paid as a token gesture.

If you continue to fight it, TD then will have to go and find proof of your consent to accept the insurance. Maybe you will get your premiums refunded, or maybe they will tell you tough break.
He says he hasn't used it for a long time though. Every credit protector I've ever seen only charges when there is a balance at statement cut.
Sr. Member
Apr 28, 2014
675 posts
185 upvotes
Oakville, ON
emeralds6edge wrote: He says he hasn't used it for a long time though. Every credit protector I've ever seen only charges when there is a balance at statement cut.
That's why I want him to go back through his past statements as far as he can (either Online Banking or hard copy) and see how long he has been paying the premiums.

And you are correct, any premiums for insurance on revolving credit products are usually posted on the statement date. Perhaps the day he bought his coffee was a few days before his usual statement date; the date doesn't change, even if you haven't used your credit card in ages.
Member
Mar 19, 2015
293 posts
58 upvotes
Cerium398 wrote: That's why I want him to go back through his past statements as far as he can (either Online Banking or hard copy) and see how long he has been paying the premiums.

And you are correct, any premiums for insurance on revolving credit products are usually posted on the statement date. Perhaps the day he bought his coffee was a few days before his usual statement date; the date doesn't change, even if you haven't used your credit card in ages.
Ok gotcha. You're thinking he was charged the balance protection back when he did use the card. Makes sense.
Deal Addict
User avatar
Dec 28, 2004
2057 posts
478 upvotes
Burlington
TD tried to hard selll balance protection on me when I activated my new (old one expired not new account) card. Made me listen to a prerecorded sales pitch in the middle of activation even after I said no!

I expect it on my card next time I use that card. I don't use that card much. And I will cancel it now that I have Scotia momentum.

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