He noted the money is welcome at this time because the COVID-19 pandemic has largely shut down his work. ![]() He's expecting to see the credit on his next statement, scheduled to arrive any day. Hayne, who is retired and now works as a farrier, said it took him more than a month and hours on the phone to finally be told he would be refunded $4,300. It wasn't as easy for David Hayne in Country Harbour, N.S. (Nadine Bollig/Reaching Strides Equestrian Centre) "Only one phone call produced a letter notifying me of my full refund," Milton, Ont., resident Reg Evans wrote in an email about the credit card protection charges on his TD credit card.ĭavid Hayne, a resident of Country Harbour, N.S., said it took him more than a month and hours on the phone to be told he would be getting a refund of $4,300. Since that story, CBC has been contacted by many people who checked their credit cards and discovered the insurance. CBC contacted RBC, and MacIsaac was refunded almost $4,000 in what the bank called a customer service gesture. "It was me years ago talking to some man telling me all the benefits of balance protection and you'll hear me saying 'Oh, I see,' but that's not saying I signed up for it," she said earlier this year.Īfter she was told the case was closed, she contacted CBC. ![]() When MacIsaac inquired about the "balance protection" on her RBC Visa, she was played a recording of a sales call. The CBC story Brown read was about Dartmouth, N.S., resident Sheila MacIsaac, who had started the ball rolling after seeing a Marketplace story about banks charging the insurance to credit cards without the customers' permission. All $7,452.90 of it." Not taking no for an answer "They called me back less than 24 hours after my initial call to let me know they were refunding the entire amount. "They were unable to tell me how this ended up on my account and I have zero recollection of ever having a discussion about this," she said. She was refunded almost immediately after asking for proof that she'd signed up. Until she read the CBC story, she thought it was mandatory. "My jaw hit the floor," Toronto resident Allison Brown wrote in an email to CBC.īrown is one of 13 people who have contacted CBC in the past three months to report they've been refunded a combined total of more than $50,000.Ĭredit card insurance is a product banks market as a way to help with credit card payments if a person loses their job or gets sick, but some customers have said they were signed up without their knowledge.Ĭritics say the insurance can be expensive, hard to claim and may cover only the minimum monthly payment or a small percentage of the balance owing.īrown said she has had insurance on her PC Financial Mastercard since 2009. ![]() It's not every day a bank refunds thousands of dollars, but that's what's happening for some people who checked their credit card statements after reading a CBC story about credit card insurance in early February.
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