She has since been refunded $3,900 after she questioned the charge. "If they're going to sell a product that is very low value for the consumer, hard to access and very expensive, then at the very least I believe they should have a very clear positive duty to get really demonstrable consent so they're absolutely certain that person wants to have that kind of coverage," he said.Äuration 3:43 A Marketplace story about banks signing up customers for credit card insurance without their knowledge led a Nova Scotia woman to examine her own bank statement. "I think it's disappointing the banking industry feels they have to effectively trick people into taking this add-on product," he said. ![]() He said all of this indicates change is needed. He advises people to hang up on these calls, but said if you do take the call, never say "yes" in response to anything because it may be misconstrued as your agreement. He said just agreeing to comments such as "it would be a good idea to have this insurance" may be enough to get you signed up, even though you didn't agree to it. He has had his own personal experience with a phone call trying to sell him the product. John Lawford, executive director of the Public Interest Advocacy Centre, said credit card insurance is a "big line item" for banks and they make quite a bit of money from it. 'Demonstrable consent' needed, advocate says Our goal is to ensure clients are happy with the products they purchase," Vardy said. MacIsaac's file, we decided to offer her the refund she was seeking. In an email to CBC, RBC spokesperson Trish Vardy apologized for any confusion. ![]() John Lawford with the Public Interest Advocacy Centre says banks should be required to have written, informed consent before applying credit card insurance to accounts. Assurant has not responded to CBC's request for comment. ![]() She said she has no recollection of ever agreeing to the charge. MacIsaac said she has called several times, but only since seeing the Marketplace story. The letter did not provide proof she had signed up for the insurance, but said since the date of enrolment (which was not specified) "you have contacted us a few times to discuss the coverage under the Balance Protector plan." It claimed she had previously acknowledged the coverage and had wanted to maintain it. That was followed by an unsigned letter from Assurant, which said the credit was being issued "as a customer service gesture because you are a valued RBC Royal Bank customer." Less than two weeks later, MacIsaac received a phone call telling her she would be refunded $3,900. The bank's spokesperson responded, saying it was investigating and would be reaching out to the client to discuss options. MacIsaac kept detailed notes of her conversations with RBC and Assurant, the company that administers RBC's credit card insurance claims.
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