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Bank of America dropping credit protection on credit cards

Bank of America dropping credit protection on credit cards

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Bank of America dropping credit protection on credit cards

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Piggybankblog posted 08/22/12

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Cross linked with bizjournals.com

Bank of America is dropping the sale of a credit protection service that imposed a stiff monthly fee so that those enrolled could skip payments in the event of job loss or other hardship.

This is another one of those extremely lucrative bank offerings that’s falling by the wayside now that federal regulators have moved consumer protection higher on the national agenda.

BofA, (NYSE: BAC) led by CEO Brian Moynihan, is far from alone in moving away from the service.

Capital One Financial (NYSE: COF) last month agreed to pay $210 million in a settlement with regulators over its sales practices involving payment protection and credit monitoring services.

BofA, California’s largest bank, had received numerous complaints about the service and is in the process of settling for $20 million a class-action lawsuit alleging customers were enrolled improperly or through deceptive practices, reports my colleague Adam O’Daniel at the Charlotte Business Journal. He hopes another benefit of BofA dropping the credit protection service will be no more mid-dinner phone calls pitching the product.

BofA’s service, called Credit Protection Plus, canceled a borrower’s minimum credit-card payment for up to 18 months due to job loss or medical problem. Other events such as marriage, divorce or new child, could trigger a three-month payment reprieve. Of course the interest-rate clock continued running.

The service cost 85 cents for every $100 of a cardholder’s monthly balance up to $25,000. That fee adds up quickly given today’s outstanding credit card balances.

BofA told Reutersthat it stopped offering the service to new customers this month and that it plans to exit the business entirely next year. The bank will provide credit protection for existing users of the service for six months at no charge. — end of article.

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Related article:

Judge Said Percent of Credit Card Lawsuits Can’t Prive The Person Owes The Debt

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