A Marketplace hidden camera investigation is raising questions about how bank employees are selling a pricey and controversial product marketed to help with credit card payments if you lose your job or get sick.
It's called credit card balance insurance, or balance protection insurance — and if you've signed up for a credit card, chances are you've been asked to buy it.
Yup. A few years ago, I applied for a credit card and got it in the mail. I had to call in to activate it. The customer service guy with a shockingly thick Indian accent repeatedly tried to get my approval for this balance protection scheme. I calmly refused.
He asked, "Why don't you want it!?"
"Don't need it."
[Repeats the magnificent benefits of the insurance.]
He wasn't happy about losing out on his commission.
At BMO, an employee seemed to have little grasp of the insurance product she was selling, struggling to explain balance protection insurance when asked to describe what it was.
"It's an insurance ... balance," said the employee, before grabbing a brochure about the product and reading aloud from it.
But don't you dare disrespect these smart wahmen! Anyway, too many bank employees are ignorant about the basic stuff they sell. Over the years, I've gone to the bank, sat in one of those nice rooms to transfer money, open credit cards, get a line of credit, setup registered plans, etc.
Almost always, the bank employee did one or more of the following:
- Searched about numerous financial terms on her computer.
- Asked someone else in the bank for help.
- Gave me incorrect information.
Apparently, having a pretty face and a vagina is qualification enough.