We offer it. Ours is a part of the package with our "best" checking account product. It isn't a separate charge for the policy. One of the ID programs is insurance (there are a couple of different components to the ID piece of the account benefits.) It has a policy. It's $10,000 reimbursement coverage if something were to happen and you had to go to court, miss work, etc. It is not to pay if something were to happen to your credit record. Our TIS disclosures have the FDIC "not insured by the FDIC" notice, our sig cards have a place where the customers acknowledge that they are purchasing insurance from XX company and that the policy is not a FDIC insured product. The membership/enrollment kit has the all the disclosures related to the policy along with who to contact if they have complaints, etc. We've passed through 3 exams with this with flying colors. State, and 2 FDIC. Our external auditors look at this program when looking at the protection of consumers in insurance sales part of our audit schedule.
A new piece that we JUST started is enrollment in a triple bureau monitoring service. I was against in the beginning, because the other services I saw on the market, did what anyone could do. However, this service offers alerts when changes occur to your record and lets you obtain a copy of your report at anytime you want it (with credit scores quarterly) and the charge for this is SIGNIFICANTLY less than what I've seen anywhere else for this charge. So, yes, I guess you could pull your triple bureau report anytime, but beyond once a year, you'd get charged and if you want your scroes, you'd get charged. If anything happens, you have no one that will help you with it. Peace of mind is worth a lot of some people.
Last edited by Always In Training; 08/19/11 02:43 PM.