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#1499419 - 01/24/11 08:36 PM Offering ID Protect
cheech Offline
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Joined: Jun 2010
Posts: 207
Chatsworh PA
Would appreciate bankers thoughts on offering ID Protect to our customers.

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Risk Management
#1505911 - 02/07/11 02:45 PM Re: Offering ID Protect cheech
AFaquir Offline
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AFaquir
Joined: Jan 2011
Posts: 763
Top of the world... and never ...
Cheech,

I've seen banks wrestle with this idea for some time. I think this is an issue where the bank can and should offer some counsel on the issue of ID Protection, but actually offering protection requires a bigger commitment. Additionally, I think by offering ID Protection in anyway the bank opens itself to some operational risk and challenges it wouldn't otherwise face. As a result most banks will flirt with the idea, but never follow up.
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#1506426 - 02/08/11 02:49 AM Re: Offering ID Protect AFaquir
rlcarey Online
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Posts: 83,222
Galveston, TX
Plus, most of the ID Protect products don't do anything for consumers that they can't do for free themselves.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1509836 - 02/14/11 06:22 PM Re: Offering ID Protect rlcarey
Retired DQ Offline
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Turnpike Exit 10
I have heard the same as Randy, it's kinda of a scam...
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#1510623 - 02/16/11 02:04 PM Re: Offering ID Protect Retired DQ
cheech Offline
100 Club
Joined: Jun 2010
Posts: 207
Chatsworh PA
This would offer 10,000.00 worth of protection for account holder, and family members for a small monthly price.

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#1510912 - 02/16/11 07:05 PM Re: Offering ID Protect cheech
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
We are contemplating offering this service as well.
I'm not for it based on exactly what Randy commented.

Also I was told by our regulator that if there is some protection component offered with the service that the regulators have been leaning towards considering this as insurance and are conducting their exams based on the guidance for consumer protection in sales of insurance.

This guidance states that the Bank should refer to the state regarding licensing requirements so I'm trying to determine who I should contact to confirm if we need to be licensed.

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#1511143 - 02/16/11 11:43 PM Re: Offering ID Protect lucyc
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,222
Galveston, TX
$10,000??? I hope that the fee is "minimal".

Many homeowners insurance policies already cover people for this or will for a very small premiuum amount for an endorsement.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1511250 - 02/17/11 02:36 PM Re: Offering ID Protect rlcarey
cheech Offline
100 Club
Joined: Jun 2010
Posts: 207
Chatsworh PA
The fee is very minimal. Our auditors are saying this does fall under insurance.

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#1593579 - 08/18/11 03:58 PM Re: Offering ID Protect cheech
cheech Offline
100 Club
Joined: Jun 2010
Posts: 207
Chatsworh PA
They called us again, they some some of our competing banks are offering this. Any bankers offering this.

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#1594129 - 08/19/11 02:36 PM Re: Offering ID Protect cheech
Always In Training Offline
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Joined: Jul 2006
Posts: 1,115
Where the Green Grass Grows
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.
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