"Free" Accident Insurance From Bank: Scam?

I am sure I am not the only person who gets the occasional, “Your bank is pleased to offer you this FREE accident insurance. Just sign and return. If you want additional coverage, check off one of the amounts. Etc. etc. etc.”

OK, so I thought - FREE, why not. I think it was for $1,000 if I died in an accident or something.

I just discovered that they have been taking $4.04 every month out of my account for the past two years! Now granted, this is not a huge amount of money, but supposedly I checked off the box saying I wanted extra insurance in the amount of $30,000.

First of all, if I were to get accident insurance, I would have at least checked off a box to pay for my mortgage! Not a measly $30,000 that would do nothing.

Secondly, I am not stupid and would not sign to pay extra from an insurance company I have never heard of.

My guess? Someone at that company got my little signed, return card for the FREE policy, and simply put a checkmark on one of the boxes.

I am so pissed. They have cancelled the policy and after two phone calls, they are sending me this form that I supposedly checked off requesting the additional insurance.

So why didn’t I notice the $4.04 every month? Because I usually glance at my statements and know pretty much ballpark how much should be in there. Plus, looking over old statements, I see they never really stated what the $4.04 was for…they made it look like some obscure bank fee.

At any rate, I am going to fight to get the two years’ fees returned. Again, it is not even so much the $96.96 in fees, it is the fact that I never asked for it.

Warning: Next time you get one of those FREE offers - just sign here, SHRED THE DAMNED FORM!