----- Original message -----
From: "Joseph & Sari Grove"
To: grove@sent.com
Date: Sat, 08 Oct 2011 08:42:55 -0400
Subject: Balance Protection is really a Product Protector Plan...
Your product is essentially a warranty on your credit card product...It says: "If you have a problem with your credit card product, if it is causing you a burden on your life, then this warranty will repair that..."
Balance Protection Insurance is a warranty on the product called a "credit card"...How is it a warranty? Most importantly, because warranties are distinguished by being sold by the same person who is selling you your product...It is sold by a person with a vested interest in the product...It is sold when the product called the credit card is sold, because it is a warranty attached to the credit card...It is optional like any warranty, but it is pressed on the customer because the seller of the credit card wants to make sure that if there is something wrong with your credit card product, that the warranty will repair such defects...
You can't pay off your credit card? Don't worry...You have a warranty that will take care of that in case maybe the credit card product you were issued is a little defective, like the interest rate charge was too high, or too many service fees, or the dates kept changing on the payment due date so you were always late to pay then got a bad credit rating by the bank & then they demoted you to a more expensive costing credit card because you were now rated lower as a credit risk...
Balance Protection Insurance is actually mislabeled...This is common...It is mislabeled because the concept of a warranty on a credit card is so ludicrous...But so were credit default swaps...Essentially credit default swaps, were people betting that you wouldn't be able to pay your mortgage off because you didn't earn enough money at your job to ever pay the money with interest etc....It was a calculated gamble...They were gambling that you would fail...Kind of like betting that a horse will lose...It is kind of mean...
When people who got loans to buy houses defaulted on those loans, the house paid up to those who had bet on you losing...The horse lost that you bet on to lose, so you win big...Credit default swaps are gross because you win when someone else loses...OK, when I put it that way, it doesn't sound so bad, someone has to win right? & then someone else has to lose...That is life? Well, it is more like someone taking insurance out on your business office building...One day it burns down...Instead of the insurance company paying you some money back for the fire loss, the insurance company pays someone else...That is not fair right? That is more like credit default swaps...The truth is, whether or not someone paid insurance premiums on your office building, if it burns down in a fire, they shouldn't get any money? Why? because a third party should not be able to take out an insurance policy on YOUR OFFICE BUILDING...
Which is why credit default swaps are vaguely illegal...Or mostly illegal...Or very illegal...
Now let's get back to balance protection insurance, which is not actually insurance at all, but really a warranty on a product called the credit card...A credit card is a product right? Are you with me? It is a tangible thing you can feel with your hands...
OK...anyways...The Warranty Act covers the governance or administration or etiquette of how warranties are to be administered...
Salient point here is that "TIE-IN" selling is not allowed...In order for this warranty to be valid, you have to service the credit card through our financial mechanics...An auto warranty should allow you to go to other mechanics or to use secondary market parts, as long as the part doesn't break the car if you use it...In the same abstract way, if your credit card is broken, & you need to get it serviced, then you should be allowed to go to other financial mechanics besides the financial dealer to get it fixed up...The warranty should cover this event...So say you can't pay off your TD Visa credit card because it is too expensive for you or something...The warranty says it will take care of your payments in such an event...You have paid alot for this warranty so you expect good service...You go to get your credit card serviced using your warranty, & oops, what do they say? Sorry your warranty is not valid because...What my warranty is not valid? Yes, not valid? Why? Well, um, the warranty doesn't cover people who are messy? What do you mean people who are messy?
Well, messy people tend to lose things, they step on things & break them, they throw good things out by accident...The warranty won't cover you if you are a messy person...Well, that's not fair...I paid $2,684.70 plus 8% interest on this warranty since January 2001...& you say messy people can't make a claim? Yes, messy people can't make a claim...But that's discriminatory? Well, that is just how TD Canada trust bank does it...Messy people can't file a claim for a damaged product...
But why didn't you tell me this when I signed up? Um...It was in the fine fine print of the brochure we mailed to you 29 days after we signed you up...Really? yes, see clause 345 here paragraph 567 section 789? yes...Here give me the loop...I can't see it without my reading glasses...OK, yes, I see it...Sort of...What does it say?
It says "messy people cannot file a claim on the warranty on the credit card product..."
Oh...See, when you read that you could have called & canceled...But I didn't get the brochure...Well, we sent it...But I didn't see the fine print? Well, too bad it was there...So you mean you have been taking money from me all these years on this warranty but I could never qualify to make a claim if my product broke? yes that is correct...But that is not fair...Oh well, talk to our ombudsman, goodbye...Ombudsman, hello: " It will take 90 days to process your request & we can't get a refund for you but we can investigate whether processes were done by the TD Canada trust book"...Who do you work for? Ombudsman: "TD"...So how can you be impartial? Um...90 days? & you can't get me a refund? Well, we can see if things were done the way we do things here at TD...But you work for TD...? What are the chances that you are going to find fault with how you do things at TD if you work at TD? Hm mm...Good question...
Customer: "Well, I am not going to spend three months to talk to another employee at TD...I have already discovered that they are mean & rude & won't honour my warranty claim...Why should I bother going through another TD employee? So that they can tell me they did an investigation & the LETTER of the law was followed by the book?(not the SPIRIT the letter...)
Ok, now substitute the word "self-employed" for messy throughout this story...
I went & had my credit card serviced by another mechanic...My brother did the labour...he fixed it all up brand spanking new so it was clean & shiny again...No debt at all...It had a bad debt clog of $2,684.70 plus interest...But he got rid of that clog & now it is fine again...
My warranty says that you should pay for that debt clog repair...But you told me over the phone that messy people weren't covered...oops I mean self-employed people...So I stopped all payments to you because you finally told me verbally that a messy person was not in fact covered...I mean a self-employed person...But you took all that money from me for a warranty that you wouldn't let me file a claim for...
You said that the warranty would repair any damage to my credit card product in the past 8 years...But then you said that I was excluded because I am messy & self-employed...
So what is it? Am I excluded from this policy & get my money back from being sold a bum policy?
Or are you going to honour your warranty & pay off the $2,684.70 plus 8% interest that was clogging up my card?
You can't have it both ways...
I went to another mechanic, my brother, who fixed the clog by paying off the amount...
Now I am filing a claim to the warranty seller for the amount of $2,684.70 plus 8% interest in repairs...
This is a bill...An invoice...TD owes me...(I don't care what you want to call the department, bank, insurance, credit card, Visa, whatever, you are all owned by Toronto Dominion Bank & as such are all liable for the debt...)
You can either pay me off your debt or you can annul the entire contract as being a big mistake because you did not clearly state that messy or self-employed people were not covered under the terms of the warranty on the credit card...& then rescind the contract & return both parties to the state where they were before they started the contract...
I will hire a collections agency or a bailiff to collect my monies if that is necessary...
or perhaps I will boycott your company Td Bank...
Maybe I will just publish all of this online...
That is what I will do because I anticipate that you are not giving me my money back...Why? because after all my hard work, you sent me a dumb form letter from your ombudsman Paul Huyer to sign & return within 15 days...
You should have rescinded the contract & put the money back on my TD Visa card...
Bad decision...Unfair business practices...
signed Sari Grove (& for the record, if you could get my name straight it would have helped you...I mean how hard is it to understand the Canadian law of 1974 that a woman is legally allowed to "adopt" her husband's last name without a legal name change??? Apparently you were all(ok, mostly all) too stupid to catch that my married name is Grove, but my financials were kept separate, for reason, in my maiden name...)
I have spoken to the underwriter, who is now owned by BMO Bank of Montreal(who I love btw)...I have spoken to the FCAC...I asked them to penalize TD bank for $250K for bad business & violations of Canadian law(& that is a kind amount)...I have spoken to OHLI the Ombudsman for Life & Health Insurance(also FSCO, but Ontario doesn't have jurisdiction over the bank Act stupidly)...I asked OHLI to issue a "cease & desist" order to force a full refund to any & all customers who have ever bought balance protection insurance in Canada...This would include other banks besides TD Bank, including(but not complete list) CIBC, RBC, Sears, Capital One who were previously underwritten by AIG Canada's Assurant or AIG Canada's Canada Premier Life Insurance Company...A cease + desist order would also mean a full stop & ban on the further selling of this product called "balance protection insurance" which is really a misnomer & should be called a warranty not insurance...ie: balance protection warranty
You can all take as long as you want to do this...I do not impose artificial deadlines on people like TD's ombudsman has done to me? What if I couldn't return your letter signed in 15 days? What? that is it? I mean c'mon, nobody does business that way unless you are a total ...let me stop here & wish you all a Happy Thanksgiving, friends & enemies, alike, I am thankful for email, for allowing me to have this conversation more effortlessly than before...
Good day, Sari Grove (just call me Sari if you can't get my name straight...or Mrs. Grove)...
6 comments:
I had a portable Cd walkman that I used to plug into the cigarette lighter of my car...Someone stole it...The car insurance covered it because it was attached to the car at the time of theft...I had to go to a store & buy a new Cd discman & send the bill into the insurance company & they reimbursed me after for the new Discman...It was a replacement...No money was exchanged hands...
The flaw in the credit default swap (not the only flaw btw), is that when a homeowner's house burns down, insurance is designed to build them a new house...Not to give them cash...When people took out insurance on other people's houses, & those houses failed in the real estate market (aka, there was a fire in the house), the insurance was designed to cover replacement or restoration costs of the house...That is what insurance is for...But the insurance paid out in cash instead...& the houses were not restored, refurbished, fixed up etc...When the real estate market drops there can be many reasons...One reason is that the house needs restoration work...usually new plumbing, maybe copper pipes would be nice this time so they don't rust out...The point of insurance is not to pay out a cash disbursement...It is meant to replace or fix or repair the thing that it was insuring...In this case, houses...If you don't allow insurance coverage to be converted into cash then you limit your liability concerning fraudulent pursuits & claims...Robbers like liquidity...Honest people just want their stuff back...There is a difference...Those who made cash money on the loss of other people's houses should give that money back...
http://bartleby.com/73/1002.html
Respectfully Quoted: A Dictionary of Quotations. 1989.
NUMBER: 1002
AUTHOR: Charles Dickens (1812–70)
QUOTATION: “If the law supposes that,” said Mr. Bumble,… “the law is a ass—a idiot. If that’s the eye of the law, the law is a bachelor; and the worst I wish the law is that his eye may be opened by experience—by experience.”
ATTRIBUTION: CHARLES DICKENS, Oliver Twist, chapter 51, p. 489 (1970). First published serially 1837–1839.
SUBJECTS: Law
WORKS: Charles Dickens Collection
Points:
1)ironic the bank needs everything in writing when you are complaining, but an oral contract(over the phone/remote) is fine when they are taking your money...
2)Funny how they only respond with threats of lawyers...So they only actually remedy things when strong-armed? Is this bank policy? never give a refund unless you are forced too?
3)& whose fault was that? Funny how when you insure for someone else's loss that the person who caused the loss, the bank lender's profited...(re: credit default swaps)
www.blogger.com is super!! Love to come back here
www.blogger.com is awesome!! But site loads very slow
endometrosis
post streptococcal glomerulonephritis
post strep glomerulonephritis
symptoms of hypothyroidism
hepatitis virus
Post a Comment