I have been very happy with the services provided by the Bank of Montreal MasterCard. Ever since I subscribed to the Pre-authorised Debit Plan to pay off the entire balance, I have rarely used other credit cards. I also enjoy the benefits of AirMiles.
I received a telephone call from Manulife Financial in 2001-11 about a MasterCard Balance Insurance Plan. Although I was not interested in such an insurance since my entire balance is automatically paid off every month, the agent convinced me of the benefits just in case I become unable to pay off the entire balance. During the telephone conversation, I triple-checked with the agent that there would be no premium as long as the Pre-authorised Debit Plan is in effect.
I was shocked to discover that the premium of $20.88 CAD was deducted from my MasterCard account in 2002-01. I immediately telephoned BMO Life to cancel the MasterCard Balance Insurance Plan, and Bank of Montreal to have the amount credited. I am happy to report that both agents explained the misunderstanding, and acted in a competent and professional manner. Therefore, the matter was quickly resolved to my satisfaction.
I am pleased to learn that BMO Life has taken over the MasterCard Balance Insurance Plan from Manulife Financial. I hope that such misleading, deceptive, dishonest and unethical sales pitch with a high-pressure tactic situation would not happen in the future.
