Looking through a credit card statement can seem a tedious chore, but it is necessary if you want to make sure that you aren’t being charged for extra services. Indeed, according to the Wall Street Journal, a number of credit card issuing banks actually improperly sign consumers up for services in order to get a little extra money from them.
Enrolling customers in unwanted services
Many credit card issuers have a number of additional services that customers can enroll in. These services might include payment protection plans and ID theft services. The most recent “add-on” fee scandal has to do with ID theft services.
The Wall Street Journal’s article takes a look at the recent practice of enrolling customers in ID protection and credit monitoring services. These services often cost an extra fee, ranging between $10 and $30 each month. Even if you don’t make charges, or carry a balance, you might be required to pay this fee if you are enrolled. This means that if you don’t go in and make a credit card payment for this fee charged to your card, you might be hit with late fees.
US Bank was just required to refund some of its customers for these fees charged in the past. Other banks recently ordered to provide refunds to customers include Bank of America and J.P. Morgan Chase. If you think you might be due a refund, go back through your credit card statements to see what you have been charged for, and then look at past statements to see how long it’s been going on. This just highlights the importance of looking at your statements each month, no matter how tedious you find the task.