Good question..do credit card/banks really pay you

by DV360 » Thu Jul 09, 2009 09:17 pm

When ever i go to purchase any products especially the Banking/Finance products like bank accounts, credit card etc, they list various list of benefits and most common are life insurance, airline baggage etc

Do you really get this benefits.. Especially on Life insurance, do you need to claim benefits ?

Any body can throw some light on it?

Total Comments: 45

Posted: Tue Jul 14, 2009 04:43 pm Post Subject:

You would enter your first and last name, your address and phone number which is optional, the last four digits of your Social Security number along with your date of birth. (This is information that some banks use for security and no one can do anything with it)

Actually, I could use this information to obtain your entire social security number. The last 4 digits are the only unique identifiers in a 9 digit social. The first 6 are dependent on when and where you were born. If I have a name and date of birth, this information wouldn't be too hard to come by!

Posted: Tue Jul 14, 2009 04:44 pm Post Subject:

Whoops...the first 5 are dependent on when and where you were born. I'm a little slow today!

Posted: Tue Jul 14, 2009 06:33 pm Post Subject:

Hello Chris,

We have researched this subject and at the time found that since banks use the last four digits of your social and your birthdate for security we felt that it is a good source of security for us also. We also have a secure database with features to inform us and prevent penetration. We are doing all we possibly can to prevent any breach to our Database.

Michael

Posted: Wed Jul 15, 2009 07:37 am Post Subject:

Micheal, many a times fraud may occur within a financial organisation, i.e. the employees misuse the information provided by the customers. I'm sure that you would take enough care to protect the data of your customers but a slim chance would still remain as Chris has mentioned, wouldn't it?

~Jeremy

Posted: Wed Jul 15, 2009 11:29 am Post Subject:

but a slim chance would still remain as Chris has mentioned, wouldn't it?

I wouldn't think the chances would be any greater than banking on line, purchasing on line, or bill paying on line. Nothing is 100% and a breach in any of them could be catastrophic. Anytime you put up any personal information on line there is always that risk. However, personally I wouldn't be near as concerned about the information on Micheals site as I would say, banking, or credit card info. If someone were to breach his site, they'd get what information? Life insurance policys? Ok, then they have to figure out when the person dies, and get the certified death cert. then get the full identity of the beneficary, and convince the carrier that they are that person. Too much trouble...doubt there would be much interest (from crooks) in getting info from his site.

Posted: Wed Jul 15, 2009 10:41 pm Post Subject:

let me ask you this... Instead of susbcribing to the website you mentioned, cant i simply take a peace of paper write all my stiuff and store it at a locker and in my will i can mention how to get accessed to it

Posted: Wed Jul 15, 2009 11:15 pm Post Subject:

you know what... why dont you start a service such as after you die ... this firm takes care of all your financial issues... such as closing bank accounts, clainming insurance etc for a certain fee. This way i just need to be contact with one firm and they have a file and tracking of my financial stuff

Posted: Thu Jul 16, 2009 12:05 am Post Subject: Good question..do credit card/banks really pay you

You can store all of your stuff in a locker....that does not mean your beneficiaries will find it!! That is the whole point. If they are not informed on a regular basis...(like they would be thru FindYourPolicy.com) then your locker idea really would be pointless. Besides, would you not want to pay for a simple service such as FindYourPolicy.com and make sure your beneficiaries are informed INSTEAD of paying for a locker and hoping your beneficiaries remember where your locker is??!!

Sure, you can also subscribe to a docu (your paying for it anyway, you might as well pay for FindYourPolicy.com and make sure your beneficiaries find your documents!)

FindYourPolicy.com is a living benefit. And you only have to be in contact with one firm....FindYourPolicy.com!! It is for those who want to make sure, while they are living, that all is covered. It is well worth the $24.95/yr. It is insurance on the insurance...you can't go wrong! I think it is a great idea!

Let's stay on the subject of "Good question..do credit card/banks really pay you" as the subject line suggests!!

Posted: Thu Jul 16, 2009 06:11 pm Post Subject:

I would be much more concerned with this site. Nothing has to be breached. I'd be concerned with an "inside job". A bank is a corporation with insurance. If a bank employee uses inside information to steal your identity, you'll have recourse against the bank. Find your policy is Michael. If Michael is a crook, what financial recourse do you have?

Posted: Thu Jul 16, 2009 06:39 pm Post Subject:

Michael, oops, I mean person who isn’t Michael,

If find your policy is “insurance on the insurance,” shouldn’t we think of it as such? For instance, if you sold life insurance, would you want to make sure that the corporation was financially stable? Wouldn’t you want to make sure that the corporation was going to be in existence to pay the claim when the claim occurred? Would you advise someone to buy life insurance from a corporation that has never paid a claim? Instead of using a life insurance company, would you let a client give $100/month to a stranger in exchange for a promise to pay your family when you die?

Michael, find your policy isn’t a corporation. It is you. That means that the premise is that strangers are going to personally pay you $25/year in exchange for your promise to maintain a searchable database and send a couple of e-mails. If this is profitable enough and you stay alive, you will probably keep doing this for as long as you can. If it isn’t profitable enough or if you die, the service dies with you. You may or may not do a good job of doing what you are supposed to do. If you aren’t honest, and you find a way to misuse the information, what recourse does anyone have against you? Do you have any liability insurance that provides coverage for criminal acts by you or employees?

This beneficiary information is very important. Why would anyone pay $25 and give the responsibility to a stranger instead of paying nothing and handling the responsibility themselves.

“Dear attorney, CPA, financial advisor, Beneficiary 1, Beneficiary 2, and Beneficiary 3, If I die, I have the following items: A, B, C, D, E, F. Beneficiary 1 is the beneficiary of all of them. Beneficiary 2 and Beneficiary 3 are the contingent Beneficiaries. The originals are all kept in my top file cabinet. My attorney has copies of everything.”

I still very much like this idea of find your policy in general. However, it needs to done by a corporation and not an individual. Ideally, it needs to be done by an organization that has insurance company records so that the information doesn’t need to be self-reported.

Good question..do credit card/banks really pay you

Total Comments: 45

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