What is franklin madison on my bank account

Some consumers who signed up for bank or credit union accidental death and dismemberment insurance may have been overcharged for the benefits they receive.

What Exactly Happened?

Consumers may receive an offer to sign up for a free $1,000 in bank or credit union accidental death and dismemberment insurance, with an option to upgrade to $300,000. Those who elected for this may only have needed to check a box and sign the solicitation they received to upgrade to the greater coverage. This may have activated a small automatic charge every quarter, between $8 and $100.

Some customers may not even realize that they’ve signed up for this AD&D coverage. Check your bank or credit union statements to see if such a charge is appearing.

“The internet highway is littered with consumer complaints about unauthorized deductions for AD&D policies people didn’t remember requesting and didn’t know they’d been paying for,” Amy Bach, executive director of the United Policyholders activist group, told the LA Times.

Unfortunately, these deals for bank or credit union accidental death and dismemberment insurance may be charging consumers inflated rates—for insurance that they are unlikely to actually need. Indeed, there are only about 169,936 deaths each year from unintentional injuries according to the Center for Disease Control and Prevention. And the likelihood of losing a limb in the workplace, on vacation, or elsewhere is pretty low in the modern day, though certain occupations may somewhat raise that risk.

The direct marketing company Franklin-Madison Group (formerly known as Affinion Benefits Group) has been aggressively pitching bank and credit union accidental death and dismemberment insurance to financial institutions, framing it as a “customer appreciation” program—a gift to reward their loyalty.

When customers sign up, they are not only paying for the insurance itself, but a hugely inflated premium, a large portion of which goes back as a commission fee to Franklin-Madison/Affinion.

What Companies May Be Involved?

A number of companies are believed to have been partnered with Franklin-Madison/Affinion in the past. These companies may include:

• Federal Insurance Company
• Hartford Life and Accident Insurance Company
• Minnesota Life Insurance Company
• Mutual of Omaha
• Transamerica Premier Life Insurance Company
• US Life Insurance Company

What’s Being Done About This Issue?

Reportedly, this AD&D scheme has been going on for years. Now, an investigation has been launched into the Franklin-Madison/Affinion offer and the financial institutions that partnered with the company. This investigation can help consumers recover compensation in exchange for the money they were overcharged, as well as hold those responsible accountable for their actions, hopefully requiring both insurance companies and direct marketing companies like Franklin-Madison/Affinion to change the methods they use to market their products.

Can I File a Lawsuit?

If you have been charged for bank or credit union accidental death and dismemberment insurance after signing up for a “free” offer, you may be able to join this class action insurance lawsuit investigation. A consultation with a knowledgeable attorney

Join a Free Accidental Death Insurance Class Action Lawsuit Investigation

If you were charged for accidental death and dismemberment insurance after signing up for a free offer, you may be able to join this accidental death & dismemberment insurance lawsuit investigation.

Learn More

This article is not legal advice. It is presented
for informational purposes only.

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