Store signs you up for Unwanted Account protection plan

ComplaintsConsumer ElectronicsBEST BUY CREDIT / HSBC INSURANCE SERVICES

Complaint

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Phil
Country: United States
For anybody signing up for a Best buy credit card, BE AWARE you are also signing up for HABC's "Account protection plan". They charge you a certain amount per month and if you don’t notice it before 60 days you can’t get your money back. If this was something I wanted or was aware about, why would they only give me 60 days to cancel it?????

I bought an entertainment system before moving into my new home and signed up for the Best buy credit card because I was told I would have 3 years to pay off $3,200.00. After a busy summer of moving in, I came to notice on my 3rd statement just yesterday I was being charged for something called "Debt Cancellation". I called Best buys Customer service number, after arguing with 3 or 4 people that did not speak good English and were no help at ALL they referred me to "HSBC INSURANCE SERVICES" they told me that this was the company that was charging me for the UNWANTED service, Best buy then told me that this company could only be reached through the mail and they had no phone number I could call to talk to somebody...LIES!!

I found the number for this company online in a matter of about 30 seconds, I called this morning and these people were even less help, they claim I have to send them a letter in writing to cancel this SCAM of a service that I never wanted in the first place, Oh and also that I will not receive any refund for the $80 they charged me for some Bogus service to which I have no clue what its even for!!

I called the store and spoke to the Manager to inform him of my displeasure that I was not informed that by signing up for his company’s card I would be signing up for this account protection plan as well. Of course there is nothing he can do for me!!   Once again a company in America gets away with Theft!!

SCAM....SCAM....SCAM!!  DONT SHOP AT BEST BUY!!

Comments

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  • 0
    HappyToBeRefunded
    I called the HSBC Executive Office at 1-877-472-2005 and was transferred to Oscar who reviewed my account and their stored copy of my contract which had a descrepancy, so he refunded the entire balance of the "insurance" they call Account Shield.  I had already comletely paid my purchase price and was most of the way through the "account shield" charges before I noticed, but was still able to get my money back.  This account shield would have cost me ~$700 which is 19% of my purchase price.  Even if you've already paid a portion, don't let them keep your money.  Call HSBC and get your money back.  Between these types of bogus charges AND the ever increasing interest rates on credit cards(thanks for protecting us Congress) we should all be striving to be free of unsecure debt.
  • 0
    HopefulToBeRefunded
    | 2 replies
    Calling Monday. So far it's just been $41.98 of the fees, but that is in four statements (which I hadn't looked at since I could just pay what is due online). Going to call Monday morning. Hoping for the same results. Glad to see someone was able to do this extremely recently. Thanks Tammy and everyone else!
  • 0
    HopefulToBeRefunded
    Called the executive office today ... Was directed to an 800 number (definitely not in the US). I was able to cancel the service, but did not get any refund. Luckily it was only about $42. Called the executive office back to see about getting a refund, and I was told I would have to talk to the same people who had just said I couldn't get it back.

    The lady at the executive office was very nice, but it hadn't quite worked out like I'd planned.
  • 0
    refunded
    I called the executive office(877-472-2005)and had my money refunded!  I strongly urge anyone not getting anywhere with the Account Shield 800 number to call them.  They were very nice and easy to understand.  Thank you to everyone who posted the executive number.
  • 0
    Speedy V
    | 1 reply
    Hey guys I just wanted to note that I have a Bestbuy card with the debt cancellation.  I actually didnt know what it was for untill recently.  My Ipod touch 32 gig was stolen from school and I found out that this protection program covers STOLEN items that are still on your statement.  So, if you havnt paid for the item on the statement HSBC with void the charge.  I have submitted my claim with all the required documents, police report etc....  
    Now I await the decision.

    Anyway my point is that this debt cancellation thing may save me over 350 dollars at only the cost of about 5 to 10 bucks a month.

    Just something to think about.
    • 0
      boneratt replies to Speedy V
      you pay over 30 dollars a month. 6 monthes is 180in a year there is your 360 dollars
  • 0
    MuMu
    How did this work did you need a police report?  I had an item stolen that I just purchased on their card.
  • 0
    Sarah
    3/20/10
     Yes same thing happened to..opened up a card with Best Buy (end of Nov)..got a letter saying I have a 60 day trial period with this debt cancellation protection crap...I called like right away cancelling it and the india rep talked me into using the whole 60 day trial period just in case and to call by so n so to cancel.. Comes that time(Jan) and I def canceled it...So just last week I was looking on my statement and still see that I am getting charged by Debt Cancellation and I clearly remember cancelling so I called the 800 number, got another india person and I told her I canceled it. She said no I did not(bs) and tried talking me into staying in and I said no i DO NOT want it cancel it. She gave me a confirmation number so I wrote that down. Today I was cleaning some papers and found that letter from HSBC and saw I wrote down the confirmation number from Jan and quickly called the 800 number. Got yet another india person and at first just confirmed that this protection plan was cancelled..she said yes..and then I told her about how I found my confirmation number from Jan cancelling, she put me on hold and came back saying that she will credit me the charges from the last 3 month...YAH THEY BETTER!!! WHAT A JOKE!! People please write down the confirmation number because this company is a SCAMMMMMMM!!!And ask for their name(if can understand) and their ID number
  • 0
    jpitr21
    is there anyone out there that can help me?? i signed up for a best buy credit card and signed up for the account shield plus coverage which states if your item gets stolen they will either replace it or cancel the balance but come to found out this was only an HSBC thing and i got the CHASE credit card..which doesnt have the coverage...so best buy sells me the wrong coverage NEVER telling me that there are 2 different cards and coverages...so basically right now i am fighting to cancel my balance or get a new TV..is there anyone that can help me??
  • 0
    Its a Sham---DONT GET THIS PLAN!!!
    I purchased the credit protection service at Best Buy.  They sold it to me as if you lose your job it will pay your balance.....WRONG, it will only pay 10% of your balance for up to 6 months.....then you have to wait 30 days to file if you lose your job....then...you have to fill out all this paperwork.....then your case gets reviewed.....then you get a letter.....then you will only receive 3 months of your benefits....I lost my job in Jan.  Filed in FEB. all paperwork....Did not get a credit until July 8th.....and then only 1/2 ( 3 months) was told they did this as a courtesy...huh...then was told I wont get credit for remainder because I received unemployment benefits starting in July??? I did not recieve any unemployment benefits from Jan-June.  Was told that if you receive unemployment benefits, then you dont qualify for the 10% benefit!  DO NOT GET THIS PLAN!!!!
  • 0
    HSBCSUCKS
    I too have had all the same problems as the other posters. I was signed up for this in 2003 and never carried a balance on my card until 2008 when I bought a TV 36 months s.a.c. I was paying $100/month and noticed when I got it paid down that I had additional charges for something and knew I had not made any other purchases. I had a hell of a time even getting to speak to a live person because of all the automated systems. When I finally did get someone I couldn't understand them. I was told they would take $28 from my balance and that was the best they could do. They could tell me exactly when I was signed up for the protection, but could only see that I had been paying for it for the last 12 months......are you freaking kidding me? I plan to try the phone number listed above and hope for the best. I do plan to cancel not only my Best Buy card, but also my Menards Big Card and Target cards because they are all issued by HSBC.
  • 0
    pissedoff
    I am just about to make my last payment to avoid deferred charges after 3 years and notice this debt cancellation crap. I immediately went as far back as a year ago and noticed these charges which added up to about 160 bucks! Now imagine how much it adds up after 3 years. I am going to call the 800 number to request a full refund because i have dealt with other companies like this(AT&T),and I refuse to be bullied by them. I don"t care what I have to do but I will make sure I get refunded every last cent!!
  • 0
    BB's Classy Pal
    Sounds to me like BB might be in for a Class Action Lawsuit.
  • 0
    Phil
    Glad to hear a lot of you have gotten your money back from these scammers!

    If you have had problems with Best Buy / HSBC you should read this whole thread...lots of useful info and numbers to call
  • 0
    Brenda
    Thanks for posting the executive office #, they're closed today but I'm calling tomorrow.  I got layed off in September, have been on unemployment since and this insurance I bought to protect my acct still hasn't started taking care of the credit card. I should have known, hsbc is who layed me off.
  • 0
    llnapl
    did you get a new ipod free of charge? i want to make sure this is an insurance program incase the product i purchases gets stolen or damaged.
    Thanks
  • 0
    Tammy is awesome
    I used the 1-877 number that Tammy posted and was transeferred to someone who finally was able to help me. The first person you get on the phone is like a filter. If you explain your plight in great detail and calmly they are very helpful. Because of not being aware of what I was signing up for I was able to have a full refund.Thanks TAMMY!...from 2008
  • 0
    Brian Keller
    I am investigating these kinds of issues with Best Buy and HSBC on behalf of a client of mine. If you would like to discuss your observations as a witness, please call me at 713-751-0400.
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