Privacy Assist is an identity theft protection service offered by Bank of America, which is a banking and financial services institution founded in Charlotte, North Carolina in 1998. The company provides a wide range of insurance solutions and financial services to over 47 million consumers, 4,700 retail financial centers, and 3 million businesses worldwide.

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The Good

  • Affordable
  • Credit Monitoring Services

Affordable

At $9.99 per month, Privacy Assist is reasonably priced and affordable for most consumers.

Credit Monitoring Services

As part of its services, Privacy Assist provides its customers with credit monitoring and reports from all three major credit bureaus: Equifax, TransUnion, and Experian. If any suspicious activity is detected, the company will issue an alert to the customer immediately. The company will also assist consumers to dispute errors that may be discovered on credit reports.

The Bad

  • Lack of Features
  • Lawsuit

Lack of Features

Unfortunately, Privacy Assist places a heavy emphasis on credit monitoring and does not offer a number of other important identity protection features, including identity theft insurance, internet scanning, bank account monitoring, antivirus software, and identity restoration.

Lawsuit

In 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to refund $727 million to its customers for illegal credit card practices dating back to the year 2000. These allegations included but were not limited to billing customers for add-on products such as Privacy Assist without or before having the authorization to do so. Bank of America was also fined an additional $45 million for deceiving customers into believing that these add-ons came with a free 30-day trial, when in reality, customers were being charged for services, some of which were not rendered, as soon as they signed up. 

The Bottom Line

Bank of America's Privacy Assist is affordable and provides credit monitoring from all three major credit bureaus. However, Privacy Assist is missing a number of important features, including identity theft insurance and identity restoration. Additionally, Bank of America was involved in a lawsuit in 2014 because it was billing customers for add-on products such as Privacy Assist without having the authorization to do so. 

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User Reviews

Star Rating

1.5
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3 Reviews

Review Breakdown

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1 star
67%

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MM Nolan

December 31st, 2018 Elmhurst, IL DETAILS arrow_drop_down
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I am considering terminating my Privacy Assist account. When I thought I had lost a credit card, they were unable to help me. It was up to me to contact the credit card company. Why did I need to give them all my credit card numbers then? Also, I have been charged 12.99 per month for years. Now I see on their web site the cost is only 9.99. What gives?

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Michele

January 18th, 2018 Portales, NM

The worst bank to deal with identity theft especially with an elderly dementia member. They are the most difficult company to deal with in trying to solve the theft.

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Steve Bera

September 12th, 2017

I have $25,000 of identity theft protection coverage even though I am enrolled in privacy assist least expensive program. Therefore, the main review you read on this website is not correct when they stated such coverage was not included.

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