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Bank of America Privacy Assist

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3.4

Overall Score

LAST UPDATED: December 26th, 2023

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.

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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. 

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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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Star Rating

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2.2

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15 Reviews

Review Breakdown

5 grade

27%

4 grade

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3 grade

0%

2 grade

13%

1 grade

60%

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Geri Reynolds Placentia, CA

Dee helped me today to access my credit report. She was knowledgable and so patient with me and kind. She stayed on the line until she was sure I was where I needed to be and could access the information I needed. Tbank you so much Dee!

1 year ago

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Dwayne Holland Charlotte, NC

I had ID protection coverage with Bank of America and I thought there was some fraudulent charges and I talked to customer service, whom was very nice and professional to me. Well come find out there wasn't any fraudulent charges after all but I had made a mistake. When I talked to them they didn't treat me like shame on me, they were very nice and professional with me. They made me glad I had used them and I would definitely recommend this company. Thanks

1 year ago

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Nancy Oliver Lake Orion, MI

Added to my account as I am a card holder. Had one issue where on Amazon. Kept receiving packages daily but never ordered. The Amazon company just kept adding orders to my card then shipping to me and also adding to my card. Dirty for sure. Mastercard handled everything and I did not owe a dime. Very much appreciated as it was over 700.00 dollars.

2 years ago

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anupam sumessur Curtis Bay, MD

Very user friendly and communicative. Always there when needed.

2 years ago