If you have seen a fee added to your checking or savings account, but have missed your financial institution's notice to you, please read below.

From NXG Strategies and IDSafeChoice:

Thank you for tracking us down!  We realize that some of our financial institution clients have included our program name (IDSafeChoice) in their fee description and that description may appear on your monthly statement.  This has led to some confusion and we will work to make sure that it is corrected.

Let me assure you that we do not have any information about you and we did not initiate the fee on your account.  This is a fee from your financial institution.

Your bank or credit union has contracted to provide a group program for a large segment of their account population to provide research, tracking and resolution of suspected or confirmed identity theft, should there be a "Red Flag" or signal that identity theft may be involved.  We only know how many accounts are in this group and we DO NOT receive any information about individual accountholders.  This group program was put in place by your bank or credit union in response to both the growing problem of identity theft and new regulations that require that all financial institutions take proactive steps to protect their accountholders. 

While this is a compliance requirement for your financial institution, the purpose of the regulation is to provide benefits for accountholders.  This program will provide services if you have an identity theft event that occurs in relation to your account with your bank or credit union, and it will also provide services if you have an any other type of identity theft event not related to your account.  It covers both financial and non-financial identity theft.  Many people don't realize that almost two-thirds of all identity theft is non-financial in nature.  This category includes things like utilities fraud, government benefits fraud, employment fraud, medical fraud, and the list goes on.  There are 38 known types of identity theft and all are covered by this program.

If you suspect an identity theft, or you have seen evidence of fraud, you can call your bank or credit union and they will submit your name so that an Identity  Recovery Advocate will be personally assigned to your case.  This is an individual who is FCRA-certified as an expert in resolving identity fraud.  With your consent, the Advocate will obtain credit reports from Experian, Equifax and Trans Union and review these with you to determine the extent of the problem.  They will send, by overnight mail, a packet of instructions that will allow you to establish your legal rights as a victim of identity theft.  Then the Advocate will take over and own the problem for you, completing all of the research, phone calls and documentation it takes to recover your identity, no matter how long it takes.  The Advocate will obtain written confirmation that each incident of identity theft is corrected and expunged from your credit file.  They will provide a proactive 12-month follow-up to make sure that no other incidents have occurred.

Along the way, the Advocate will also try to find clues as to the identity of the perpetrator and, with your permission, provide these to the police in the hopes that an arrest can be made.  If an arrest is made, the detailed case file  that your Advocate will keep may be used in court to prosecute the criminal. 

Since identity theft can strike multiple members of a household, we added a three-generation family benefit just to make sure that no one in the family who is in need is left out.  It covers you, your spouse and your children under the age of 25 who still have your address as their permanent address (meaning they could be living away from home temporarily, in college or the military, for example).  This benefit also includes your parents if they live at your address, are in elder care (assisted living, skilled nursing facility or hospice) with the benefits extending for up to 12-months after the death.  Yes, unfortunately, identity thieve will target persons who are recently deceased.

This is a very important group program for your financial institution for compliance AND for you as an accountholder.   If you have any questions about how the fee applies to you or your account you will need to talk with your bank or credit union.  Or if you would like to send us your name and the name of your financial institution, we will be happy to pass your inquiry to the Program Director at the bank or credit union so they can get in touch with you.   Please click on the CONTACT US to send a note. 

Again, we apologize for any confusion that the fee description on your statement has caused.

Best Regards,

Sally King

COO, Managing Partner

NXG Strategies, LLC