The Visa Liability Waiver Program
ICBA Bancard’s Senior Vice President of Card and Payment Products, Julie Hanson, says that many times when she is discussing debit and credit card portfolio strategies with community bankers, they are unaware of the many core beneﬁts that are baked into their Visa and Mastercard programs. She points to value-adds such as Visa’s Liability Waiver program which protects issuers against eligible losses that might be incurred through card misuse by a terminated eligible cardholder.
Hanson says that the program waives certain eligible charges if an eligible cardholder misuses his or her Visa Commercial or Business card privileges. Speciﬁcally, the program offers:
Hanson says, “Price protection, extended warranties, and ICBA Bancard’s very own Travel Accident Insurance are just a few of the beneﬁ ts that come standard with Visa and Mastercard card programs and offer a great way for issuers to distinguish themselves in the marketplace and gain top-of-wallet status.
• Extensive coverage up to $150,000 per cardholder,
• Automatic enrollment,
• No deductible and no extra cost,
• No maximum cap per company,
• Coverage of cash advances, officers, and ghost accounts, plus
• Simplified claim procedures.
“This free program offers essential protections for community banks and their commercial and small business customers, but I’ve found that many issuers don’t know about it and aren’t touting the beneﬁts to prospective customers,” says Hanson.
To learn more about the program, including how to market it, Hanson recommends that bankers visit Visa Online where they can ﬁnd the Visa Liability Waiver Issuer Guide in addition to a number of resources that can be used to promote the beneﬁt to current and potential clients.
Hanson says, “Price protection, extended warranties, and ICBA Bancard’s very own Travel Accident Insurance are just a few of the beneﬁts that come standard with Visa and Mastercard card programs and offer a great way for issuers to distinguish themselves in the marketplace and gain top-of-wallet status.”