SunTrust: Free Credit Watch w/Selected Checking Accounts

"Industry reports suggest that identity theft costs Americans more than $5 billion annually, claiming a new victim every 79 seconds," said Gene Kirby, SunTrust corporate executive vice president and head of Retail Banking. "Given the prevalence and destructive nature of this crime, SunTrust took the unprecedented step -- beyond merely offering tips -- to make identity theft protection a free and integral part of our preferred checking accounts."

SunTrust relationship checking account holders who enroll in the free Equifax Credit Watch(TM) Silver will have their Equifax credit file monitored weekly, and will be notified of key changes in their file, which could identify potentially fraudulent activity. Clients also will receive up to $2,500 in identity theft insurance, premium customer care seven-days-a-week, and a free Equifax Credit Report(TM).

"Equifax is proud to be working with SunTrust to arm consumers with the best early warning detection system against identity theft," said Steve Ely, group executive, Equifax Personal Solutions. "Early detection is crucial to helping consumers respond to suspicious activity on their credit file and minimize the impact of identity theft to their credit and good name."

Since 2001, an estimated 27 million Americans have had their identity and credit history stolen. But, according to the SunTrust survey, only 52 percent of consumers say they have taken steps to do something to protect themselves and their ability to take out loans and obtain personal credit. When compared with the 32 percent of consumers who identified specific ways they've modified their financial transactions, a large number of Americans are still at risk.

Almost half of consumers today (49 percent) are unsure of what to do to prevent identity theft, according to the recent SunTrust survey. In response to this overwhelming client need, SunTrust has joined with Equifax to offer an early warning system for personal Relationship Checking Account clients. The qualifying accounts are: SunTrust Smart Solution Checking, Preferred Checking, Smart Solution Plus Checking, and Signature Advantage(SM) (including SunTrust at Work(SM) versions). Once eligible clients sign up for free Equifax Credit Watch Silver protection, they will be automatically notified of key changes in their Equifax credit file.

Equifax Credit Watch Silver provides weekly monitoring of an enrolled SunTrust client's credit file, and will issue an email or wireless alert directly to them within days of potentially fraudulent or suspicious activity. Clients can establish alert parameters based on their own spending and usage patterns, so larger than normal balances or the sudden activation of a dormant account will trigger an alert. When there is nothing to report, Equifax sends a monthly "no news is good news message," accompanied by anti-ID theft news and tips.

SunTrust clients also receive Identity Fraud Expense Coverage, which reimburses victims of a stolen identity event for certain expenses incurred up to $2,500 (deductible applies).

"SunTrust is committed to helping our customers safeguard their most valuable financial asset -- their identity. You can't put a price on peace of mind," Kirby said.