Bank of America Bank of America closed my credit card accounts without telling me Nationwide
Bank of America closed three of my credit card account without prior notice. They were CashReward, TravelReward and FIA-related credit cards (Fidelity Investment Card).
I tried to buy some items online today but the transactions kept rejecting.
I called BoA representative about what was going on with my accounts and she said my accounts were just closed by analyts from their internal secret unit.
The reason was that BoA analysts got their way to pull out my credit report (without my concent) and found out that my credit utility increased significantly this month (just this month) which was due to the balance transfer I made. "We are not comfortable with this", said she. In the end, my credit card accounts were closed without any prior notice.
Think about this. I used only the BoA credit cards faithfully for more than 6 years, I paid bills on time each month, I paid any incurred fee or interest with no complain, I had no negative record or anything ever before.
But why do they still treat their customer like this? Why did they offer me the credit to use in the first place if they would not be happy of me using it properly. At least, if they called me and discussed with me about the situation, I would try to understand them. But they just did this by their own without caring for our feeling.
I am so dissappointed. I will never forget this.
3 Updates & Rebuttals
Robert
Irvine,California,
Believe what you want
#4Consumer Comment
Sat, September 27, 2014
You must really like to assume...of course you know what happens when you do..right?
Please take a note that other banks have not done this horrible thing to me.
- Well while at least you didn't use the word assume, that is exactly what you are doing. After all just because it hasn't happened yet you can not assume that when your other credit cards see your credit report that they won't close your accounts either. In fact now since your overall ratios have changed it becomes even more likely.
Search internet out there. You will see how famous BoA regarding this policy is. You cannot assume that other banks are as bad as BoA.
- Who needs to assume. Why don't you do as you said and search the Internet? I'll even help you out giving you a few search terms such as "credit card closed without notice" or "(insert bank here) Closed My Credit Card". This was especially prevalent several years ago during the banking "crisis". Don't be shocked if you are with a major bank that your other bank doesn't show up in this search.
But if this thing happen to your account, please let me know. I will be the first person who laugh at you and sympathize you later. You will understand if it happens to you.
- That's funny I don't think I mentioned anything about my history so why did you just "assume" that it hasn't happened to me? Well guess what Einstein. I have had this happen a few years ago. But there are a few differences, unlike yours when you had a change in your Credit Ratio, in my case there was no such change or anything negative. While I thought it sucked just like you. The other difference, I don't go whinning on the Internet that the "big bad bank" closed my account. Oh and you want to know a real kicker. Remember how I talked about your other credit cards. Well once this happened to me I had another credit card shortly after reduce my credit line due to what they said was a change in my credit utilization(caused by the closing of the other account).
They must accept whatever the fate the company gives you.
- Well it took until the last line, but perhaps you finally get it. Yes the account holder must accept what ever "fate" the Credit Card company gives because the account holder agreed to do exactly that. In reality all of the power is to the Credit Card company...because it is THEIR money. If you don't like it then don't use credit cards. Because no matter how "good" a bank or credit card may be, there is NOTHING that says they can not just close your account out.
SirBest
Cleveland,Ohio,
Go tell other ripoff complains the same thing
#4Author of original report
Fri, September 26, 2014
Dear Robert,
Actually I don't expect much after they closed my account. My point is to bring attention to the public about this company behavior. Please take a note that other banks have not done this horrible thing to me. Search internet out there. You will see how famous BoA regarding this policy is. You cannot assume that other banks are as bad as BoA. There are many better banks out there.
But if this thing happen to your account, please let me know. I will be the first person who laugh at you and sympathize you later. You will understand if it happens to you.
If you really insist that this is how EVERY company works and you must agree whatever they say, go tell all ripoff complains out there that they should not complain. They must accept whatever the fate the company gives you.
Peace,
Robert
Irvine,California,
This is how credit cards work
#4Consumer Comment
Fri, September 26, 2014
This may be a shock for you but everything they did YOU agreed to when you got the card. If you read the terms of your card(actually any credit card) you will find out that they can close your account out at any time and for any reason.
The reason was that BoA analysts got their way to pull out my credit report (without my concent) and found out that my credit utility increased significantly this month (just this month) which was due to the balance transfer I made.
- Again you gave them the permission to review your credit report when you got the card, just like EVERY other credit card. Oh and I bet you wouldn't be here calling it a RipOff had their review gotten you a credit line increase.
And just a sidebar on the credit "utilization"...a TRANSFER will not change the overall utilization(as you are just transfering it from one card to another but not increasing the balance. However, it is possible that you could have changed the utilization on one card if you maxed it out.
"We are not comfortable with this", said she.
- Really? Well guess what it is THEIR money that they are allowing you to borrow. As such they have a right to decide how "comfortable" they can be in allowing you to continue borrowing their money.
Think about this. I used only the BoA credit cards faithfully for more than 6 years, I paid bills on time each month, I paid any incurred fee or interest with no complain, I had no negative record or anything ever before.
- To be very blunt..so what? That is what you are supposed to do, and they did what they are allowed to do per the terms which you agreed to. There is nothing in your credit card agreement that says that once you are a customer a certain amount of time they can no longer close your account.
At least, if they called me and discussed with me about the situation, I would try to understand them. But they just did this by their own without caring for our feeling.
- Seriously? While it would be "nice" if they contacted you in advance. Just because they didn't give you the "warm fuzzies" doesn't mean it is a RipOff.
Oh and no I do not work for BofA or any credit card company, again I am just letting you know that this is how EVERY credit card works.