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OT: I Received This E-MAIL Today

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  • OT: I Received This E-MAIL Today

    I received this email from Bank of America on the status of my Visa card. No heads up, no warning, no info, just this message. This is (was) my main credit card. It was a Platinum card with a $14,000 credit limit. My credit score is around 828 (I checked it right after receiving this message). I've had this card since 1987. I made all my purchases on this card. I have always paid the bill full and on time. As of 9PM, the card is already dead. I'm really pissed at their lack of courtesy in not giving me advanced notice of this cancellation and it kind of leaves me in the lurch. I have another card with them, but I purposefully keep the credit limit at $2000. I'm wondering if they will cancel that card tomorrow. I'm just glad that I wasn't on my road trip that I took last month - being cancelled like that could have caused me major problems (like, how do I pay for gas to get home?).

    I'm curious as to the reason for the cancellation and I was wondering if anyone else has been summarily cancelled by BoA. I've had CC's cancelled due to fraud, but I usually received a replacement quickly. In this case, they are closing the account.



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  • #2
    You sure it aint a scam email? I would call or visit your local branch to make absolutely sure. I've been getting plenty of scams lately around my student loans because companies buy and sell your info all the time. EDIT ok, they already closed it.

    Probably because you didn't max it out and finance it out over 10 years.... paying off every month means they can't make enough off you.
    Last edited by nickel-city-fab; 07-30-2020, 10:35 PM.

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    • #3
      It was the first thing I checked. Unfortunately, the email is legit as is the last digits of the account number. Also, the card has already been terminated.

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      • #4
        Originally posted by SLK001 View Post
        It was the first thing I checked. Unfortunately, the email is legit as is the last digits of the account number. Also, the card has already been terminated.
        Yeah I saw that and edited my post -- betting they did it because the felt they weren't making enough off you -- they want you to max it out and carry a balance for 10 yrs.

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        • #5
          BTW crap like that is why I finally switched to a very small local credit union. So small there's only one branch, but they've been there since forever, and they know everyone by name.

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          • #6
            Originally posted by nickel-city-fab View Post
            BTW crap like that is why I finally switched to a very small local credit union. So small there's only one branch, but they've been there since forever, and they know everyone by name.
            That's the way this one started! A small bank, who sold their operation to a larger bank, who sold their operation to an even larger bank, ditto, ditto, ditto, until finally sold to BoA credit operations. Thirty plus years is a long time for a credit card!

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            • #7
              Originally posted by nickel-city-fab View Post

              Yeah I saw that and edited my post -- betting they did it because the felt they weren't making enough off you -- they want you to max it out and carry a balance for 10 yrs.
              No necessarily so.
              I had a BOA card for years and always had a balance, but did always pay on time, good credit score and my only bank CC. Store cards: Khols $0 bal., Sears $0 bal. BOA just closed my accounmt one day, nebulous reason given.

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              • #8
                I refuse to bank with BoA for this reason. I don't have personal experience with them, but my sisters and their families have run into similar issues. Poor customer service, changes to account terms with no notice given ("we're sorry, it must have been lost in the mail" 🙄), and credit cards closed for no apparent reason.

                I don't have anything against big banks... so long as they provide decent service. I've had really good luck with JP Morgan Chase and PNC, as well several smaller, local credit unions.

                Really sorry SLK001 - I'd be steamed as all get up.

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                • #9
                  I ditched US Bank last year. They screwed up on my account for the third month in a row and needed it fixed fast. I went down there and the branch wouldn't see me. Told me I had to make an appointment to see a banker. I told them the only appointment I would be making was to close the account. I went to another branch and they helped me right away and were confused why they did this.

                  But I was true to my word, I made an appointment with that bank, and closed the account. Went to a smaller credit union a lot of the tech companies use around here and everything is way better.

                  Ive had an issue with BoA too, had a check that was written from their bank, went to cash it and they wouldn't cash it without charging a fee.

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                  • #10
                    I never really liked BoA, but the evolution of the card is what it is. I understand that they can close the account whenever they want, but to only give less than 6 hours of warning is what really pisses me off. It's just that now, I have to scramble to obtain another credit provider. In the meanwhile, I guess that it is back to cash!

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                    • #11
                      I've heard bad things about BoA (and also Wells Fargo). I've had my Discover Card for about 30 years or so, and zero problems, except some places don't accept it. So I also have an M&T Visa credit card as well as a debit card. It will be interesting to hear the full explanation when they mail it to you. I have almost always paid my balances in full automatically, and my credit rating is about 830.
                      http://pauleschoen.com/pix/PM08_P76_P54.png
                      Paul , P S Technology, Inc. and MrTibbs
                      USA Maryland 21030

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                      • #12
                        My friend who works like a crazy person just paid off their student loans and their house this summer.
                        I thought that was a good thing but now they are freaking out because their nigh perfect credit score is dropping.
                        Gotta pay to play.
                        --
                        Tom C
                        ... nice weather eh?

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                        • #13
                          Long time ago BoA was my business bank. I fired them on a Friday afternoon with a full bank. I was as loud as I thought I could get away with and not get arrested. They did a lot of bad things, but at least I got out before their blatant screwing people made the main stream news.
                          *** I always wanted a welding stinger that looked like the north end of a south bound chicken. Often my welds look like somebody pointed the wrong end of a chicken at the joint and squeezed until something came out. Might as well look the part.

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                          • #14
                            Originally posted by Astronowanabe View Post
                            My friend who works like a crazy person just paid off their student loans and their house this summer.
                            I thought that was a good thing but now they are freaking out because their nigh perfect credit score is dropping.
                            Gotta pay to play.
                            The credit ratings are a scam. I have been unemployed for 8 years, SS is my income of record. Yet I have a 830 credit score. Really? I have 3 credit cards to my name and use only two of them. I have not had a loan in my name for 15 years. 830? Really??? Don't have a mortgage. No car payment. Still have an 830 credit score.

                            Here's the clincher; when I bought a car last fall, I shopped two dealers and one applied for a loan even though I had not decided to buy their car. The same day, I did find a car and took out a loan so I could drive it home that day. They gave me the loan even though the credit bureau showed 5 loans applied for in an 8 hour period. I paid the loan off within 2 weeks. Still have that 830 rating.

                            Just because they want to promote their financial services does not mean that they will shoot themselves in the foot by refusing credit on good terms to good customers with either an income or assets.

                            Dan
                            At the end of the project, there is a profound difference between spare parts and left over parts.

                            Location: SF East Bay.

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                            • #15
                              Are you saying that you took that check into a BoA branch and asked for the money and they refused?

                              In the past I have had several incidents with banks and getting my money. One involved a check drawn on a bank that was not in my town. So, while I was in the city where they were I brought it to the bank. It was rubber. It was also written by the brother of a VP at that bank. It took about an hour, but the funds magically appeared. I believe I had them by the short hairs and could have really stirred up that pot with a complaint to the local police. And there was not a single word of explanation.

                              Another incident was at a local bank that was getting very shaky. I went in and asked for my balance IN CASH. They did not like it, but after about a 30 minute wait, I got every penny and I got it in cash. You have a right to withdraw your funds at any time and in legal tender. I did not trust even a cashier's check from them. They were closed less than a month later and I suspect that there were many depositors left waiting for the court to dole out what was left. Again, they did not say a single word about why I had to wait for it.

                              A check that is drawn on a bank where the writer of that check has an account with sufficient funds to cover that check must be honored by that bank. It is the account holder who is PAYING the expenses of handling that check, not the payee. If they do not honor it for the full value, then the bank is not upholding it's legal responsibility. Something is funny here.

                              As for no explanation, I had a problem with Chase. When I was about to retire I had a checking account at an Iowa bank and I planned to retire to Texas. So I opened a new account with Chase using their on-line facility: they are nation wide and there was a branch near my house here. I opened it with a perfectly good transfer of several times their minimum opening deposit from my Iowa bank. About three weeks later, Chase informed me that the account was closed. No reason was given. I asked why but received no answer. I did get my initial deposit back with no problem so that was not the reason. Fast Forward for a couple of years. By then I was retired and living in Texas. I needed a account for my business so I went to that Chase branch near my house. I opened up a business account and gave them a cashier's check from my personal bank which was almost across the street. It was a perfectly good check. Fine, now I had a business account. But AGAIN, in a couple of weeks I got a letter or e-mail stating that the account was closed. No explanation. I went to the branch and asked what had happened? WHY? A very nice lady there tried to look into it. She called the headquarters but got no answer. She kept trying so vigorously that I feared that she would lose her job. So I told her to stop. I wrote to Chase asking why the two accounts were closed. I never got any answer. Nothing. I did get my deposit back with no problem there. And yes, my credit scores are all in the excellent range, both then and now. I have never defaulted on a single penny that I owed to a bank, to any bank.

                              The really funny thing is that I have Chase Master Card that dates back to before either of these attempts to open a checking account. And I have since obtained a second Chase credit card. Chase is glad to extend to me thousands of dollars of credit, but does not want me to have a checking account there. And I periodically get more offers for Chase credit cards. I never have had any inkling of an explanation for this and can not even speculate on a possible reason.

                              Banks are strange.



                              Originally posted by macona View Post
                              I ditched US Bank last year. They screwed up on my account for the third month in a row and needed it fixed fast. I went down there and the branch wouldn't see me. Told me I had to make an appointment to see a banker. I told them the only appointment I would be making was to close the account. I went to another branch and they helped me right away and were confused why they did this.

                              But I was true to my word, I made an appointment with that bank, and closed the account. Went to a smaller credit union a lot of the tech companies use around here and everything is way better.

                              Ive had an issue with BoA too, had a check that was written from their bank, went to cash it and they wouldn't cash it without charging a fee.
                              Paul A.
                              SE Texas

                              Make it fit.
                              You can't win and there IS a penalty for trying!

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