Bank of America closing my Credit Card Account

[Anonymous]

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@Discover2016 wrote:

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@Anonymous wrote:

Sadly, as a former financial center manager at bank of america I seen this a lot. 

There are a few things that trigger a total relationship closure at B of A. 1- Someone who had the same address as your self (or if you live in an apartment building someone in that building) being reported to an industry reporting agency similar to check systems but not a credit bureau for possible fraud, it would hot file the address and anyone with that address gets closed out. 2-If you have been reported for suspected fraud to the hot file by another institution. 3- If you are a citizen of a prohibited country. 

Opening and closing accounts for promotions has 0 to do with it. The letter you will receive in the mail will not list the reasons for the relationship close out. In fact it most likely will refer you to the deposit account agreement received at the time of account opening with states that the bank reserves the right to terminate any relationship at any time for any reason. 

Financial center managers are not provided any information in regards to why your account was closed out, and rarely will they be provided. Depending on the reason an Operations Market Manager may be able to internally get additional information (the manager of financial center managers) and in 1 of the 3 reasons your relationship is being closed be able to make an exception to policy. I will stress, in over 10 years with the company, I have only seen them make the exception 2ce and it was both for hotfiled addresses where the address was a residential apartment building with hundreds of units. 

My suggestion to you is to contact the executive office AND tweet bank of america. There social media team is taken very seriously, and there executive office on the bank side also wields a great deal of power in getting stuff resolved. And I would do so as soon as possible. Once the close out is complete it becomes more and more difficult to remove you from all of the fraud prevention systems. 

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Wow, that is crazy, I live in an apartment building in NYC with dozens of apartments, so my BofA credit card and bank accounts are at the peril from any fraudster living in the building, that is very unsettling and disturbing. At least there can be some exceptions made as you described for apartment dwellers.

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Yeah, wow. That's the kind of thing you hear about happening to people when someone has a warrant out for them and they go looking for their last known addresses even though the current resident has lived there for 10+ years. I guess now the old resident's bad debt can also be a prolem.

I was thinking of renting or buying a condo in Florida. I guess I'll keep my PO Box here and not change anything.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Honestly Klad, the most comon reason was a fraudster use to live in apartment A and our customer moved into apartment A. The bank has no way of knowing if your related or affiliated due to having a lexus nexus connection of the same address.

What I will tell you is 100% that the only reason the bank terminated the entire relationship (meaning credit products) is due to a possible fraud indicator. I had a customer who was with us 15 years and her son in the same house hold actually defrauded the bank. The bank terminated her relaionship and that of everyone in the house hold. Sadly the bank doesnt know how many units are in a building it makes identifying fraud connections difficult. Your best bet is to call the EO and escalate.

The bank will have a copy of ur a report that if I remember correctly is AFX its a bank fraud exchange and either your name or address will be hotfiled there. The banks run this on everyone but takes 2-3 days to come back which is why its not an issue at initial account opening. Request the contact info for this company and get a copy of your afx report. It will have dispute options similar to that of a credit bureau.

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Thank you again, Sean for this information.. it make sense. I have dropped an email to EO, awaiting response from them to see what they have to say about this.

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I would go and talk to the apartment complex manager and asked who lived in your new apartment before you and if criminal financial activity occurred.  Trust me, the nosey manager probably knows LOL.

[longtimelurker]

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@Anonymous wrote:

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@someg33k wrote:

Sorry that happened, it sucks.

I "love" how most try and come up with reasons it was the OPs fault and not bother to call out BOA for who they are and their crappy customer service.

Anyhow OP whether or not you ever get a satisfacory answer from the EO or not.. Join a couple of good credit unions and dont look back. Not that a CU wont ever close an account on you. But I can guarantee you much bettter customer service / responses to issues than the likes of BOA.

Good luck!

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I have relationships with AMEX, Discover, Chase, Citi and they have been great so far.. good customer service to name a thing. While I do want to keep the BOA card but if they cannot help me out with this, I won't have any options.. the thing that worries me if this is somehow related to a fraud and if they flag me in places which is used by other institutions as well, I will be in bigger problems than I anticipate at this time.

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Do you have bank accounts with those, or just card?  Unlike some popular wisdom here, I advocate strict separation of banking institutions from credit card issuers unless there are overwhelming reasons (big increase in rewards for having an account, like some BoA cards  for example)   Really two reasons: it's rarely the case that one institution is great for both, and, more importantly, to avoid cross-contamination issues like here, which while sometimes is your fault (lots of MO deposits into a Chase bank account from MS on a chase card for example), often isn't, like here if you happen to have "inherited" a bad address.

[Anonymous]

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@Discover2016 wrote:

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@UncleB wrote:

I'm sorry to hear this has happened to you, and hopefully you'll be able to get the account(s) reestablished. 

By any chance do you have multiple BoA credit card?

I ask because DoC has reported that BoA is closing accounts of some people with multiples:  http://www.doctorofcredit.com/bank-america-closing-credit-card-accounts-limit-four/

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Wow, I read the comments, some people were super aggressive in getting BofA cards!

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+ 1 I would never have guessed people would do this sort of thing....someone's wife opened 10 MLB accounts in a year...yikes! WIth these closings I hope going forward they will simply not approve any above four to begin with....

[havoc]

One thing that jumped out at me after reading thread, you said you signed new lease 3 weeks ago? What address did you put on checking account application? If you put a new addy without changing credit card mailing, maybe that threw up something in their system. "one person, two addresses". Just lookin at every angle. Sorry for the bad luck.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@someg33k wrote:

Sorry that happened, it sucks.

I "love" how most try and come up with reasons it was the OPs fault and not bother to call out BOA for who they are and their crappy customer service.

Anyhow OP whether or not you ever get a satisfacory answer from the EO or not.. Join a couple of good credit unions and dont look back. Not that a CU wont ever close an account on you. But I can guarantee you much bettter customer service / responses to issues than the likes of BOA.

Good luck!

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I have relationships with AMEX, Discover, Chase, Citi and they have been great so far.. good customer service to name a thing. While I do want to keep the BOA card but if they cannot help me out with this, I won't have any options.. the thing that worries me if this is somehow related to a fraud and if they flag me in places which is used by other institutions as well, I will be in bigger problems than I anticipate at this time.

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Do you have bank accounts with those, or just card?  Unlike some popular wisdom here, I advocate strict separation of banking institutions from credit card issuers unless there are overwhelming reasons (big increase in rewards for having an account, like some BoA cards  for example)   Really two reasons: it's rarely the case that one institution is great for both, and, more importantly, to avoid cross-contamination issues like here, which while sometimes is your fault (lots of MO deposits into a Chase bank account from MS on a chase card for example), often isn't, like here if you happen to have "inherited" a bad address.

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Credit cards only, that's the case with Barclay and AMEX.. With Chase, Citi, Discover I have both Credit Card as well as Checking accounts.. 

[Anonymous]

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@havoc wrote:

One thing that jumped out at me after reading thread, you said you signed new lease 3 weeks ago? What address did you put on checking account application? If you put a new addy without changing credit card mailing, maybe that threw up something in their system. "one person, two addresses". Just lookin at every angle. Sorry for the bad luck.

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Thanks for reading the entire post.. Well, I haven't moved to new apartment yet, just signed the lease.. so used the same address that was on the file for my credit card.

[Creditplz]

This reminds me of the time they sent me this stating "we are exercising our right to terminate our relationship" back in 2015  

[Discover2016]

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@Creditplz wrote:

This reminds me of the time they sent me this stating "we are exercising our right to terminate our relationship" back in 2015  

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Wow! Did you ever find out why?

[Anonymous]

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@Discover2016 wrote:

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@Creditplz wrote:

This reminds me of the time they sent me this stating "we are exercising our right to terminate our relationship" back in 2015  

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Wow! Did you ever find out why?

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Same question - did you find out what happened? Did you contact EO?