Diners Club CC Blocked and no response for days

[taxi818]

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@Anonymous wrote:

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@enharu wrote:

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@taxi818 wrote:

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@Anonymous wrote:
Oh my... not another OCCU Beaver fiasco!

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Hold on /Dont jump the gun. i read that Bmo has 579 billion in assets. very very stable. we need to hear what they say to the op. lets not cause mass panic. lol

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Assets have nothing to do with loss tolerance though.

Just because they have 579 billion in assets doesn't mean they have to put 579 billion worth of assets on the line.

The risk you want to take and the amount of assets you have are entirely different subjects.

For instance, Wells Fargo has trillions in assets, but most of it are in mortgages. Their attempts at expanding their credit division thus far seems to be a half assed job that really hasn't accomplished much. Is it the credit division's fault? Not entirely. Management's probably not interesting in putting more assets at risk to unsecured debt. There are smaller companies with more assets in riskier debt than what Wells Fargo has invested into their credit card division.

Look at it this way: You have 1 million to invest.

Your loss tolerance however, may just be 10k. After you lose 10k, you pull out and want nothing to do with the market. Just because you have 1M to invest doesn't mean you have 1M to lose.

And there's also an issue of credit mix. Just because you have 1M to invest doesn't mean you pour everything into 1 basket.

That being said, I'm not saying something bad is going to happen to BMO or the Diners card. 

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1 % tolerance, hmm.

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Exacty. there is no way for us to know what kind of losses they have occured. only what is published in assets. so it does not matter. as we can't tell what their tolerance level is.

[Anonymous]

I wanted to share my update as i just called and spoke to the fraud department and they explained to me that my account is still on hold and that they will be reaching out to me and that it can take up to 48 days for the review to finish because its a manual process..i go to the guy by the time i get a call i have already made my payment for the items that are in question this is ridiculous. So i asked what about my elite card that i was approved for on the 11th he said oh its on its way. So im wondering if that account will also have issues mean while they finish dealing with my premier card. They charge alot of annual fees for the crappy service they give in return.

[longtimelurker]

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@Anonymous wrote:
I wanted to share my update as i just called and spoke to the fraud department and they explained to me that my account is still on hold and that they will be reaching out to me and that it can take up to 48 days for the review to finish because its a manual process..i go to the guy by the time i get a call i have already made my payment for the items that are in question this is ridiculous. So i asked what about my elite card that i was approved for on the 11th he said oh its on its way. So im wondering if that account will also have issues mean while they finish dealing with my premier card. They charge alot of annual fees for the crappy service they give in return.

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48 days also seems a very precise number!

[Anonymous]

OP, I can't imagine it is the volume you put through the card that triggered it. I have had my card for less than two weeks. My first purchase on the card was almost 20K (bought three Vespas) and I have put another 9K or so on it. I had been planning on paying in full before the statement cuts, I will probably pay tomorrow after reading this post. Also I always use half of my income when I apply for credit cards in hopes that I won't have to get together all of my income documentation and submit it for verification when I apply, so my spending in relation to the income they have on file would seem more suspicious than your situation. I can't even speculate as to why they would freeze your account. I have another run of big purchases I am planning on putting through this card in the next few weeks so I hope this doesn't become the norm for BMO because I am not fond of wiring money when I make a big purchase, that was the whole point of obtaining this card in the first place. 

[longtimelurker]

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@Anonymous wrote:

OP, I can't imagine it is the volume you put through the card that triggered it. I have had my card for less than two weeks. My first purchase on the card was almost 20K (bought three Vespas) and I have put another 9K or so on it. I had been planning on paying in full before the statement cuts, I will probably pay tomorrow after reading this post. Also I always use half of my income when I apply for credit cards in hopes that I won't have to get together all of my income documentation and submit it for verification when I apply, so my spending in relation to the income they have on file would seem more suspicious than your situation. I can't even speculate as to why they would freeze your account. I have another run of big purchases I am planning on putting through this card in the next few weeks so I hope this doesn't become the norm for BMO because I am not fond of wiring money when I make a big purchase, that was the whole point of obtaining this card in the first place. 

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It might not be the voume of spend, more the reward potential, is there are looking into rewards "abuse".   Large volumes at the highest level of rewards can attract attention

[Anonymous]

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@longtimelurker wrote:

It might not be the voume of spend, more the reward potential, is there are looking into rewards "abuse".   Large volumes at the highest level of rewards can attract attention

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Got it, well I was kicking myself for not getting the Elite once I decided to push all this volume through my card, but maybe I was lucky I didn't. I don't think they will think I am abusing my 1pt/$1 rewards on my Premier...

[Anonymous]

I've used the card quite a bit and have had no problems whatsoever 

[taxi818]

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@Anonymous wrote:

I've used the card quite a bit and have had no problems whatsoever 

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Whatever you do then. don't go to walmart. target. CVS or walgreens. not unless all the hysteria is over.

[Anonymous]

Or in my case avoid autozone and bjs wholesale. 

[longtimelurker]

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@Anonymous wrote:

I've used the card quite a bit and have had no problems whatsoever 

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How much is "quite a bit" and how much was 3x?