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Today in the mail i got a thick envelope from Bank of America and when i opened it it looked like some new account terms, the first page of the letter was saying that my credit card issued by FIA Card Services in Delaware is changing to Bank of America North Carolina in October.
It was for my Better Balance Rewards card and it indicated that I may be recievng more than letter if i have another account (my Cash Rewards card.... maybe?)
So is Bank of America getting rid of FIA or is FIA going to be seperate like GE is doing or what? Anyone know?
Got the same thing for my Fidelity Amex a couple days back.
Now that they sold most of their agent bank credit card operation to US Bank/Elan, they dont need to keep the "FIA" name around to distance themselves from customers of those types of cards.
At least, thats my theory.
Hopefully this means the Fidelity card will now be under the Bank of America Website with our other BofA card because the FIA website is like im back in middle school it's so old and outdated.
@sadiespapa wrote:Now that they sold most of their agent bank credit card operation to US Bank/Elan, they dont need to keep the "FIA" name around to distance themselves from customers of those types of cards.
At least, thats my theory.
That seems to make some scence. Does that mean all the FIA employees are full BofA employees now? or are they simply out of a job?
Also what would happen to my Merrill Edge accounts, cuz i've noticed when the money sweeps in my accounts it shows that it goes to FIA Card Services?
I'd be willing to bet that if there were any job losses, they happened over a year ago, as the agent-issued cards transitioned to Elan at the end fo 2012 I think. This latest news is simply a name change.
I havent quite figured out why the merrill edge sweep option puts the money in FIA Card Services. Seems strange to me but there might be some regulatory reason behind it. Likely the only effect you will see is the name change from FIA to Bank of America.
@sadiespapa wrote:I'd be willing to bet that if there were any job losses, they happened over a year ago, as the agent-issued cards transitioned to Elan at the end fo 2012 I think. This latest news is simply a name change.
I havent quite figured out why the merrill edge sweep option puts the money in FIA Card Services. Seems strange to me but there might be some regulatory reason behind it. Likely the only effect you will see is the name change from FIA to Bank of America.
I hope its just a name change too..... a actuall name change and nothing more, unlike what GE is upto.
My checks for my Merrill CMA account say "Merrill Edge a Bank of America Corporation" on them no FIA that i can see, so that's all fine.
I do know recently Bofa has been mailing me balance transfer/cash advance check offers like every week or every other week like crazy lately, they actually say Bank of America on them, where as the ones that came with my bill in the mail said FIA Card Services.
I do find it very strange that a non bank credit card division can issue checks to be drawn from their accounts, i guess since they are apart of BofA i guess maybe the FDIC lets it slide. LOL.
This was part of a change in account terms legal notice I recieved from BofA on 04/20/2014
Followed by some legal mumbo jumbo...
FIA is just a corp structure that operated under boa. it is the old MBNA credit card biz. as they integrate and streamline operations old businesses get folded into the primary business. just my guess