Heads Up! BofA Shut Us Down!

[Revelate]

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@CS800 wrote:

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@Ron1 wrote:

BT is no, no.BofA doesn't like BT or carrying balances over time.  They might close CLD or closed your account.  They are similar to Barclays. They kept sending those BT checks (0%) and it went straight to the shredder. I used the card only for the bonus. I only used once every few months.

Ron.

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That's good to know. But makes me wonder why they send BT checks.

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Maybe to selectively weed out the individuals they didn't want as customers?

Also BOA is by definition a large company: it's not quite the loose feudal confederation that some other financial institutions are, but there's every likelihood that the division sending out the BT offers, aren't the same ones doing the financial reviews of accounts.  I see crap like that all the time in my current position with a different financial institution, it really makes me debate the sanity of most large companies and if they're still going to be viable within the next two decades: too much inertia and groups working to mutually-exclusive ends.

[Anonymous]

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@Ron1 wrote:

Ray,

Sorry about that.  Banks usually close a bunch of accounts before they sell the portfolio to the other banks.  I was surprised they closed your accounts.  Many years ago, they CLD all my accounts to $1K and later closed it. I usually don't use the card and it stays inside the envelope.  I used it because either the special promotion or keep it active.  They downgraded my BofA Visa Signature Card into regular Platinum Plus card when they changed into 3-2-1 rewards.  I don't really care that much and I was thinking they might get really shut me down any time.  Just me to redeem my rewards before they shut me down.

Ron.

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I need to read up on BoA selling their credit card portfolio to another bank...I wonder why they do that

[Ron1]

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@Anonymous wrote:

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@Ron1 wrote:

Ray,

Sorry about that.  Banks usually close a bunch of accounts before they sell the portfolio to the other banks.  I was surprised they closed your accounts.  Many years ago, they CLD all my accounts to $1K and later closed it. I usually don't use the card and it stays inside the envelope.  I used it because either the special promotion or keep it active.  They downgraded my BofA Visa Signature Card into regular Platinum Plus card when they changed into 3-2-1 rewards.  I don't really care that much and I was thinking they might get really shut me down any time.  Just me to redeem my rewards before they shut me down.

Ron.

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I need to read up on BoA selling their credit card portfolio to another bank...I wonder why they do that

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The reasons are : kicking good customers to the curb, bad credit card loans.

Ron.

[Anonymous]

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@Ron1 wrote:

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@Anonymous wrote:

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@Ron1 wrote:

Ray,

Sorry about that.  Banks usually close a bunch of accounts before they sell the portfolio to the other banks.  I was surprised they closed your accounts.  Many years ago, they CLD all my accounts to $1K and later closed it. I usually don't use the card and it stays inside the envelope.  I used it because either the special promotion or keep it active.  They downgraded my BofA Visa Signature Card into regular Platinum Plus card when they changed into 3-2-1 rewards.  I don't really care that much and I was thinking they might get really shut me down any time.  Just me to redeem my rewards before they shut me down.

Ron.

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I need to read up on BoA selling their credit card portfolio to another bank...I wonder why they do that

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The reasons are : kicking good customers to the curb, bad credit card loans.

Ron.

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So there is a chance the cards I have with BoA now could one day be with another bank?

[Ron1]

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@Anonymous wrote:

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@Ron1 wrote:

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@Anonymous wrote:

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@Ron1 wrote:

Ray,

Sorry about that.  Banks usually close a bunch of accounts before they sell the portfolio to the other banks.  I was surprised they closed your accounts.  Many years ago, they CLD all my accounts to $1K and later closed it. I usually don't use the card and it stays inside the envelope.  I used it because either the special promotion or keep it active.  They downgraded my BofA Visa Signature Card into regular Platinum Plus card when they changed into 3-2-1 rewards.  I don't really care that much and I was thinking they might get really shut me down any time.  Just me to redeem my rewards before they shut me down.

Ron.

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I need to read up on BoA selling their credit card portfolio to another bank...I wonder why they do that

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The reasons are : kicking good customers to the curb, bad credit card loans.

Ron.

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So there is a chance the cards I have with BoA now could one day be with another bank?

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It is just business. Nothing is personal.  I don't even know my accounts will stay open until Elan takes over.

Ron.

[CS800]

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@Revelate wrote:

Maybe to selectively weed out the individuals they didn't want as customers?

Also BOA is by definition a large company: it's not quite the loose feudal confederation that some other financial institutions are, but there's every likelihood that the division sending out the BT offers, aren't the same ones doing the financial reviews of accounts.  I see crap like that all the time in my current position with a different financial institution, it really makes me debate the sanity of most large companies and if they're still going to be viable within the next two decades: too much inertia and groups working to mutually-exclusive ends.

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You know how big companies are. The different departments/groups dont talk to each other nor do they align with each others's requirements and expectations.

So one group's performance is lets say measures on how many BT offers they send and get while the other group 'Financial Review' is measured on lets say how many FR they do and how many 'discrepancies' they find in an account to justify closure.

thats the problem of big companies. The ultimate objective of each department/business unit is to make themselves more important thant the other while neglecting the customers side of things and in many cases one group doesnt have the authority to override the other.

The joys of big corporate self importance

[-Cain-]

I don't believe BofA is selling all of its CC portfolio, just certain blocks. I will look for the thread and re-read it though.

[-Cain-]

This link was in the credit in the news board...

http://www.myfoxny.com/dpps/your_money/bank-of-america-sells-1b-in-credit-card-loans-dpgonc-20111221...

It appears they are selling smaller lines such as Chemical Bank, Apple Bank, Edward Jones, etc.

BofA branded cards should be staying put.

[CS800]

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@-Cain- wrote:
This link was in the credit in the news board...

http://www.myfoxny.com/dpps/your_money/bank-of-america-sells-1b-in-credit-card-loans-dpgonc-20111221...

It appears they are selling smaller lines such as Chemical Bank, Apple Bank, Edward Jones, etc.

BofA branded cards should be staying put.

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Thats good news, I didnt think that they would sell their whole CC portfolio.

[-Cain-]

Yeah I don't think they'd ever sell their entire CC portfolio.