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Hi,
I've had a Bank of America Signature World Points Visa for 8 years. In 8 years, I've carried balances of up to $13,000, always paying the balances off. In 8 years I never missed a payment, once. I never made a late payment, not once. In October, I paid off a $7800 balance completely. I paid the entire statement balance off. The online balance read $0.00. In November, they charged me $24 in residual interest. I thought the card was paid off, so I wasn't logging into my account, and I didn't notice until last night that this balance existed. I immediately called them. It took me directly to collections. I explained the situation, paid the $24, etc. The agent informed me that they closed my account 10 days ago and reported "account closure due to delinquency" to the credit bureau. I insisted to speak with a manager. However, they won't even talk to me because I no longer have an account. I tried to explain that in 8 years I never missed a payment and that I felt that I was at least owed a phone call or letter before closing the account and they disagreed. I also explained that I have over 28,000 points on the card worth $250, so technically, I wasn't in debt to them at all and in fact, they owe me money. Again, they said "no"--because the account was closed due to non-payment, they will not distribute my points or my money.
I am wondering: (1) which department I should attempt to call to see if anything can be done, (2) if there are other avenues I can pursue to address this.
Any ideas or thoughts you have are appreciated.
I would also try posting this in the rebuilding section of this forum.
Have you tried talking with a branch near by? If you have been one of their loyal customers and they see you fairly often, they may fight on your side. Even if you don't have a checking account with them, I think it would be worth talking to somebody in person. See if the bank manager can give them a call.
Wow..
The residual interest is valid, however it is a bank fee, not a purchase. Most CCC's will not report a balance delinquent or enforce AA if it is only from their fees. That being said, I suppose since the interest is valid, they are in the right, if their terms are written as such.
If you feel you were never contacted, let them know you stopped receiving statements and would like a reinstatement.
I am sure others will chime in here on who to get in touch with otherwise.
@nada9188 wrote:Wow..
The residual interest is valid, however it is a bank fee, not a purchase. Most CCC's will not report a balance delinquent or enforce AA if it is only from their fees. That being said, I suppose since the interest is valid, they are in the right, if their terms are written as such.
If you feel you were never contacted, let them know you stopped receiving statements and would like a reinstatement.
I am sure others will chime in here on who to get in touch with otherwise.
I would keep calling every number you can find until you got someone to help you, if you're story is accurate you should be able to get someone to help you. do you have a branch nearby? if so going to the branch manager might help!
@Anonymous wrote:Hi,
I've had a Bank of America Signature World Points Visa for 8 years. In 8 years, I've carried balances of up to $13,000, always paying the balances off. In 8 years I never missed a payment, once. I never made a late payment, not once. In October, I paid off a $7800 balance completely. I paid the entire statement balance off. The online balance read $0.00. In November, they charged me $24 in residual interest. I thought the card was paid off, so I wasn't logging into my account, and I didn't notice until last night that this balance existed. I immediately called them. It took me directly to collections. I explained the situation, paid the $24, etc. The agent informed me that they closed my account 10 days ago and reported "account closure due to delinquency" to the credit bureau. I insisted to speak with a manager. However, they won't even talk to me because I no longer have an account. I tried to explain that in 8 years I never missed a payment and that I felt that I was at least owed a phone call or letter before closing the account and they disagreed. I also explained that I have over 28,000 points on the card worth $250, so technically, I wasn't in debt to them at all and in fact, they owe me money. Again, they said "no"--because the account was closed due to non-payment, they will not distribute my points or my money.
I am wondering: (1) which department I should attempt to call to see if anything can be done, (2) if there are other avenues I can pursue to address this.
Any ideas or thoughts you have are appreciated.
If calling won't resolve the issue, I strongly suggest writing complaining letter to their executives.It won't hurt you anyway and most of time it does lead to good result.
This happened to me from a Cap1 account 2006. The 120 late is still on my cr for a couple months. I didnt know much about credit at that time and thought when I paid my balance to $0.00 that I didnt have to look at the bills any longer. I mistakenly felt helpless and just ignored it.
I am sure you will be able to get this taken care of with Chase--I would definitely email the executive offices. I read many success stories going that route. Dont ever give up on this like I did!
What kind of crap is this? If you pay off your card to zero and dont charge anymore they can't all of a sudden charge you interest and then shutdown your account, there's gotta be more to your post cuz that's just illegal otherwise.
@linux007969 wrote:What kind of crap is this? If you pay off your card to zero and dont charge anymore they can't all of a sudden charge you interest and then shutdown your account, there's gotta be more to your post cuz that's just illegal otherwise.
if you have been carrying a balance, even though you payoff your statement balance you are going to owe them for the interest you accrued between the statement you paid off and you're next statement. it's call residual interest