Wow, sorry to hear about that @californiaboy935 but thanks for letting the community know! I still remember your approval and it was quite the buzz, and the largest single credit limit of which I've seen screenshots posted on the forums!
I remember last year you disclosed you were only 20 years old but already had high six-figure income from a profitable business (and I'm assuming assets with UBS) which led to the high-credit-line offer from your UBS advisor in the first place. The timing of your approval (01/17/2020*) was just prior to the COVID downturn, which undoubtedly is related to the risk termination. But I'm also wondering if you had recently moved assets from UBS or reported a lower income, possibly due to the pandemic? That, in addition to the large $50K balance, might have raised more concerns than just the balance alone.
I imagine if not for the pandemic, your short credit history would not have been as much of a concern. Still, I'm surprised they didn't just cut your limits instead of closing the account and asking for payment. It's certainly not a good way to treat an invesment client. Good luck in getting some resolution with the issues discussed above and keep us posted!
*Approval Post:
@Aim_High wrote:Wow, sorry to hear about that @californiaboy935 but thanks for letting the community know! I still remember your approval and it was quite the buzz, and the largest single credit limit of which I've seen screenshots posted on the forums!
I remember last year you disclosed you were only 20 years old but already had high six-figure income from a profitable business (and I'm assuming assets with UBS) which led to the high-credit-line offer from your UBS advisor in the first place. The timing of your approval (01/17/2020*) was just prior to the COVID downturn, which undoubtedly is related to the risk termination. But I'm also wondering if you had recently moved assets from UBS or reported a lower income, possibly due to the pandemic? That, in addition to the large $50K balance, might have raised more concerns than just the balance alone.
I imagine if not for the pandemic, your short credit history would not have been as much of a concern. Still, I'm surprised they didn't just cut your limits instead of closing the account and asking for payment. It's certainly not a good way to treat an invesment client. Good luck in getting some resolution with the issues discussed above and keep us posted!
*Approval Post:
Thanks for that @Aim_High it was a nice limit, and something I intended on using a lot had the pandemic not made me want to stop spending any money. Income level hasnt changed, but they havent asked for anything to verify if my income went down. Just closing the account. Online still says credit limit available buit alas think thats just residual and not yet changed in system. I haven't moved any assets from my UBS account. But they are closing that as well they said, it didnt have a high balance as most of my accounts are with Merill. He did grumble something about my age, but i dont think thats a valid reason. This just kinda all hit me like a ton of bricks.
@wasCB14 wrote:
@Anonymous wrote:If they're closing your investment accounts as well, there is more to the story...
Maybe some "know your customer" review on an account anniversary?
1/17/20 card approval vs. 1/14/21 today...not sure when the brokerage account opened.
They said it was an annual review of all customers by Risk Managment. and by little balance I mean I never had a investment balance at UBS, I tried wiring securities into the account when they opened it and they said the would set it up, but never did so just forgot about it.