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I've never closed a BoA card, but the 2 Cap1 cards I've closed prompted me that any charges within 30 days of closing will reactivate the account. So to update any billing info, etc. to avoid charges.
@navigatethis12 wrote:
@red259 wrote:I wouldn't say Bank of America did nothing wrong. Maybe nothing illegal, but lets not kid ourselves. Bank of America has this policy so they can jam people up and charge extra interest. They are counting on people to forget to remove all their automatic payments. If the bank wanted to do the right thing by their consumers they would refuse to honor transactions on closed out cards. Instead they take advantage of their customers who may not be savvy to this practice. So while they did not do something illegal, I would suggest that they are morally wrong for this type of business practice.
So it's their fault you decide not to cancel all recurring charges and check statements to make sure everything is as it should be? Everyone is always so quick to blame banks just because they're banks. There comes a time when people should stop blaming others and accept they are at fault. The governement should not have to baby people just because they refuse to be responsible.
I'm not the OP so I didn't fail to cancel any recurring charges. Also, last time I checked BoA isn't the goverment, so I am not sure what the government has to do with this. One of my first posts in this thread wass that the OP has some blame here. However, I think the results are draconian in nature in that the OP's credit now took a heavy hit for a charge they would have simply paid if they had been made aware. I do think BoA could develop some a policy that is a bit more consumer friendly in this type of situatuin but they chose not to do so, although I think we are straying off topic from OPs current problem.
@red259 wrote:I'm not the OP so I didn't fail to cancel any recurring charges. Also, last time I checked BoA isn't the goverment, so I am not sure what the government has to do with this. One of my first posts in this thread wass that the OP has some blame here. However, I think the results are draconian in nature in that the OP's credit now took a heavy hit for a charge they would have simply paid if they had been made aware. I do think BoA could develop some a policy that is a bit more consumer friendly in this type of situatuin but they chose not to do so, although I think we are straying off topic from OPs current problem.
I meant "you" in general, not specifically talking about you. I brought up the governemnt because this is the kind of stuff people complain to the government about and then the governement feels the need to intervene. Have you not heard of the CARD Act? Bank of America has absolutely no blame in this situation since what happened was completely not their fault. All they did was report the late as they should; they cannot control what scoring models choose to punish people for. Bank of America is not alone in this practice. If it were the other way around and people's other accounts were cancelled or charged fees because lenders refused the recurring charges then people would say that that was wrong too. As said, it's not as if this policy is some sneaky tactic. They tell you this when you are closing the card and it's in the paperwork that you receive when you get the card. If the customer decides to no listen or read then they deserve it.
As pointed out by someone earlier, Bank of America had a history of doing this with bank accounts, creating "zombie" bank accounts suddenly activated generating fees. Last year they finally agreed no longer to do this, http://www.huffingtonpost.com/2012/08/20/bank-of-america-zombie-checking-policy_n_1813573.html
In the credit card case, it is hard for the OP, but I assume there would be plenty of stories the other way: a vendor you forgot about tries to place a charge two days after you close the card, the transaction fails and the vendor imposes penalties or cancels something you really want.