Reply
Valued Contributor
parakleet
Posts: 1,137
Registered: ‎04-13-2013
0

Re: What to do to reverse the damage

This has been a fascinating thread because I had never encountered this type of problem with recurring charges and closing accounts! It's something that I will definitely keep in mind if I ever decide to close a card in the future. This reminds me that maybe I should write down all my recurring charges and the cards they go on in a separate place for easy access. Though really, I think most of my recurring charges go on the CSP since all my "non-bonus" spend go on there. This is a similar problem to having auto-debit and forgetting about it when you close your checking account. One of the reasons that I'm been too lazy to move from WF to Chase (even with the bonus) bc of my auto-debits.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
New Contributor
VegasKyle
Posts: 133
Registered: ‎02-12-2010
0

Re: What to do to reverse the damage

Keep hammering BofA ask to talk to a supervisor, then to their supervisor, etc, etc, until you get someone that can help you. Most of the front line CSR don't know much and can do even less.

Same with ATT if you go that rout, ask for the "escalation department" as soon as someone answers your call, they can get things done. I've had bad experiences with AT&T as a whole over the last 10+ years, the glowing exception is the "escalation dept.", they've always fixed whatever mistake was made and compensated me accordingly.


Starting Score: EQ 599, TU 577
Current Score: EQ 5/1/13 741, TU 5/1/13 751, EX Fako 5/1/13 769
Goal Score: 750+


Take the FICO Fitness Challenge
Valued Contributor
j_casteel
Posts: 1,905
Registered: ‎06-21-2012
0

Re: What to do to reverse the damage

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.

| Walmart $5k | Amazon $5k | NFCU $19.5k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $4k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:709 TU:703
Goal Scores: 700
across the board
Valued Contributor
red259
Posts: 1,922
Registered: ‎06-05-2013
0

Re: What to do to reverse the damage


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.  


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Senior Contributor
youngandcreditwrthy
Posts: 6,211
Registered: ‎08-16-2012
0

Re: What to do to reverse the damage

Yeah, we can't discuss government here.

It is the OP's fault, but bad banking, non consumer friendly practices need to be brought to light; that is what the CFPB is for.
As such, it's worthy to note that re-opening a closed account to allow a charge(at the bank's discretion per the T&Cs) which then results in a collection or minor derogatory(which could drop anyone's score by 100+ pts) is a bad practice.
I'm very satisfied with BOA atm myself, and of course the OP should take responsibility.

Good luck op! There are a lot of non-supportive folks here, but you certainly can get your problem(s) solved with a little action. Remember to be nice too as "karma can be a b****" as the saying goes :-)

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
navigatethis12
Posts: 1,930
Registered: ‎01-24-2012
0

Re: What to do to reverse the damage


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.

Super Contributor
longtimelurker
Posts: 6,624
Registered: ‎04-22-2013
0

Re: What to do to reverse the damage

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.  

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 848 (Sep)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+