topic Re: Bank of America closing my Credit Card Account in Credit Cards

Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 03:10:36 GMT

Hey Guys,

I have had the BOA Cash Rewards for almost 2 years and have been using regularly although haven't done any large spending with it recently. Over the weekend I opened a Core Checking account and it was approved, I could see the Account and Routing number in the mobile app. Yesterday I received an email that my debit card has been shipped.

Well, today morning I had some trouble logging into my BOA online account. When I tried to login it said account is locked and to call so and so number. I called them and lady over the phone says your online account is deleted because your account is pending closure. When asked why, she said we are not bound to give you any specific reasons, as per the user agreement signed when opening the account. And she said further that our decision is final and cannot be reverted.She also mentioned we may not be able to give you any new account in future, you might want to do banking with other financial institutions.

I haven't done anything bad with my credit card, no baddies on any of my credit report, have a FICO of ~780 across all three bureaus. Not sure what happened which resulted in this chaos

This is ridiculous. This is one of my old account and I do not want it be closed as it affects my AAoA. Can anything be done in this regard – like sending an email to CEO may be so that executive office can take some action?

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 03:43:53 GMT

Klad, do you have access to your credit report to confirm nothing weird has happened recently? I would also contact the EO to see if someone above the CSR can give you an answer - sounds like they were reading from a script.

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 03:52:31 GMT

Myrwyn, I checked my EQ and TU report on Sunday from Credit Karma and EX from Experian yesterday and I do not see anything bad at all.

Well, I had one checking account with BOA in 2015 for 7-8 months which I had to close because I was having hard time maintaining 1500$ there to keep account fee free. So is it because I opened checking account again which might have created a flag in their system?

I would try to send an email to EO, but I think I should wait for a weeks time to see if they send a letter to explain things bit more. Your thoughts?

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 04:36:11 GMT

Scary.

I closed a savings account with them over a year ago because of the same issues keeping it fee-free. My checking account is copletely free because it's such an old account they haven't caught up with me yet for a mandatory upgrade. I hardly even keep $100 in that account.

Were you making too much money off their rewards program or something?

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 04:37:18 GMT

Not at all.. I rarely used the card because of the creepy 1700 limit compared to all other cards I have. But still I used to swipe it couple of times for small transactions.

Re: Bank of America closing my Credit Card Account

Meanmchine — Wed, 01 Feb 2017 04:43:39 GMT

This sounds like somehow you triggered their fraud / loss prevention protocals. Any change of name / address / ssn? Did u add an AU recently? Any other AA by any other lender?

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 04:47:02 GMT

Nothing like that.. No changes to credit profile, no AU users added on any of the card. I am still trying to figure what might have cause them to take such a decision

Re: Bank of America closing my Credit Card Account

Discover2016 — Wed, 01 Feb 2017 05:13:43 GMT

@Anonymous wrote:
Myrwyn, I checked my EQ and TU report on Sunday from Credit Karma and EX from Experian yesterday and I do not see anything bad at all.

Well, I had one checking account with BOA in 2015 for 7-8 months which I had to close because I was having hard time maintaining 1500$ there to keep account fee free. So is it because I opened checking account again which might have created a flag in their system?

I would try to send an email to EO, but I think I should wait for a weeks time to see if they send a letter to explain things bit more. Your thoughts?

When you closed your checking account back in 2015, did you have a negative balance? Just trying to figure out why BofA would take this action. Just keep in mind, your AAoA wont be affected for a decade. Also, when you got your checking account back in 2015, did you get a bonus for opening the checking account?

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 05:20:19 GMT

No negative balance when I closed the account. And yes I did receive a 100$ checking promotion.

Re: Bank of America closing my Credit Card Account

Discover2016 — Wed, 01 Feb 2017 05:32:05 GMT

@Anonymous wrote:
No negative balance when I closed the account. And yes I did receive a 100$ checking promotion.

Hmm, I am only grasping at straws but I have a feeling that closing a checking account that earned a bonus in less than a year and then trying to open another checking account raised some red flags with BofA, for some reason, BofA and Chase can be finicky with how you handle their checking accounts. For example, if you start depositing money orders in a Chase checking account, they will go nuts and close all your accounts, including credit cards.

Re: Bank of America closing my Credit Card Account

csryang — Wed, 01 Feb 2017 05:46:05 GMT

@Anonymous wrote:
Hey Guys,

I have had the BOA Cash Rewards for almost 2 years and have been using regularly although haven't done any large spending with it recently. Over the weekend I opened a Core Checking account and it was approved, I could see the Account and Routing number in the mobile app. Yesterday I received an email that my debit card has been shipped.

Well, today morning I had some trouble logging into my BOA online account. When I tried to login it said account is locked and to call so and so number. I called them and lady over the phone says your online account is deleted because your account is pending closure. When asked why, she said we are not bound to give you any specific reasons, as per the user agreement signed when opening the account. And she said further that our decision is final and cannot be reverted.She also mentioned we may not be able to give you any new account in future, you might want to do banking with other financial institutions.

I haven't done anything bad with my credit card, no baddies on any of my credit report, have a FICO of ~780 across all three bureaus. Not sure what happened which resulted in this chaos

This is ridiculous. This is one of my old account and I do not want it be closed as it affects my AAoA. Can anything be done in this regard – like sending an email to CEO may be so that executive office can take some action?

I suspect that it's your recent opening of the BOA checking account leading to this review if you dont have any contacts with BOA or new changes with BOA except this change.

Did you do anything abnormal with your BOA checking account from 2015 or from this newly opened account? Money order deposits, failure to link a checking/saving account, moving large money in or out etc.

Did you recently apply for several checking account/saving accounts, credit card accounts, credit limit increases, or other credit seeking behaviors?

Did you have an abnormally high balance on any of your credit card accounts recently?

Might be good to get a copy your free credit report and Chex-systems report.

Also good to clearify whether the closure is on your banking relationship, your credit card, or both.

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 07:47:43 GMT

Lame = not being respectful on this forum. Fair warning.

--Revelate, myFICO moderator

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 05:49:49 GMT

@Discover2016 wrote:
@Anonymous wrote:
No negative balance when I closed the account. And yes I did receive a 100$ checking promotion.
Hmm, I am only grasping at straws but I have a feeling that closing a checking account that earned a bonus in less than a year and then trying to open another checking account raised some red flags with BofA, for some reason, BofA and Chase can be finicky with how you handle their checking accounts. For example, if you start depositing money orders in a Chase checking account, they will go nuts and close all your accounts, including credit cards.

Interesting Discover. I'll have to be sure not to do anything stupid like that with my multiple checking accounts from different banks.

Did you get a bonus for the 2nd checking account also? I wonder if the few purchase on a card with a lame limit also makes you not worthy to them? But then anything under $500 is under the 30% utilization which they also like to see so I don't know.

Re: Bank of America closing my Credit Card Account

Discover2016 — Wed, 01 Feb 2017 05:54:42 GMT

@csryang wrote:
@Anonymous wrote:
Hey Guys,

I have had the BOA Cash Rewards for almost 2 years and have been using regularly although haven't done any large spending with it recently. Over the weekend I opened a Core Checking account and it was approved, I could see the Account and Routing number in the mobile app. Yesterday I received an email that my debit card has been shipped.

Well, today morning I had some trouble logging into my BOA online account. When I tried to login it said account is locked and to call so and so number. I called them and lady over the phone says your online account is deleted because your account is pending closure. When asked why, she said we are not bound to give you any specific reasons, as per the user agreement signed when opening the account. And she said further that our decision is final and cannot be reverted.She also mentioned we may not be able to give you any new account in future, you might want to do banking with other financial institutions.

I haven't done anything bad with my credit card, no baddies on any of my credit report, have a FICO of ~780 across all three bureaus. Not sure what happened which resulted in this chaos

This is ridiculous. This is one of my old account and I do not want it be closed as it affects my AAoA. Can anything be done in this regard – like sending an email to CEO may be so that executive office can take some action?
I suspect that it's your recent opening of the BOA checking account leading to this review if you dont have any contacts with BOA or new changes with BOA except this change.

Did you do anything abnormal with your BOA checking account from 2015 or from this newly opened account? Money order deposits, failure to link a checking/saving account, moving large money in or out etc.
Did you recently apply for several checking account/saving accounts, credit card accounts, credit limit increases, or other credit seeking behaviors?
Did you have an abnormally high balance on any of your credit card accounts recently?

Might be good to get a copy your free credit report and Chex-systems report.

Also good to clearify whether the closure is on your banking relationship, your credit card, or both.

This, and I really think it's related to the bonus and then closing. Seen from BofA's eyes, account opened and bonus paid out and then customer closed account. The bonuses are designed to establish profitable accounts long term. I have read that the major banks have internal indicators on whether a customer is profitable or not.

Re: Bank of America closing my Credit Card Account

csryang — Wed, 01 Feb 2017 06:04:48 GMT

@Discover2016 wrote:
@csryang wrote:
@Anonymous wrote:
Hey Guys,

I have had the BOA Cash Rewards for almost 2 years and have been using regularly although haven't done any large spending with it recently. Over the weekend I opened a Core Checking account and it was approved, I could see the Account and Routing number in the mobile app. Yesterday I received an email that my debit card has been shipped.

Well, today morning I had some trouble logging into my BOA online account. When I tried to login it said account is locked and to call so and so number. I called them and lady over the phone says your online account is deleted because your account is pending closure. When asked why, she said we are not bound to give you any specific reasons, as per the user agreement signed when opening the account. And she said further that our decision is final and cannot be reverted.She also mentioned we may not be able to give you any new account in future, you might want to do banking with other financial institutions.

I haven't done anything bad with my credit card, no baddies on any of my credit report, have a FICO of ~780 across all three bureaus. Not sure what happened which resulted in this chaos

This is ridiculous. This is one of my old account and I do not want it be closed as it affects my AAoA. Can anything be done in this regard – like sending an email to CEO may be so that executive office can take some action?
I suspect that it's your recent opening of the BOA checking account leading to this review if you dont have any contacts with BOA or new changes with BOA except this change.

Did you do anything abnormal with your BOA checking account from 2015 or from this newly opened account? Money order deposits, failure to link a checking/saving account, moving large money in or out etc.
Did you recently apply for several checking account/saving accounts, credit card accounts, credit limit increases, or other credit seeking behaviors?
Did you have an abnormally high balance on any of your credit card accounts recently?

Might be good to get a copy your free credit report and Chex-systems report.

Also good to clearify whether the closure is on your banking relationship, your credit card, or both.

This, and I really think it's related to the bonus and then closing. Seen from BofA's eyes, account opened and bonus paid out and then customer closed account. The bonuses are designed to establish profitable accounts long term. I have read that the major banks have internal indicators on whether a customer is profitable or not.

I agree with you but I have never seen DPs of terminated relationship solely due to earning checking bonus one time and then close after 6-7 months. It's not that bad.... I mean I saw other datapoints of people churning Chase checking/saving accounts bonuses without any reported closure or termination of relationship...

However, this might be the first datapoint I read (so far) about a bank terminates relationship due to churning banking bonus just once... Though I also believe that there might be something more to the story that we have not figured it out yet.

Re: Bank of America closing my Credit Card Account

Meanmchine — Wed, 01 Feb 2017 06:08:37 GMT

If you have a local BoA branch near you, go in and ask to speak with the branch manager

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 07:24:04 GMT

Sadly, as a former financial center manager at bank of america I seen this a lot.

There are a few things that trigger a total relationship closure at B of A. 1- Someone who had the same address as your self (or if you live in an apartment building someone in that building) being reported to an industry reporting agency similar to check systems but not a credit bureau for possible fraud, it would hot file the address and anyone with that address gets closed out. 2-If you have been reported for suspected fraud to the hot file by another institution. 3- If you are a citizen of a prohibited country.

Opening and closing accounts for promotions has 0 to do with it. The letter you will receive in the mail will not list the reasons for the relationship close out. In fact it most likely will refer you to the deposit account agreement received at the time of account opening with states that the bank reserves the right to terminate any relationship at any time for any reason.

Financial center managers are not provided any information in regards to why your account was closed out, and rarely will they be provided. Depending on the reason an Operations Market Manager may be able to internally get additional information (the manager of financial center managers) and in 1 of the 3 reasons your relationship is being closed be able to make an exception to policy. I will stress, in over 10 years with the company, I have only seen them make the exception 2ce and it was both for hotfiled addresses where the address was a residential apartment building with hundreds of units.

My suggestion to you is to contact the executive office AND tweet bank of america. There social media team is taken very seriously, and there executive office on the bank side also wields a great deal of power in getting stuff resolved. And I would do so as soon as possible. Once the close out is complete it becomes more and more difficult to remove you from all of the fraud prevention systems.

Re: Bank of America closing my Credit Card Account

Discover2016 — Wed, 01 Feb 2017 10:30:34 GMT

@Anonymous wrote:
Sadly, as a former financial center manager at bank of america I seen this a lot.

There are a few things that trigger a total relationship closure at B of A. 1- Someone who had the same address as your self (or if you live in an apartment building someone in that building) being reported to an industry reporting agency similar to check systems but not a credit bureau for possible fraud, it would hot file the address and anyone with that address gets closed out. 2-If you have been reported for suspected fraud to the hot file by another institution. 3- If you are a citizen of a prohibited country.

Opening and closing accounts for promotions has 0 to do with it. The letter you will receive in the mail will not list the reasons for the relationship close out. In fact it most likely will refer you to the deposit account agreement received at the time of account opening with states that the bank reserves the right to terminate any relationship at any time for any reason.

Financial center managers are not provided any information in regards to why your account was closed out, and rarely will they be provided. Depending on the reason an Operations Market Manager may be able to internally get additional information (the manager of financial center managers) and in 1 of the 3 reasons your relationship is being closed be able to make an exception to policy. I will stress, in over 10 years with the company, I have only seen them make the exception 2ce and it was both for hotfiled addresses where the address was a residential apartment building with hundreds of units.

My suggestion to you is to contact the executive office AND tweet bank of america. There social media team is taken very seriously, and there executive office on the bank side also wields a great deal of power in getting stuff resolved. And I would do so as soon as possible. Once the close out is complete it becomes more and more difficult to remove you from all of the fraud prevention systems.

Wow, that is crazy, I live in an apartment building in NYC with dozens of apartments, so my BofA credit card and bank accounts are at the peril from any fraudster living in the building, that is very unsettling and disturbing. At least there can be some exceptions made as you described for apartment dwellers.

Re: Bank of America closing my Credit Card Account

Anonymous — Wed, 01 Feb 2017 09:56:41 GMT

In reading this thread I have learned a lot! No idea this type of thing could happen. Klad sorry you are dragged into whatever it is? Best wishes on trying to seek some form of solution that works for you.

Re: Bank of America closing my Credit Card Account

UncleB — Wed, 01 Feb 2017 10:37:59 GMT

I'm sorry to hear this has happened to you, and hopefully you'll be able to get the account(s) reestablished.

By any chance do you have multiple BoA credit cards?

I ask because DoC has reported that BoA is closing accounts of some people with multiples: http://www.doctorofcredit.com/bank-america-closing-credit-card-accounts-limit-four/

Edit: can't spell today