topic Re: Closing Barclay's cards after less than a week. in Credit Cards

Closing Barclay's cards after less than a week.

Anonymous — Fri, 02 Nov 2012 21:30:49 GMT

Hello all,

I'm having a nightmare of an experience after recently opening an account with Barclays. This past sunday, I applied and was instantly approved for their extra points rewards card (NFL PROMO) with a CL of $500. I then logged into my online account and noticed 2 new credit accounts listing.. which was weird as I am positive that I only submitted one app. Futhermore, I called in to inquire, and everyone I spoke to was completely baffled and clueless as to how it happened. I then figured, what the heck, I'll just leave the account's opening and add my son as an a/u on one of the accounts.

Now this past Tuesday, I logged in just to poke around, and I noticed that they've placed a fraud warning on my account; requesting me to call in immediately. I called in, and after about 30 seconds into the phone call, a fraud analyst was asking me who is TJ jr (My son) and I explained that to him. After about 2 minutes on hold, he came back stating that they would need further verification from me. The analyst told me to go to a local bank and ask for a cash advance, which at that point would trigger the teller to call their security department (because of fraud warning placed on my account) and have me verify my identification and w-2 info.

I must say, I am completely uncomfortable with doing this and I will be closing the accounts once I receive them in the mail. Does all this sound strange to you guys? Am I over reacting? I've already been approved for a Discover Motiva, Walmart Discover and Paypal MC within the last few weeks.. I really don't think I need the hassle from Barclay's.

Regards,

Re: Closing Barclay's cards after less than a week.

adavis425 — Fri, 02 Nov 2012 21:36:49 GMT

This doesn't sound unreasonable to me. They are simply trying to verify your identity. If you would rather not be bothered, I understand closing the accounts, but I think they are simply doing their due diligence.

Re: Closing Barclay's cards after less than a week.

jsucool76 — Fri, 02 Nov 2012 21:37:32 GMT

@Anonymous wrote:
Hello all,

I'm having a nightmare of an experience after recently opening an account with Barclays. This past sunday, I applied and was instantly approved for their extra points rewards card (NFL PROMO) with a CL of $500. I then logged into my online account and noticed 2 new credit accounts listing.. which was weird as I am positive that I only submitted one app. Futhermore, I called in to inquire, and everyone I spoke to was completely baffled and clueless as to how it happened. I then figured, what the heck, I'll just leave the account's opening and add my son as an a/u on one of the accounts.

Now this past Tuesday, I logged in just to poke around, and I noticed that they've placed a fraud warning on my account; requesting me to call in immediately. I called in, and after about 30 seconds into the phone call, a fraud analyst was asking me who is TJ jr (My son) and I explained that to him. After about 2 minutes on hold, he came back stating that they would need further verification from me. The analyst told me to go to a local bank and ask for a cash advance, which at that point would trigger the teller to call their security department (because of fraud warning placed on my account) and have me verify my identification and w-2 info.

I must say, I am completely uncomfortable with doing this and I will be closing the accounts once I receive them in the mail. Does all this sound strange to you guys? Am I over reacting? I've already been approved for a Discover Motiva, Walmart Discover and Paypal MC within the last few weeks.. I really don't think I need the hassle from Barclay's.

Regards,
TJ

I had to do this with capital one. Although I didn't have to do a cash advance, they simply told me to go to the nearest bank (any bank, did not matter) sit down and have someone at the bank call up, then cap1 called the bank back (to verify it was actually the bank and not a random person) and asked to speak to my banker, and then they got the whole thing worked out. It took maybe 25-30 minutes total (that includes waiting for a banker to be available).

Re: Closing Barclay's cards after less than a week.

Shogun — Fri, 02 Nov 2012 21:38:14 GMT

It's just a security measure. They want to verify you are who you are.

Re: Closing Barclay's cards after less than a week.

maiden_girl — Sat, 03 Nov 2012 02:13:52 GMT

@jsucool76 wrote:
@Anonymous wrote:
Hello all,

I'm having a nightmare of an experience after recently opening an account with Barclays. This past sunday, I applied and was instantly approved for their extra points rewards card (NFL PROMO) with a CL of $500. I then logged into my online account and noticed 2 new credit accounts listing.. which was weird as I am positive that I only submitted one app. Futhermore, I called in to inquire, and everyone I spoke to was completely baffled and clueless as to how it happened. I then figured, what the heck, I'll just leave the account's opening and add my son as an a/u on one of the accounts.

Now this past Tuesday, I logged in just to poke around, and I noticed that they've placed a fraud warning on my account; requesting me to call in immediately. I called in, and after about 30 seconds into the phone call, a fraud analyst was asking me who is TJ jr (My son) and I explained that to him. After about 2 minutes on hold, he came back stating that they would need further verification from me. The analyst told me to go to a local bank and ask for a cash advance, which at that point would trigger the teller to call their security department (because of fraud warning placed on my account) and have me verify my identification and w-2 info.

I must say, I am completely uncomfortable with doing this and I will be closing the accounts once I receive them in the mail. Does all this sound strange to you guys? Am I over reacting? I've already been approved for a Discover Motiva, Walmart Discover and Paypal MC within the last few weeks.. I really don't think I need the hassle from Barclay's.

Regards,
TJ
I had to do this with capital one. Although I didn't have to do a cash advance, they simply told me to go to the nearest bank (any bank, did not matter) sit down and have someone at the bank call up, then cap1 called the bank back (to verify it was actually the bank and not a random person) and asked to speak to my banker, and then they got the whole thing worked out. It took maybe 25-30 minutes total (that includes waiting for a banker to be available).

This exact thing happened to me with Cap1. Odd verification process. They wanted the bank to call from the bank so they could see the Caller ID...

Anyway....I don't get why the bank would tell you to take a cash advance if your account had a fraud alert up! Obviously they knew you would not be able to do this.

Re: Closing Barclay's cards after less than a week.

youngandcreditwrthy — Sat, 03 Nov 2012 02:17:48 GMT

This measly $500 limit is not worth your time imo.

Re: Closing Barclay's cards after less than a week.

trumpet-205 — Sat, 03 Nov 2012 02:19:38 GMT

I don't see the need of doing a cash advance. Just go to your bank and ask them to call Barclays.

Re: Closing Barclay's cards after less than a week.

Repo-ed — Sat, 03 Nov 2012 02:26:35 GMT

im confused. are you being sent multiple cards with different account numbers?

Re: Closing Barclay's cards after less than a week.

jsucool76 — Sat, 03 Nov 2012 02:33:18 GMT

@trumpet-205 wrote:
I don't see the need of doing a cash advance. Just go to your bank and ask them to call Barclays.

OP doesn't actually have to take a cash advance, just ask for one so the card will be declined for fraud and they will be forced to call barclays.

Re: Closing Barclay's cards after less than a week.

maiden_girl — Sat, 03 Nov 2012 03:41:44 GMT

@jsucool76 wrote:
@trumpet-205 wrote:
I don't see the need of doing a cash advance. Just go to your bank and ask them to call Barclays.
OP doesn't actually have to take a cash advance, just ask for one so the card will be declined for fraud and they will be forced to call barclays.

I see what you mean but it sounds to me that the OP did request a cash advance and that bank called the security department on them...

Re: Closing Barclay's cards after less than a week.

jsucool76 — Sat, 03 Nov 2012 13:31:07 GMT

@maiden_girl wrote:
@jsucool76 wrote:
@trumpet-205 wrote:
I don't see the need of doing a cash advance. Just go to your bank and ask them to call Barclays.
OP doesn't actually have to take a cash advance, just ask for one so the card will be declined for fraud and they will be forced to call barclays.
I see what you mean but it sounds to me that the OP did request a cash advance and that bank called the security department on them...

Nah, OP hasn't even recieved cards in the mail yet it looks like.

zRe: Closing Barclay's cards after less than a week.

maiden_girl — Sat, 03 Nov 2012 17:26:32 GMT

jsucool76 wrote:
maiden_girl wrote:
jsucool76 wrote:
trumpet-205 wrote:
I don't see the need of doing a cash advance. Just go to your bank and ask them to call Barclays.
OP doesn't actually have to take a cash advance, just ask for one so the card will be declined for fraud and they will be forced to call barclays.
I see what you mean but it sounds to me that the OP did request a cash advance and that bank called the security department on them...

Nah, OP hasn't even recieved cards in the mail yet it looks like.

Speculations continue dun dun dunnnnnn.

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Sat, 03 Nov 2012 20:22:19 GMT

I'm so sorry for the delay.

I haven't received the card yet, so I'm still waiting on them to arrive. I spoke to a credit analyst today who said that they will be able to consildate the cards into one (500+500=new CL)

I also didn't request a cash advance, nor do I need one. I'm guessing this is how they'd like to process it? I shouldn't have to as I really don't need it.

Re: zRe: Closing Barclay's cards after less than a week.

mxp114 — Sat, 03 Nov 2012 20:56:14 GMT

I never heard of this before. How does it work? You go in request CA, get declined for fraud which forces banker to call your issuer and then what? They ask for ID?

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 01:25:20 GMT

I had some problems with Barcley .First they approve me for $ 3000 then 1 month later closed the accoud with no notice.I calld but you know the business (dubble standards for the average people right?) In my opinion never apply for a Fraud lender like that never again.Thats right Barcley is a fraud.Not only u get hit with the hard pull but also u kill your Age of the accounts.Why is the lenders business to whom am i doing business with ?.As long as iam paying in time and keep my end of the agreement why the standards should be any different ?

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 01:42:55 GMT

@Anonymous wrote:
I had some problems with Barcley .First they approve me for $ 3000 then 1 month later closed the accoud with no notice.I calld but you know the business (dubble standards for the average people right?) In my opinion never apply for a Fraud lender like that never again.Thats right Barcley is a fraud.Not only u get hit with the hard pull but also u kill your Age of the accounts.Why is the lenders business to whom am i doing business with ?.As long as iam paying in time and keep my end of the agreement why the standards should be any different ?

Why is the lenders business to whom am i doing business with ?

So what happened, you applied for more credit somewhere that caused Barclay's to close your account?

Well, it's their business because of their duty to their stockholders, they are expected to exercise due diligence and prevent loss ideally before it occurs. Presumably your activity, whatever it was, looked like a potential danger sign to them, so they prevented their possible loss by closing your account.

Which of course sucks for you, but that's allowed by the rules of the game. But without knowing what triggered it, hard to say it this was specific to Barclay's, although common wisdom here seems to be that they are more easily spooked than some.

But it's not fraudulent. I don't think they made any money off you, probably one of those great situations where you both lose!

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 02:00:51 GMT

So how much barclay is paying you since ur jumping to me like you are barclays defender and your forgeting the point because you dont see what is so disturbing about barclays lending practice

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 02:09:47 GMT

@Anonymous wrote:
So how much barclay is paying you since ur jumping to me like you are barclays defender and your forgeting the point because you dont see what is so disturbing about barclays lending practice

Well they were paying me $22.50 a post, but I just checked and they said that they won't pay me anymore. Damn.

BTW, this is a FORUM. You post one view, others may have a different one, without being paid agents of the enemy. I'm not defending them particularly, just answering your question about what business is it of theirs. Barclay's have the reputation for being very nervous about many things, we don't know what triggered their decision, maybe you do.

But in your case, unless you are so blinded by anger, you must see that they gained NOTHING financial in closing the account. Your credit score got dinged but that doesn't benefit them. Yes, they presumably made some money from your transactions, against the cost of sending you a card and paying for the credit pull, but they would have made more by keeping it open. So it's NOT fraud or some deliberate grand scheme to screw people to Barclay's advantage, it might well be a very poor marketing model, in which case they will suffer in the market place.

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 02:18:10 GMT

Is not that i charge on the card 2600$ so they made money from that.They closed the account as soon as i paid it in full after 1 week.Yes i opened some other accounts in the same time but they dont have to show customers the sword before even the fight begein lol.I dont neccesery believe that is the banks fauld but the underwrites are untrain and wanna keep their jobs and dont care for much of the rest of us.Everytime u apply u hurt your score.So in my opinion i got some damage and barclay made some money from the 2600 i spend

@Anonymous wrote:
@Anonymous wrote:
So how much barclay is paying you since ur jumping to me like you are barclays defender and your forgeting the point because you dont see what is so disturbing about barclays lending practice
Well they were paying me $22.50 a post, but I just checked and they said that they won't pay me anymore. Damn.

BTW, this is a FORUM. You post one view, others may have a different one, without being paid agents of the enemy. I'm not defending them particularly, just answering your question about what business is it of theirs. Barclay's have the reputation for being very nervous about many things, we don't know what triggered their decision, maybe you do.

But in your case, unless you are so blinded by anger, you must see that they gained NOTHING financial in closing the account. Your credit score got dinged but that doesn't benefit them. Yes, they presumably made some money from your transactions, against the cost of sending you a card and paying for the credit pull, but they would have made more by keeping it open. So it's NOT fraud or some deliberate grand scheme to screw people to Barclay's advantage, it might well be a very poor marketing model, in which case they will suffer in the market place.

Re: zRe: Closing Barclay's cards after less than a week.

Anonymous — Thu, 13 Dec 2012 02:28:33 GMT

@Anonymous wrote:
Is not that i charge on the card 2600$ so they made money from that.They closed the account as soon as i paid it in full after 1 week.Yes i opened some other accounts in the same time but they dont have to show customers the sword before even the fight begein lol.I dont neccesery believe that is the banks fauld but the underwrites are untrain and wanna keep their jobs and dont care for much of the rest of us.Everytime u apply u hurt your score.So in my opinion i got some damage and barclay made some money from the 2600 i spend
@Anonymous wrote:
@Anonymous wrote:
So how much barclay is paying you since ur jumping to me like you are barclays defender and your forgeting the point because you dont see what is so disturbing about barclays lending practice
Well they were paying me $22.50 a post, but I just checked and they said that they won't pay me anymore. Damn.

BTW, this is a FORUM. You post one view, others may have a different one, without being paid agents of the enemy. I'm not defending them particularly, just answering your question about what business is it of theirs. Barclay's have the reputation for being very nervous about many things, we don't know what triggered their decision, maybe you do.

But in your case, unless you are so blinded by anger, you must see that they gained NOTHING financial in closing the account. Your credit score got dinged but that doesn't benefit them. Yes, they presumably made some money from your transactions, against the cost of sending you a card and paying for the credit pull, but they would have made more by keeping it open. So it's NOT fraud or some deliberate grand scheme to screw people to Barclay's advantage, it might well be a very poor marketing model, in which case they will suffer in the market place.

Which is why I said (last paragraph)

Yes, they presumably made some money from your transactions, against the cost of sending you a card and paying for the credit pull, but they would have made more by keeping it open.

i.e. had they kept it open you would have continued to charge and they would have continued to make money. And again, I agree with you that they are probably way too quick to close things when people seek new credit, but it's not too make money.

If you saw some of my other posts, I have referred to Barclay's as a near-criminal enterprise, I am not a supporter. But this comes from the proven facts leading to record fines (well, until this week's fines of HSBC!) for LIBOR and CA Energy Futures manipulation, see http://dealbook.nytimes.com/2012/11/05/a-triple-whammy-for-barclays/ $1B fines might well make any bank nervous.