topic Re: NEVER use BofA for risky purchases... in Credit Cards

NEVER use BofA for risky purchases...

nyancat — Fri, 25 Oct 2013 16:16:38 GMT

So, I disputed a purchase on my B of A Travel Rewards card. I was sold counterfeit goods on eBay, this was NOT a case of my card info being compromised - PayPal had that (I am past their 60 day limit though before I discovered the fraud).

Bank of America proceeded to CLOSE my account and mark it as closed - disputed on my credit report! They tell me they're opening a new account for me, and my rewards points will transfer (they better, I had about $130 worth) but the whole experience is very souring, especially not getting a quick call or email to tell me not to try using the card! Just, closed, no warning.

Not as good for travel but for some daily spending uses on riskier purchases, I just app'd for the BCE. Got a $5k limit but oh well.

Re: NEVER use BofA for risky purchases...

Revelate — Fri, 25 Oct 2013 17:52:17 GMT

@nyancat wrote:
So, I disputed a purchase on my B of A Travel Rewards card. I was sold counterfeit goods on eBay, this was NOT a case of my card info being compromised - PayPal had that (I am past their 60 day limit though before I discovered the fraud).

Bank of America proceeded to CLOSE my account and mark it as closed - disputed on my credit report! They tell me they're opening a new account for me, and my rewards points will transfer (they better, I had about $130 worth) but the whole experience is very souring, especially not getting a quick call or email to tell me not to try using the card! Just, closed, no warning.

Not as good for travel but for some daily spending uses on riskier purchases, I just app'd for the BCE. Got a $5k limit but oh well.

Usually BOFA will close the one account and migrate the history, same as a lost / stolen card and the other will drop off your report.

Don't think it'll be an issue, if it is, simply call them and tell them to fix it: can't see why they wouldn't in this case, but it took a bit of time when my own BOFA card got fraudulently used.

Re: NEVER use BofA for risky purchases...

nyancat — Fri, 25 Oct 2013 23:46:12 GMT

It's an issue because:

1. My card was never compromised, the transaction was processed through PayPal. It's a huge hassle and a couple weeks of inability to use my account.

2. Reporting the tradeline as closed and disputed has the potential to look bad for the next ten years in a home/auto loan situation where my credit file is reviewed. What if they think I fought paying my bill, rather than disputing a charge?

Re: NEVER use BofA for risky purchases...

Meltdownblitz — Sat, 26 Oct 2013 00:18:25 GMT

Let me add Citi to this list. I purchased 2 of the same items in different colors. One on Citi card and one on Chase card. Turns out both items were counterfeit, Chase reimbursted me without any issues, no paperwork, no hassle, nothing. Citi, sent me a couple pages of paperwork, lots of questions, turned out I was correct but they couldn't reimburst me, instead they gave me a $50 credit for the inconvinence of a roughly $250 charge. I ate the $200 so I wouldn't get any baddies on my CR. Let me just say thats the last time I trust Citi, they are now at the bottom of my SD.

Re: NEVER use BofA for risky purchases...

Anonymous — Sat, 26 Oct 2013 00:22:24 GMT

@nyancat wrote:
It's an issue because:

1. My card was never compromised, the transaction was processed through PayPal. It's a huge hassle and a couple weeks of inability to use my account.

2. Reporting the tradeline as closed and disputed has the potential to look bad for the next ten years in a home/auto loan situation where my credit file is reviewed. What if they think I fought paying my bill, rather than disputing a charge?

1. probably due to miscommunication with the CSR.

2. WF did the same for me when I disputed a charge. Eventually the old account disappears, though the new account had a "dispute" notation until about 30-60 days after the dispute was over. During the meantime it looks a little uglier on my CR, and accounts in dispute are sometimes not factored into consideration process by the lender, so in a way it did some temporary "damage" since WF is my oldest account. Not a big deal though. Just wait it out.

Re: NEVER use BofA for risky purchases...

USF813 — Sat, 26 Oct 2013 02:38:15 GMT

Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.

Re: NEVER use BofA for risky purchases...

nyancat — Sat, 26 Oct 2013 03:08:29 GMT

@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.

Yeah, it's ridiculous. Hopefully the EMV transition will help decrease how easily they get spooked.

Re: NEVER use BofA for risky purchases...

navigatethis12 — Sat, 26 Oct 2013 03:09:13 GMT

@nyancat wrote:
It's an issue because:

2. Reporting the tradeline as closed and disputed has the potential to look bad for the next ten years in a home/auto loan situation where my credit file is reviewed. What if they think I fought paying my bill, rather than disputing a charge?

I doub this would happen, but even if it did, couldn't you just explain to them what happened? An account showing as disputed does not harm your credit in any way other than not counting for scoring purposes. No underwriter is going to crticise or think negatively of you just because one account is showing as that. If you had 9 out of 10 then maybe they would question it.

Re: NEVER use BofA for risky purchases...

creditfan — Sat, 26 Oct 2013 03:14:55 GMT

+1000000000000000

I have been VERY VERY bad experienced with BofA

long story short

I've closed from saving, checking and now about to my CC as well

anytime I chat online with their CSR with certain issues, they always tend to give me blad blad number to call

THAT IS NOT THE HELPING

'thumb down"

Re: NEVER use BofA for risky purchases...

nyancat — Sat, 26 Oct 2013 03:24:31 GMT

@creditfan wrote:
+1000000000000000
I have been VERY VERY bad experienced with BofA
long story short
I've closed from saving, checking and now about to my CC as well
anytime I chat online with their CSR with certain issues, they always tend to give me blad blad number to call

THAT IS NOT THE HELPING
'thumb down"

Yeah, my customer service experience was also terrible. This was just the straw... I'll still use the card overseas (no FTF EMV), and occasionally to keep it open, but for the most part I'm done with it.

Re: NEVER use BofA for risky purchases...

resilient — Sat, 26 Oct 2013 13:41:47 GMT

@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.

+1. PenFed did this to me. I am military and was driving from Georgia to Oklahoma this summer, getting fuel in all 7 states in between, and I forgot to put in my travel advisory notification. I tried to get some fuel in Arkansas, and was declined twice at the pump. Just as soon as I was declined twice, my phone rings (good thing I heard it from outside). They called to verify where I was and all. Pays to have your number updated and phone nearby!

Re: NEVER use BofA for risky purchases...

Anonymous — Sat, 26 Oct 2013 16:48:19 GMT

@resilient wrote:
@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.
+1. PenFed did this to me. I am military and was driving from Georgia to Oklahoma this summer, getting fuel in all 7 states in between, and I forgot to put in my travel advisory notification. I tried to get some fuel in Arkansas, and was declined twice at the pump. Just as soon as I was declined twice, my phone rings (good thing I heard it from outside). They called to verify where I was and all. Pays to have your number updated and phone nearby!

Huh? So according to PenFed's fraud department, people don't go on road trips anymore? Or go on deployments? Or vacations? What the actual eff.

Re: NEVER use BofA for risky purchases...

Anonymous — Sat, 26 Oct 2013 17:17:23 GMT

@navigatethis12 wrote:
@nyancat wrote:
It's an issue because:

2. Reporting the tradeline as closed and disputed has the potential to look bad for the next ten years in a home/auto loan situation where my credit file is reviewed. What if they think I fought paying my bill, rather than disputing a charge?
I doub this would happen, but even if it did, couldn't you just explain to them what happened? An account showing as disputed does not harm your credit in any way other than not counting for scoring purposes. No underwriter is going to crticise or think negatively of you just because one account is showing as that. If you had 9 out of 10 then maybe they would question it.

Agree with navigatethis12. People close accounts every day. And I seriously doubt BoA's normal procedure for stolen cards is to leave a bad mark on your credit report. But what I'd actually be pissed about is the new account affecting my AAoA. Why can't they just issue a new card and have it associated with the old account? Isn't that basically what happens with a product change?

When I reported a lost debit card, my bank didn't close my checking account and give me a new checking account. I mean, if there was a balance on the card, I'd assume it'd be the same on the new card, so what's the purpose of closing it?

Re: NEVER use BofA for risky purchases...

resilient — Sat, 26 Oct 2013 17:01:50 GMT

@Anonymous wrote:
@resilient wrote:
@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.
+1. PenFed did this to me. I am military and was driving from Georgia to Oklahoma this summer, getting fuel in all 7 states in between, and I forgot to put in my travel advisory notification. I tried to get some fuel in Arkansas, and was declined twice at the pump. Just as soon as I was declined twice, my phone rings (good thing I heard it from outside). They called to verify where I was and all. Pays to have your number updated and phone nearby!
Huh? So according to PenFed's fraud department, people don't go on road trips anymore? Or go on deployments? Or vacations? What the actual eff.

I know right! It sucked for me, because I was trying to use the card at the pump and couldn't and missed out on my 5%

Re: NEVER use BofA for risky purchases...

ezdoesit — Sat, 26 Oct 2013 17:23:56 GMT

@resilient wrote:
@Anonymous wrote:
@resilient wrote:
@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.
+1. PenFed did this to me. I am military and was driving from Georgia to Oklahoma this summer, getting fuel in all 7 states in between, and I forgot to put in my travel advisory notification. I tried to get some fuel in Arkansas, and was declined twice at the pump. Just as soon as I was declined twice, my phone rings (good thing I heard it from outside). They called to verify where I was and all. Pays to have your number updated and phone nearby!
Huh? So according to PenFed's fraud department, people don't go on road trips anymore? Or go on deployments? Or vacations? What the actual eff.
I know right! It sucked for me, because I was trying to use the card at the pump and couldn't and missed out on my 5%

I don't understand why you guys think what they did was bad? It might be a little inconvenient but if they don't do it and it was fraudulent charges then they are on the hook for it. Of course people go on road trips but what percentage of people go on multi-city road trips it probably doesn't happen as often as you might think.

In the end they are doing what their job and what causes banks to lose tens of billions of dollars each year to.

Re: NEVER use BofA for risky purchases...

resilient — Sat, 26 Oct 2013 17:31:36 GMT

@ezdoesit wrote:
@resilient wrote:
@Anonymous wrote:
@resilient wrote:
@USF813 wrote:
Sometimes CC companies are a bit over zealous in the fraud department. My credit union froze my Visa when I made a purchase at Walmart. I bought some items up front while waiting for new tires. When I went to pay for the tires my card was declined and froze for two days.
+1. PenFed did this to me. I am military and was driving from Georgia to Oklahoma this summer, getting fuel in all 7 states in between, and I forgot to put in my travel advisory notification. I tried to get some fuel in Arkansas, and was declined twice at the pump. Just as soon as I was declined twice, my phone rings (good thing I heard it from outside). They called to verify where I was and all. Pays to have your number updated and phone nearby!
Huh? So according to PenFed's fraud department, people don't go on road trips anymore? Or go on deployments? Or vacations? What the actual eff.
I know right! It sucked for me, because I was trying to use the card at the pump and couldn't and missed out on my 5%
I don't understand why you guys think what they did was bad? It might be a little inconvenient but if they don't do it and it was fraudulent charges then they are on the hook for it. Of course people go on road trips but what percentage of people go on multi-city road trips it probably doesn't happen as often as you might think.

In the end they are doing what their job and what causes banks to lose tens of billions of dollars each year to.

If you're in the military, which PenFed services, then you're on multi-city road trips more often than you think

Re: NEVER use BofA for risky purchases...

USF813 — Sat, 26 Oct 2013 21:56:59 GMT

ezdoesit - It isn't bad on the surface, but in my case it turned into a potentially awful situation. I had the cash available to pay but wanted to use my card for the points. At the tire center the card was declined, so I called up the CU and explained it was me and no fraud. The agent did something and asked me to try again, which I did, and the card was declined again. The agent could do nothing to help me and could not explain why my card was declined. Fortunately, I had my other credit card with me and went on my way.

So - What's bad in situations like this is the inability for the bank or credit union to unfreeze your card on the spot once they discover no fraud was occuring. THAT should never happen to anyone.

Re: NEVER use BofA for risky purchases...

B335is — Sat, 26 Oct 2013 22:07:22 GMT

I think all credit card companies are a bit careful in this day and age - criminals adapt to change. They have to manage overall risk and sometimes the end result doesn't turn out perfectly, but they are ultimately trying to protect themselves (and us). I guess this is why I try to carry at least 3 cards at a time (usually from different companies).

Re: NEVER use BofA for risky purchases...

FinStar — Sat, 26 Oct 2013 22:35:36 GMT

@B335is wrote:
I think all credit card companies are a bit careful in this day and age - criminals adapt to change. They have to manage overall risk and sometimes the end result doesn't turn out perfectly, but they are ultimately trying to protect themselves (and us). I guess this is why I try to carry at least 3 cards at a time (usually from different companies).

Although sometimes it may be an inconvenience, having a back up always works best while the issue is mitigated.

Re: NEVER use BofA for risky purchases...

ezdoesit — Sat, 26 Oct 2013 22:54:59 GMT

@USF813 wrote:
ezdoesit - It isn't bad on the surface, but in my case it turned into a potentially awful situation. I had the cash available to pay but wanted to use my card for the points. At the tire center the card was declined, so I called up the CU and explained it was me and no fraud. The agent did something and asked me to try again, which I did, and the card was declined again. The agent could do nothing to help me and could not explain why my card was declined. Fortunately, I had my other credit card with me and went on my way.

So - What's bad in situations like this is the inability for the bank or credit union to unfreeze your card on the spot once they discover no fraud was occuring. THAT should never happen to anyone.

I can see that how this can be a pain. I remember once I thought I lost my CC so I called and cancelled then found it shortly afterwards I called to uncancel but they said once it is reported then there is nothing that they can do to reinstate. I guess they do a similar thing with fraud protection if they don't hear from you they cancel the card.

Citibank did the same to me recently when I bought 10 Xbox ones on preorder they didn't let the transaction go thru then they call both my home and cell which I didn't answer but they did say I had to call within 24 hours after that I assume they would of cancelled the card. Your situation was a little different because they declined the card and cancelled it at the same time.

I guess the CU being much smaller can not absorbed the same losses as a big commercial bank that is how they can give better rates than most big banks across most product lines.