BMO Card Closed

[AndySoCal]

@Patient957 BMO aka Bank of Montreal merged with Bank of the West. Between the Reddit posts and some of the response here at MyFico there is no common denominator for the closures. Synchronny has been known to close one or all cards usually to carrying balances and not bringing the account to a zero balance on regular basis.  I will not bank with BMO either your savings is paid to you in pennys you pay them in dollars. 

I am in the process of moving my banking (checking) Langley FCU. Primary reason better rates on savings than where  I was banking. Secondary reason I like the credit Union as whole ownership structure better than banks

[captseaton]

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@Patient957 wrote:

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@AndySoCal wrote:

Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠 

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This is a little different.  Synchrony closes one account at a time, usually for some usage pattern they don't like.  

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Synchrony closed 9 of my accounts at once, a few years back.

[Patient957]

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@captseaton wrote:

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@Patient957 wrote:

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@AndySoCal wrote:

Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠 

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This is a little different.  Synchrony closes one account at a time, usually for some usage pattern they don't like.  

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Synchrony closed 9 of my accounts at once, a few years back.

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Yes, I misspoke.  I meant to say that Synchrony closes the accounts of of one person at a time.

In this case, BMO is closing a massive number of customers' accounts all at once.

Surely the distinction I'm trying to make is more clear now. 

This is a mass closing of accounts to what appears to be thousands of people all at once.  To my knowledge Synchrony has done nothing like this.

[captseaton]

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@Patient957 wrote:

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@captseaton wrote:

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@Patient957 wrote:

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@AndySoCal wrote:

Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠 

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This is a little different.  Synchrony closes one account at a time, usually for some usage pattern they don't like.  

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Synchrony closed 9 of my accounts at once, a few years back.

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Yes, I misspoke.  I meant to say that Synchrony closes the accounts of of one person at a time.

In this case, BMO is closing a massive number of customers' accounts all at once.

Surely the distinction I'm trying to make is more clear now. 

This is a mass closing of accounts to what appears to be thousands of people all at once.  To my knowledge Synchrony has done nothing like this.

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Agreed, I have never seen or heard of anything like this.

I assume, when Synchrony hit me, I just had too many accounts with them (not by choice, they bought a few from other lenders).

I only had the one account with BMO and maintained it meticulously.

When my Wal Mart card was changed by CapitalOne, I was actually using BMO as a replacement for that card.

If anything, my recent history with BMO has shown more usage and payments.

[Seatac]

correlation IS NOT causation...

Just because something happened does not mean it is tied to conspiracy theory claims 

[Kforce]

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@Seatac wrote:

correlation IS NOT causation...

Just because something happened does not mean it is tied to conspiracy theory claims 

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It could be as simple as closing all cards with < $9000 CL

or all cards from BofW merger, or ...... some conspiracy theory.   

[Seatac]

Do true ..could be a bazillion reasons.  

Every day thousands upon thousands of credit accounts are closed across all credit card providers.  Any/every bank or issuer closes accounts every day. That some tin foil hat wearer on Reddit claims a conspiracy doesn't make it true.

[Anonymous]

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@Seatac wrote:

correlation IS NOT causation...

Just because something happened does not mean it is tied to conspiracy theory claims

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"correlation does not imply causation"

Yet causation seldom occurs without correlation

There is obviously far more to the story than we have. What is apparent is that BMO is doing a mass firing of card holders that seems mostly specific to a segment.

[Seatac]

Yet causation seldom occurs without correlation 

Is a generically true statement  if and only if the data being correlated are actually closely related to the claim being made.

It is like saying that in the United Stars because roughly 50 percent of the population is obese (or nearly) and since Ben and Jerry's generated 931 million in sales Chunky Monkey and Cherry Garciq are solely responsible for America's obesity problem.

I do agree there is so much more we don't know about.

[CreditCuriosity]

Maybe it is just really BOW customers converted?  I opened up a small checking account few hundred dollars certainly not primary as they are right across the street from the community I live at in FL and figure be handy if needed to do anything in branch such as large bills vs. 20's etc for traveling.    Opened CC about 2.5 years ago with a SL of 18.5k. if not mistaken where it is at today which is generous for BMO had a pre-approval for 12k I think when opening checking and passed on that then later figured why not for streaming service 5% as use US Bank Cash+ 5% cat for utilities and cell.  No AA yet and as mentioned being hit up everything I log on with this recently although need this card like a hole in my head.   Maybe getting more geo sensitive or maybe due to huge uncertainty in US and for the matter the worlds economy as we shake things up with tariffs?    Who knows.  Sorry for those impacted but business as usual for me personally and only use them as mentioned for FIBER and a few streaming services.  Met with this everything i log on now.  TU score 830-840 well into 6 figure income.  Currently carrying 600$ balance on discover at 0% just for utilization and scoring purposes