Bank of America closed account??? WHY!

devineer1 · ‎02-10-2016

Okay folks, I have a friend from Hungary who had a Bank of America account, along with a Secured card. He got a letter Feb 2, stating they would be and I quote...

"This letter is to advise you that your above referenced account has been closed in accordance with your Credit Card Agreement, which permits either you or us to terminate the account at any time."

And then goes on to explain how they will no longer honor in transactions... he said he called and they didnt explain, why this happened. He said he still had money in the account and was making payments to his Secured card along with pre authorized charges. He is now responsible for. Anyone experience this? Any advice to what could have happen?

Thanks for the feedback in advance!

I am but a work in progress, taking one day at a time, learning to be more patient. In the Garden as of 12/01/15

Equifax 569
Trans Union 607
Experian 588

Goal to be at or over 650

IOBA · ‎02-10-2016

Oh boy, BA strikes again!

It sounds like they have chosen to close just his cc, not his bank account. Have your friend verify WHICH account was closed.

Did BA say that they were going to mail him his money? Or will they be depositing the funds from his secured cc into has bank account?

BA is illogical at times. I was denied overdraft protection (my FICO score was between 800-805 at the time, no lates, no delinquencies, about 35k in my BA savings account, and direct deposit every two weeks.) It made no sense to me why they would deny me overdraft protection when I had 2 active cc's with them (zero balance), a line of credit (zero balance), a checking and a savings account. But they did. No explanation given.

After your friend figures out where the money is going to go from his secured card, have him apply for another secured card, like from Cap 1 or another local bank/CU.

Have him notify all of his auto payment creditors to change cards, asap.

devineer1 · ‎02-10-2016

From what I am told they have frozen both the credit card account and checking account. They will not allow them to make payments and have yet to tell him why his account was closed. They said he will get a letter in the mail.

So this sound weird.

I am but a work in progress, taking one day at a time, learning to be more patient. In the Garden as of 12/01/15

Equifax 569
Trans Union 607
Experian 588

Goal to be at or over 650

ddemari · ‎02-10-2016

I've had a cc closed by them and they did tell me why they did it and what not. Call back in the morning a general account number CSR number. And ask them about the account. When rep notices it's closed, they will transfer you to a department that will tell you why they closed it.

Anonymous · ‎02-10-2016

Does your friend have a social security number? You mentioned he was from another country. Some banks are no longer accepting ITIN numbers and are now requiring social security numbers.

I'm sorry that this happened to your friend.

Anonymous · ‎02-11-2016

I got an email yesterday about my 2015 end of year statement and tax related documents from BofA. Your friends account may have been closed due to regulatory compliance during regular review. Since this is an AA, your friend does have the right to know the reason, however if it has anything to do with regulations that deal with money laundering provisions, BofA will not share much information. Sometimes cash advance/BT activity can cause this and many banks just close accounts rather than go through a lengthy and often tedious process of verifying legitimacy of CA/BT activity.

Closingracer99 · ‎02-11-2016

@IOBA wrote:
Oh boy, BA strikes again!

It sounds like they have chosen to close just his cc, not his bank account. Have your friend verify WHICH account was closed.

Did BA say that they were going to mail him his money? Or will they be depositing the funds from his secured cc into has bank account?

BA is illogical at times. I was denied overdraft protection (my FICO score was between 800-805 at the time, no lates, no delinquencies, about 35k in my BA savings account, and direct deposit every two weeks.) It made no sense to me why they would deny me overdraft protection when I had 2 active cc's with them (zero balance), a line of credit (zero balance), a checking and a savings account. But they did. No explanation given.

After your friend figures out where the money is going to go from his secured card, have him apply for another secured card, like from Cap 1 or another local bank/CU.

Have him notify all of his auto payment creditors to change cards, asap.

Citi also offers a Secured card now and personally I have been liking citi products over the past year. The Citi DC has been my favorite card over the past 8 months making around $170 in CB since June.

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

Anonymous · ‎02-11-2016

How long has he had the bank account and credit card?

For all non citizens, some if not all banks require proof of legal presence even if they have a social. Is it possible your friend missed a piece of mail from boa requesting such? I would suggest your friend call the bank and ask if such a request was made and that he/she can fax the proof ASAP.

tcbofade · ‎02-11-2016

Perhaps your friend let his utilization report too high one month?

Perhaps he/she opened too many other accounts?

Perhaps a mouse farted in Paris?

Bank of America is notorious for closing credit card accounts because they wanted to.

Your friend more than likely performed some type of transaction somewhere that set off an internal flag at Bank of America.

Been there, done that, and have NO intention of going there again.

04/01/24 Fico 8: EX 763, EQ 799, TU 783.
Fico 9: EX 756 03/13/24, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...

Anonymous · ‎02-11-2016

Not to get too personal, but does your friend have a foreign-sounding name? I had a friend who was originally from Uzbekistan who had a similar name to someone who showed up on the OFAC list and his bank did the same thing. Nearly took an act of Congress to get it resolved, but it worked out eventually. Pain in the arse, however. Best of luck to your friend.