Bank of America closing my Credit Card Account

[Discover2016]

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@UncleB wrote:

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 card?

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/

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Wow, I read the comments, some people were super aggressive in getting BofA cards!

[UncleB]

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@Discover2016 wrote:

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@UncleB wrote:

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 card?

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/

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Wow, I read the comments, some people were super aggressive in getting BofA cards!

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Yeah, I thought the same thing.  I guess they have never heard of Icarus... LOL. 

[red259]

It seems to be BoA is going through and closing down accounts if people have more than four cards. They appear to be closing the lowest credit line accounts first and continue to do so until people are down to four accounts. This is all still developing but there have been a number of posts about it. No idea what is going to happen with all their rewards and I guess all those credit lines go bye bye. Just another reason I am kinda glad I didn't do business with BoA. 

[Anonymous]

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@Anonymous wrote:

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@Discover2016 wrote:

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@Anonymous wrote:

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

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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.

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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.

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I am not sure but I don't think that would be the case.. they opened my account with no messages whatsoever, I could see my Account/Routing number in online account and next day (Monday) I even received an email that my debit card ending with xxxx has been dispatched. Also, I made an opening deposit from Chase which has been posted to Chase checking account. No idea what is going on here

And since I just opened an account with them, no bonus has been given but was prompted while I was opening an account.

[Anonymous]

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@csryang wrote:

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@Discover2016 wrote:

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@csryang wrote:

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@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?

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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. 

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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.

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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.

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Well, to summarize I have opened only 2 credit card accounts in last 18 months. Recent CLI are AMEX (My initiated, 25K to 34.5K), Citi TYP (My initiated, 5.2K to 6.8) and Macys (Automatic, 1K to 1.4 K). Other than that, no credit seeking behaviour as such.No crazy high balances on any of the credit card, I have always seen my utilization below 4-5%.

I am moving from an apartment to another within the same community and they did hit me again on EX in 3 weeks ago. Just saying, I don't think, that has to do anything with it.

I have opened a few checking accounts in past 6 months though - PNC (5 months ago), Citi (3 months ago), Regions (a month ago).

When I had my previous checking account with BOA, I did not do anything wrong with it.. no MO deposits, no wire transfers, no movement of high amount of money to/from the account

[Anonymous]

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@Meanmchine wrote:

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

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That is the problem, I have no nearby branch. An in-person meeting always yield some output rather than talking to CSRs over the phone.

[Anonymous]

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@UncleB wrote:

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@Discover2016 wrote:

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@UncleB wrote:

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 card?

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/

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Wow, I read the comments, some people were super aggressive in getting BofA cards!

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Yeah, I thought the same thing.  I guess they have never heard of Icharus... LOL. 

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I was indeed reading that post from DoC over the weekend before opening the new Checking account with BOA and was thinking it does not impact me in any way as I only have a single credit card with them with no baddies whatsoever. Phewww, never knew I will be dragged as well

[adelphi_sky]

I've been turned down by BoA and Capitol One for cards all the time. Even though I've had just about every elite card but the Amex Centurion. I have NO idea what they look at but I'm glad they declined me. 

[Anonymous]

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@red259 wrote:

It seems to be BoA is going through and closing down accounts if people have more than four cards. They appear to be closing the lowest credit line accounts first and continue to do so until people are down to four accounts. This is all still developing but there have been a number of posts about it. No idea what is going to happen with all their rewards and I guess all those credit lines go bye bye. Just another reason I am kinda glad I didn't do business with BoA. 

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I have just one Credit Card with them with no -ves at all.. No idea why they dragged me in this

[Anonymous]

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@Discover2016 wrote:

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@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. 

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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.

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Thank you Sean for possible reasons.. Out of the 3 reasons you mentioned, the only thing I can think of is #1. I live in a community with over 500 apartments, however my building has just 24 apartments. I am moving from one apartment to another within same community and about 3 weeks ago I signed a lease and they did hit me on EX again. The other 2 reasosn, I doubt will be the case for me, I reviewed my credit reports and did not see anything bad on them and I am pretty sure I am not on the list of prohibited country. I will send an email to EO shortly with all the details. Do you have any suggestion to include any specific things in the email which could make my query solid and help me resolve this matter?