BofA closed my secured card??

[Anonymous]

Went to get gas and card was declined.  Checked the app, looked good so paid with my debit card and moved on.  Then, tried to reload my Starbucks account and that was declined so I called the number on the back and automated machine said my account was closed.  Spoke reps and all they could say was that a letter was being sent out with no actual details on why??

[Anonymous]

The only way to know for certain is to wait for the letter. But, if you want some speculation or informed guesses, you'll have to provide more info like:

How long has the card been open?

Any changes in credit profile - score decreases, new derogatories, increasing debt, etc?

Did you have deposit account(s) with them?  If so, were they closed too?

Any late/returned payments on the BOA card?  Card over limit at any point?

[Anonymous]

The opposite - score increases, two derogatories succesfully removed.. also have a checking and savings with them, they're still open (but not for much longer depending on what the letter says).  

Returned payments, yes - it's weird though, as they were internal account to account transfers that were credited instantly then 3/4 days later it'd show back up in my checking account and be deducted from my credit account (at which point, I just sent it right back on over).  This has happened twice.  First time, nothing was generated (no overdraft notice, nothing).  Second time, it did generate an overdraft notice... for monthly bank fee as my direct deposit was delayed.  And in that notice, they of course conveniently reorganized every transaction (posting things that occured hours and a day later before the transfer). 

That one pisses me off to the point of closing my deposit accounts regardless, as again it was instantly debited and credited only for 4 days it was undone.

[coldfusion]

The returned payments would be enough to trigger the closure.  Do you know why your direct deposits were delayed?

[Anonymous]

The state moves at it's own speed at times.  What are the chances of review?  I only have two cards, both secured - Cap1 and this one (which I actually love since it has cash back rewards).

[FinStar]

Unfortunately, once BoA closes an account due to adverse action, the decision rarely gets overturned (unless it was an error on the BoA side).

[Anonymous]

Looks like letter arrives today.  And here I was, just making extra payments to keep utilization low - their system screws me over on the transfers, and I get punished.

[Horseshoez]

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@Anonymous wrote:

Looks like letter arrives today.  And here I was, just making extra payments to keep utilization low - their system screws me over on the transfers, and I get punished.

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I had a very dissatisfactory back-and-forth with BofA last year regarding a Secured card from them, and even though I'd been an account holder with them for well over a decade, after that incident, I opted to close all of my accounts with them and walk across the street (literally in this case) to a TDBank and put my money there.  Here's the thing, had BofA not been so conservative (I suppose that is one way of putting it), I'd still be banking with them, but once I saw how other banks worked, I was like, "I which I'd changed years ago."  Little things like monthly nuisance charges for balances which drop below certain thresholds start adding up as my kids can (or at least could) rarely afford to keep over $1,000 in their accounts; meanwhile said thresholds, where they exist, are set at a tenth, or less, than those of BofA, and the charges themselves are a fraction of BofA's.

I say, do yourself a favor, move your money over to a better bank (or credit union), and reap the benefits.  

[coldfusion]

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@Horseshoez wrote:

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@Anonymous wrote:

Looks like letter arrives today.  And here I was, just making extra payments to keep utilization low - their system screws me over on the transfers, and I get punished.

---

I had a very dissatisfactory back-and-forth with BofA last year regarding a Secured card from them, and even though I'd been an account holder with them for well over a decade, after that incident, I opted to close all of my accounts with them and walk across the street (literally in this case) to a TDBank and put my money there.  Here's the thing, had BofA not been so conservative (I suppose that is one way of putting it), I'd still be banking with them, but once I saw how other banks worked, I was like, "I which I'd changed years ago."  Little things like monthly nuisance charges for balances which drop below certain thresholds start adding up as my kids can (or at least could) rarely afford to keep over $1,000 in their accounts; meanwhile said thresholds, where they exist, are set at a tenth, or less, than those of BofA, and the charges themselves are a fraction of BofA's.

I say, do yourself a favor, move your money over to a better bank (or credit union), and reap the benefits.  

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True story BTW - I moved away from TDBank back to BoA several years ago after using them for 2-1/2 years as my primary bank (including DD of 100% of pay + bonus) because TDBank changed their fee structure and started nickel-and-diming me monthly where as BoA does not.

That being said,  there's really no good reason to continue to do business with a bank that just isn't working out for you, it's not unlike breaking up with a SO if the relationship is disfunctional and no longer works for you.  There are plenty of other banks and credit unions who would be happy to have your business even though they may not have a secured offering with as good a reward structure as the BoA secured Cash Rewards card. 

[Horseshoez]

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@coldfusion wrote:

There are plenty of other banks and credit unions who would be happy to have your business even though they may not have a secured offering with as good a reward structure as the BoA secured Cash Rewards card. 

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I found the secured TDCash card I initially got when I moved to TD had rewards as well, not quite to the level of the BofA secured card, however, based upon reports I've seen here and elsewhere, TD seems to graduate their secured cards six months to a year sooner than BofA, and once graduated, the TDCash rewards structure is better than the BofA card; so I call it a wash there.  In my case, my TDCash card graduated to unsecured exactly six months to a day after I made my first charge.  If I recall correctly, BofA automatically considers a secured card holder for graduation after a full year, however, most reviews I've read suggest 18 months is more typical.