Elan closed both my accounts for no reason

[TyrannicalDuncery3]

ouch, that stinks. Good luck! 

[youngandcreditwrthy]

@coldfusion  CFPB is still staying, its just that their budget is being cut. they were at 900 million when they first started in I think 2011, and now they'v ebeen cut to 635 million.

they saved consumers over 21 billion. worth their weight in gold. they will still be able to help us in my view. Richard Cordray was a good guy, but this Chopra guy... I dont know. he ended the monitoring settlement with Wells Fargo 4 years early from their scandal of opening millions of illegal accounts.

I would in fact, flood with complaints if we can now before they do get completely cut. They are NOT a wasteful agency unlike the deep staters.

[youngandcreditwrthy]

@TrapLine  I also noticed that it can't jsut be an employer sponsored investment account either, you have to have opened a seperate roth or 401k of some sort. so if its the fidelity card, you must have an investment account separate from an employer one...

and these rules apply to all of us.. lets face it.. we re going back to pre 2007 era banking rules super loose and lax but without lower rates and with no benefits.

we all need to start LLCs asap LOL..

the terms and conditions of almost every single agreement state in laymans terms they can do whatever they want whenever they want ie close your account, add a new fee.. we need rent control but for like credit cards. I cant even evict my tenants that let their gross babies play with their own poo in my 100,000 pool. oof

[youngandcreditwrthy]

@MrDisco99  but they still do HAVE to give you a reason whether or not its made up and im certain its inthe Tees adn CEES... its Adverse Action... THEY ARE REQUIRED to give you at least ONE reason. CFPB complaint are easy to make.

[youngandcreditwrthy]

@TrapLine  BOA stuck me with a low limit card citiing "economic loss trends' even though I was not impacted directly by the fires (but my office and homes were pretty darn near close...like blocks away) but still.. I bank(ed) with them and have a good mount saved, above average, and didn't have anything burned. but seeing those fires come over mullholland drive for the first time ever scared the living day lights out of me. 

I get it, banks have to consider this stuff, but most of the time.. it isn't a human, its AI and algorithms that banks, for better or worse, have been using since FICO score was invented inthe 50s maybe the 70s. 

more automated garbageeee, phew best of lcuk to all of us.

[TrapLine]

@youngandcreditwrthy 

Wild Forest Fires ... yes, I live in the north woods by very large mining operations and two of the neighboring cities to the east had all been ordered to pack up with only the "evacuation" order pending. It appeared that two small cities (around pop 1400 each) were going to be consumed and potentially more. There must have been four hundred wildfire fighters with airplanes and helicopters. They also used bull dozers.

Biggest problem, coniferous trees which go up poof! Few deciduous that actually are more fire resistant. Oh, don't forget the pitch from the evergreen trees. It was scary and took several weeks and some heavy rains to help put out the burning (we got lucky).

Lives and people's financial resources were on the line. Folks were scared and the local banks that held mortgages were too.

[MrDisco99]

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@zerofire wrote:

Lets be clear. There is never no reason. At minimum Elan Financial no longer was interested in keeping the accounts open. They seem to have picked up the phone and asked Renasant Bank about you and found no history. This made them uncomfortable. So they closed the card accounts. Is it fair? Maybe not. Is it legal? Yes. Now you need to think on if you want to apply to a different institution via Elan Financial, apply to US Bank, or just do nothing. My opinion is that Renasant Bank might have asked for a check on you from Elan since they are in the south, especially Florida. They do not like foreigners down there. Personally it is a pity because the Renasant Bank version is a MC and those are slightly better in my opinion for particular transactions.

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The answer is nothing... I don't do business with people I can't trust.

I live in GA which is why I picked Renasant.  They have a branch in my city.  Not sure what you're implying about a check but I'm not a foreigner.

Anyway I'm fairly sure Renasant had nothing to do with the decision.  The letter implied that Elan made the decision on their own.

[MrDisco99]

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@TrapLine wrote:

All this is interesting.

Did go talk to my local owner/banker (one bank system no branches) about his relationship with Elan Financial Services.

He informed me that Elan Financial handled one hundred percent of all matters related to the issuance and maintenance of their credit cards. He said, he had no input or influence on what Elan Financial did. Asked him why he used and outside credit provider? He stated, it was to be more rounded in his customer services offerings and he did not want the risk associated with credit cards.

 His focus was on underwriting residential mortgages and not on credit cards and installment loans. The bank has served the local market area for over 103 years and is family owned. From my seat, he has focused on local customers and mortgages. His offerings for customers only moved away from paper, checks, mail, drive thru and walk ins two years ago.

Suspect he realized the world is moving to younger people and he needed to be more reflective of that market (did not used to have much for online, mobile apps, credit cards and so on) today. The local market area is heavy big mining and is tied to the global outside world and is subject to major swings in the economy.

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Yep.  These cards are essentially co-brand deals.  Elan is the issuer and Renasant is a marketing partner.

[MrDisco99]

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@sjt wrote:

I read that US Bank and Elan use Trans Union Rapid Default Model 1 when reviewing current cardholders on an ongoing basis. That may be a reason for the closure.

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I don't know what that is nor why that would be a reason for them to close my accounts.

[MrDisco99]

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@youngandcreditwrthy wrote:

@MrDisco99  but they still do HAVE to give you a reason whether or not its made up and im certain its inthe Tees adn CEES... its Adverse Action... THEY ARE REQUIRED to give you at least ONE reason. CFPB complaint are easy to make.

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I showed you what they sent me.  They don't seem to think so.