More questionable behavior from BofA! I CLOSED my account!

[RehabbingANDBlabbing]

On the topic of BofA, I have my own little horror story. I went to a branch maybe a year or two ago. I needed to deposit about $3,000.00 in cash. They had 3 people working in the bank, but only one teller. They had a long line. So someone else working walks me outside to the ATM and shows me that I can deposit money there (like I didn't know!). I didn't want to deposit that much into an ATM, but the guy stood out there with me and "helped me." Well the ATM ate and kept about $1000. He saw it happen. We then go inside and they have to call someone else to make a report, which takes an hour. After several more phone calls from home, I finally got my money back about 3 months later. That's when I stopped banking with them. My DH does have a card from them that we use for the 3% categories, but that's about as much of them as we can tolerate. I mainly use Chase now as my main bank. I haven't really had any issues with them. They do like to place random holds on Zelle payments sometimes, but that's my only complaint...

[Anonymous]

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@RehabbingANDBlabbing wrote:

On the topic of BofA, I have my own little horror story. I went to a branch maybe a year or two ago. I needed to deposit about $3,000.00 in cash. They had 3 people working in the bank, but only one teller. They had a long line. So someone else working walks me outside to the ATM and shows me that I can deposit money there (like I didn't know!). I didn't want to deposit that much into an ATM, but the guy stood out there with me and "helped me." Well the ATM ate and kept about $1000. He saw it happen. We then go inside and they have to call someone else to make a report, which takes an hour. After several more phone calls from home, I finally got my money back about 3 months later. That's when I stopped banking with them. My DH does have a card from them that we use for the 3% categories, but that's about as much of them as we can tolerate. I mainly use Chase now as my main bank. I haven't really had any issues with them. They do like to place random holds on Zelle payments sometimes, but that's my only complaint...

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That sounds pretty bad.

[FicoGuy2019]

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@acercode wrote:

Oh boy, don't get me started on BofA. A while back, I signed up for their checking account because they offered me "no fees for life." Then just a couple years later, they started charging a monthly fee, this after taking billions in bailout money from taxpayers. 

For whatever reason I made the mistake of applying for their CC recently. I first did the preapproval and was basically assured I would be approved. I officially applied and was promptly denied.... but was offered a secured card with the same benefits, which I accepted. Then nearly a week later, the approval suddenly reversed to unapproved. If that wasn't unscrupulous enough they kept asking me to send them a deposit for a card they denied. They are absolutely the worst. 

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Their offers are not preapprovals and has been discussed many times on here.  How were you "assured" you would be approved??

[arifjk]

I almost had the same experience. But instead of a secured card, mine was just a credit card with $500 credit limit. I had this card for almost 6 years, which they refused to increase the limit even though i have requested several times and they pulled an HP every time i asked for CLI..

Then i told them to close it, and only then they said we would do a CLI for you with only a soft pull. I said NO thank you. Once it's closed for 1 year, and once my BK fell off on EX early this month, then i reapplied for their Alaska VS, i got approved through manual process. I applied for their customized Cash Rewards as well, and was approved instantly.

I think if you just closed your secured card, and let it cool down first for a few months, and apply for one of their cards, you may get approved since you said your score has improved lately.

[MrFiah]

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@arifjk wrote:

I almost had the same experience. But instead of a secured card, mine was just a credit card with $500 credit limit. I had this card for almost 6 years, which they refused to increase the limit even though i have requested several times and they pulled an HP every time i asked for CLI.

Then i told them to close it, and only then they said we would do a CLI for you with only a soft pull. I said NO thank you. Once it's closed for 1 year, and once my BK fell off on EX early this month, then i reapplied for their Alaska VS, i got approved through manual process. I applied for their customized Cash Rewards as well, and was approved instantly.

I think if you just closed your secured card, and let it cool down first for a few months, and apply for one of their cards, you may get approved since you said your score has improved lately.

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I am not sure BOA does CLI on secured cards, but I am guessing your bankruptcy had more to do with not getting the CLI than anything.  Once this fell off they were more generous.

[arifjk]

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@MrFiah wrote:

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@arifjk wrote:

I almost had the same experience. But instead of a secured card, mine was just a credit card with $500 credit limit. I had this card for almost 6 years, which they refused to increase the limit even though i have requested several times and they pulled an HP every time i asked for CLI..

Then i told them to close it, and only then they said we would do a CLI for you with only a soft pull. I said NO thank you. Once it's closed for 1 year, and once my BK fell off on EX early this month, then i reapplied for their Alaska VS, i got approved through manual process. I applied for their customized Cash Rewards as well, and was approved instantly.

I think if you just closed your secured card, and let it cool down first for a few months, and apply for one of their cards, you may get approved since you said your score has improved lately.

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I am not sure BOA does CLI on secured cards, but I am guessing your bankruptcy falling off had more to do with not getting the CLI than anything.

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On my case, the card they gave me was unsecured. They never gave me an increase for 6 years - maybe because the BK was still reporting, but still I never had any baddies for all those years since I was trying my best to stay on track to keep a clean profile after BK - so no late payments, always PIF, seldom carry balance unless it's intentional to show UTIL Ratios. That's why I closed it. But I got their cards again after 1 year.

[jcooks]

I see nothing shady when they clearly state this in their terms and conditions of accepting the secured card...

[MrFiah]

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@arifjk wrote:

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@MrFiah wrote:

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@arifjk wrote:

I almost had the same experience. But instead of a secured card, mine was just a credit card with $500 credit limit. I had this card for almost 6 years, which they refused to increase the limit even though i have requested several times and they pulled an HP every time i asked for CLI..

Then i told them to close it, and only then they said we would do a CLI for you with only a soft pull. I said NO thank you. Once it's closed for 1 year, and once my BK fell off on EX early this month, then i reapplied for their Alaska VS, i got approved through manual process. I applied for their customized Cash Rewards as well, and was approved instantly.

I think if you just closed your secured card, and let it cool down first for a few months, and apply for one of their cards, you may get approved since you said your score has improved lately.

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I am not sure BOA does CLI on secured cards, but I am guessing your bankruptcy falling off had more to do with not getting the CLI than anything.

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On my case, the card they gave me was unsecured. They never gave me an increase for 6 years - maybe because the BK was still reporting, but still I never had any baddies for all those years since I was trying my best to stay on track to keep a clean profile after BK - so no late payments, always PIF, seldom carry balance unless it's intentional to show UTIL Ratios. That's why I closed it. But I got their cards again after 1 year.

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Thanks for correcting me, I've updated my original post but I still believe that may have had a large impact.

[FicoGuy2019]

Agree. Clearly explained. 

[CreditCrusader]

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@FicoGuy2019 wrote:

Agree. Clearly explained. 

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Folks, it's really not that complicated.

If a financial institution operates in a manner that you object to, lose them.

Once upon a time (i.e. the era of savings & loans), there weren't so many options for credit users.

Circa 2022, there are nearly limitless options.

Heck, I moved my truck/motorcycle loans away from my primary credit union and to another local credit union because the interest rates were darn near zero percent at the second place.

However, I had locked in a super-low refi and HELOC with the first CU and couldn't be happier with my CC with them.

The funny thing is, neither institution cared that I have business with the other because it's not personal, it's just business.

If you find BOA shady, then your options are clear: Either accept their terms or move on.