I realize the title is strange. Here's the story. I closed my Regions card last week. It was my first card but it was stuck at $800 and they wouldn't increase my credit line. I'm doing better with my credit and have limits over 10x that amount. It was paid in full in January, and I stopped using Netflix, so nothing new was charged to the card.
Today I get a letter in the mail from their Collections department telling me that my account has been terminated. It tells me that I must pay the balance ($0) and minimum payment ($0). It also tells me that if I'd like to discuss payment options for this back-breaking $0 balance, I can call (of course, they're closed on Saturdays).
So ... is this normal? I haven't closed many cards - I haven't been in the situation where I could give any of my limits up until very recently. Are these letters automatically generated? Tried doing a Google search and nothing came up. The CSR who I called after trying Collections sounded fairly clueless and said that while it showed PIF, it could be reported to CBs if it was ever 30+ days late (which I know already, but I have NEVER been late on my payments). Any insight? Just nerve-wracking to get a letter from Collections when everything was fine and dandy.
It's probably a standard letter they send out whenever they close an account. Since it shows $0 for all balances just file it away for safe keeping in case you need it 6-12 months down the road for some odd reason. I wouldn't worry about it at all though.
Most of the time other lenders don't even send anything out when you close an account. It all depends on the lender though.
It's not normal.
I would not leave it alone. It is possible there is some sort of rounding error in their computer systems.
If there is a Regions branch in your area, I would pay them a visit to chat with a person in real time. Something like this could easily turn into a 30-day late report, even for what looks like $0. Better to spend some time now getting in front of it rather than later if something happens to blow up.
At least keep calling until someone with a clue answers the phone.
Thanks everyone for your responses. It definitely jarred me a bit to get the letter yesterday.
That said, I'm obviously planning on calling the Collections number tomorrow. I no longer have access to my online account, but I was planning on asking them to mail/e-mail me a record of our conversation. Is that possible? I just want written proof that if they say there is no collections activity on my account, I can whip that out later as official proof from Regions. Otherwise, I guess I'll just transcribe myself and make sure I get their name ... not that that means much, but if it's the only thing I have, I'm going to make sure I have it.
The last balance (total balance) actually has a "CR" next to it. My first thought was that it was a credit on my account, but I've never overpaid and the CSR said it was at a zero balance. It's something like $56. But even if I owe this, at least I'll have a chance to pay it before it goes 30 days late.