Unbelievable UBS Termination

[californiaboy935]

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@Anonymous wrote:

Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist. 

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Its a consumer account.  Personally opened. 

[Remedios]

If you close the account, you preserve terms. Pay by date blah blah blah is somewhat intimidation tactic.

You didn't default, and unless you do, it's not reportable. 

You still have to be late for them to report you as late.

As far as everything else, why don't you escalate it yourself? 

Just go higher up and let them know intimidation tactics are still illegal.

Most likely, whomever you talked to is tasked with your account and wants if off their desk. 

[Anonymous]

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@californiaboy935 wrote:

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@Anonymous wrote:

Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist. 

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Its a consumer account.  Personally opened. 

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I'm pretty sure they can't demand payment in full when you haven't breached the terms of the agreement. If they're terminating their relationship with you, your card terms are supposed to remain exactly the same as they were before the closure until you pay it off. Keep in mind though, they're not required to report your credit limit so if they choose to report the limit as $0, your scores are going to crash from a maxed out credit card. 

[wasCB14]

Is there a particular UBS employee who depends on customers like you for an income? Some business banker or stock broker? He or she may be able to help get the attention of someone senior.

[FinStar]

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@californiaboy935 wrote:

Well they say the things that are too good to be true, usually are... and is seems as though my time at UBS has abruptly come to a close.  Account Terminated by Risk due to insufficient credit length, please pay account full balance by the 21st was the discussion I had with their advisor over the phone.  What a joke, thats not an explination.  Couldnt argue with them or make them reverse course.  Has anyone ever heard of this?  Not sure if I have rights or not.  Obviosly I want to keep the account current when they close it on my credit profile, and he said they would do that.  Is that enough of an assurance? 

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Sorry to hear about the UBS closure.  Unfortunately, there's not much that can be done to have them reinstate the account.  When it comes to terminating accounts due to risk-related factors, it means the account has been monitored for quite some time, and let's face it, it's a fairly sizeable exposure on a single card.

[californiaboy935]

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@FinStar wrote:

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@californiaboy935 wrote:

Well they say the things that are too good to be true, usually are... and is seems as though my time at UBS has abruptly come to a close.  Account Terminated by Risk due to insufficient credit length, please pay account full balance by the 21st was the discussion I had with their advisor over the phone.  What a joke, thats not an explination.  Couldnt argue with them or make them reverse course.  Has anyone ever heard of this?  Not sure if I have rights or not.  Obviosly I want to keep the account current when they close it on my credit profile, and he said they would do that.  Is that enough of an assurance? 

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Sorry to hear about the UBS closure.  Unfortunately, there's not much that can be done to have them reinstate the account.  When it comes to terminating accounts due to risk-related factors, it means the account has been monitored for quite some time, and let's face it, it's a fairly sizeable exposure on a single card.

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Pretty crazy, just not a call I expected to get.  Plus I have a sizable rewards point balance with them, doubt i'll get that.

[Credit12Fico]

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@californiaboy935 wrote:

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@FinStar wrote:

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@californiaboy935 wrote:

Well they say the things that are too good to be true, usually are... and is seems as though my time at UBS has abruptly come to a close.  Account Terminated by Risk due to insufficient credit length, please pay account full balance by the 21st was the discussion I had with their advisor over the phone.  What a joke, thats not an explination.  Couldnt argue with them or make them reverse course.  Has anyone ever heard of this?  Not sure if I have rights or not.  Obviosly I want to keep the account current when they close it on my credit profile, and he said they would do that.  Is that enough of an assurance? 

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Sorry to hear about the UBS closure.  Unfortunately, there's not much that can be done to have them reinstate the account.  When it comes to terminating accounts due to risk-related factors, it means the account has been monitored for quite some time, and let's face it, it's a fairly sizeable exposure on a single card.

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Pretty crazy, just not a call I expected to get.  Plus I have a sizable rewards point balance with them, doubt i'll get that.

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Try to get them to pay out the rewards. If they won't play ball, then submit an inquiry with the Consumer Financial Protection Bureau to get them to pay out the rewards balance.

[Remedios]

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@Anonymous wrote:

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@californiaboy935 wrote:

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@Anonymous wrote:

Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist. 

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Its a consumer account.  Personally opened. 

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I'm pretty sure they can't demand payment in full when you haven't breached the terms of the agreement. If they're terminating their relationship with you, your card terms are supposed to remain exactly the same as they were before the closure until you pay it off. Keep in mind though, they're not required to report your credit limit so if they choose to report the limit as $0, your scores are going to crash from a maxed out credit card. 

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If they are reporting, it must be accurate. 

Since card has had a limit, it must be reported. Post closure status cannot deviate from what's factual just because they want their money faster ( can't say I blame them, it's a decent chunk).

That's also quite irrelevant since that limit is excluded from aggregate utilization calculations anyway.

Twist ending, balance isn't. 

[californiaboy935]

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@Remedios wrote:

If you close the account, you preserve terms. Pay by date blah blah blah is somewhat intimidation tactic.

You didn't default, and unless you do, it's not reportable. 

You still have to be late for them to report you as late.

As far as everything else, why don't you escalate it yourself? 

Just go higher up and let them know intimidation tactics are still illegal.

Most likely, whomever you talked to is tasked with your account and wants if off their desk. 

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Is it an intimidation tactic?  Scared me to hell.  On phone with business partner trying to drum upo the cash from business coffers.  If not its coming out of my investments and will hurt me. 

[FinStar]

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@Anonymous wrote:

Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist. 

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This doesn't sound like UBS is "bullying" the OP.   There's the lenders side of things (which we're not privy to know) and then the OP's account.  If a lender decides to exit a relationship, personal or business, they can do so (a credit card agreement spells those terms) - so as long it's not in violation of any federal or state laws.

We have no idea what the OP's income is, what transactions were placed on the card (questionable or not), we have no knowledge of what UBS detected as red flags, don't know much about the OP's credit profile, etc.