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View Full Version : Closing my Bank of America accounts


gbm85
04-02-2009, 10:36 PM
I got a BoA credit card about 3 years ago. They gave me a credit limit of $700. I was never very good about paying it down, but I've been good about making at least my minimum payments on time.

Well, when I started my new job in December, I decided I wanted to get rid of my credit card debt. I've been paying on both cards I have (one with a different bank) every single paycheck. My other card is now paid off, and my BoA is at just above $400.

My wife went to the chiropractor today and tried to use my BoA card (she has a card with my account number but her name printed on it). It was declined. I checked my online banking, expecting to find some unauthorized charges, but everything was in order. Except my credit limit had been lowered to $400!

I called the number on the back of my card and got some song and dance about how the bank is "restructuring" and my credit history has shown some late payments on other accounts... which is total bunk. I haven't had anything negative added to my credit in at least 6 months.

I asked how to lodge a complaint, and she gave me some P.O. box in Delaware. My wife and I are going to close our Bank of America accounts and I'm going to write them a letter to that effect.

I'm going to pay off the remainder of my balance within two weeks. I will not be carrying a balance with them anymore after that. I know they might decide to cancel the card altogether, and that might lower my credit score, but I really don't care.

They better not try to charge me an over-limit fee either. Pricks.

katie kaboom
04-02-2009, 10:52 PM
Take my advice, pull every penny you have out of that bank and NEVER go back. I had a credit card, 2 checking accounts, a savings account and a loan from them. To make a long story short, they stole about $6,000 from my fiance and I and destroyed my credit. We are still trying to recover.

The same guy calls from BOA everyday demanding we pay them the $6,000 now. I hear from him more than i hear from my own mother. They have been an absolute nightmare to deal with. :cry:

sexiphatchick
04-03-2009, 01:52 AM
I cannot shout this loud enough: BANK OF AMERICA SUCKS!!!


I had a debit card stolen while I was with them. I disputed the fraudulent charges and they refunded me the money. A few months later I had several hundred dollars taken out of my account, sending me waaaaay into the negative. I called them up to find out why, and they had taken the money back out that they had previously refunded me. They had apparently denied my claim and didn't even bother to tell me. Their reasoning for denying the claim was that it didn't fit their pattern of fraud, because I had shopped in one of the stores before.

The account stayed in the negative until they finally closed it out. I absolutely REFUSED to pay it to them, on principle. They boast about protecting you against identity theft, and it's all a crock. It's still on my credit report, but I don't care. I don't have good credit anyway. What's one more thing added to it.

I agree with katie kaboom. Take your money out of there as fast as you can and RUN!!!!

Mr Slugger
04-03-2009, 01:56 AM
While I haven't heard anything good about bank of america I know that they aren't the only ones that have been cutting back. Wells Fargo cut $6,000 off my house emergency credit card account. No notice, nothing. I only noticed it because I put some on it this week doing some repairs around the house, and I was trying to make sure to stay under a number. Which luckily my number was lower than my new limit. Chances are now I'll end up closing that account because my new limit really couldn't cover an expense of say the roof needing to be replace, hot water heater, etc. I'm watching a couple of my other cards because yes I never use the limits fully. I know a couple of people though that got their amex cards cut back. Bank of America has been doing some weird things as well. Pretty much you've got to worry about any bank that's been in the news I guess.

PhotoChick
04-03-2009, 02:18 AM
Congrats. I'm in the process of moving all my money out of my BofA account. Just opened an account with Alliance Credit Union (online) and ShoreBank. I get the best return for my money right now, 3% (and 2.8%). Might as well get something back on the money. I'm tired of having them charge me an overdraft fee when it was a hold and there was money in the account.

blas
04-03-2009, 02:23 AM
I'm debating right now to closing my Bank Mutual accounts and going to RCU instead. Bank Mutual has virtually no ATMs around here, they charge a service fee for ANY non Bank Mutual ATM, and there's always been a monthly fee just for using your debit card. In the past months, it's been anywhere from $5-$7, just for USING my card. I'm done with that. I'll go to RCU and not have to pay a monthly fee just for having a checking account/debit card. No bank is that special that they can just charge people for using their card and giving them business.

Broomjockey
04-03-2009, 02:23 AM
You know, any bank that modifies your accounts in any way without letting you know in advance is just pulling a dick move. Sounds like you'll be well shot of them.

RecoveringKinkoid
04-03-2009, 03:11 AM
I could go on for great, lengthy, boring pages worth of complaints about BoA.

I will distill it down to this: close your account and run, don't walk, to a credit union and open an account there. You will not be sorry.

BethB
04-03-2009, 03:13 AM
Credit unions are the way to go. Plus I've been hearing about what credit companies and banks are going to do about people who pay on cards but only pay min. payment and don't bring the balance down and such. it's not happy news

AdminAssistant
04-03-2009, 03:18 AM
:shrug:

I use BoA. It's the only bank with locations both here and back home. I've never had any problems. I dunno, maybe I've been lucky? I only have bank accounts, not a credit card.

Now, my credit card company said they'd be raising interest rates, but I imagine that's pretty common right now.

Evil Queen
04-03-2009, 03:43 AM
I'm sorry, but BoA has sent out notices about lowering come accounts. I have one, but they never changed my limit. Probably because I've only had the credit card for a year. My limit is still the original $500.

It's been in the news about banks lowering credit limits as well.

I'm sorry you've had such bad luck with them. They've been nothing but wonderful to me (even during Ike when I wound up overdrafting 5 times. They refunded all of the overdraft fees with a call and an explaination that I currently live in a disaster area). I have a checking account, a savings account, a credit card and I'll soon be opening a 1 Year CD with them.

Broomjockey
04-03-2009, 03:54 AM
Please don't bash my bank.

I bash people's ISPs with impunity. Why should a bank get more consideration? :devil:

Bandit
04-03-2009, 04:01 AM
I've worked for a bank.

They deserve all the bashing they are getting. Never been around as many money-grubbing, Type AAA personalities in my life.

A trade would go bad, they would take a receiver and bash the shit out of a $10,000 specialty phone and then scream at me as I'm replacing it within 5 minutes.

I get yelled at, and they don't even get a note that they broke a $10K phone in their file. Yeah - there's a reason I didn't stay too long there.

If I had any money, it would be in the mattress now.

B

Evil Queen
04-03-2009, 04:13 AM
I bash people's ISPs with impunity. Why should a bank get more consideration? :devil:

:lol: Well, I edited the post since, after some thought, I decided "bashing" is a bit too strong a word.

You're so cute. *hugs*

I did FIND my credit card info though.

Your Credit Limit: Your credit limit is disclosed to you when you receive your card and, generally, on each monthly statement. We may change your credit limit from time to time. The amount shown on your monthly statement as Cash or Credit Available does not take into account any Purchases, Cash Advanced, finance charges, fees, any other transactions, or credits which post to your account after the Closing Date of that monthly statement. Such transactions could result in your credit limit being exceeded and result in the assessment of Overlimit Fees and loss of Promotional Rates.

Now this is for the Platinum Plus card (ie, their "building your credit" card) but I have all ideas this is the basic agreement. It also states further in;

We May Amend this Agreement: We may amend this Agreement at any time. We may amend it by adding, deleting, or changing provisions of this Agreement. We may increase or decrease any or all of your APRs. We may increase ant or all of your APRs to rates which exceed the Default Rate. When we amend this Agreement we will comply with the applicable notice requirements of federal and Delaware law that are in effect at that time. <snip>

It's getting too long to continue on. All the info is in your Agreement.

Broomjockey
04-03-2009, 04:59 AM
You're so cute. *hugs*


daaaawwwwwwww :o Thanks *hug*

draggar
04-03-2009, 09:55 AM
:shrug:

I use BoA. It's the only bank with locations both here and back home. I've never had any problems. I dunno, maybe I've been lucky? I only have bank accounts, not a credit card.

Same here - no issues with BoA - it was Wachovia we had all the issues with. My wife's purse was stolen and they allowed them to pull well over $4,000 out of our accounts.

We called them and had the card canceled - time stamped.
During the rest of the day they spent over $500 on her debit card and they allowed it.
We closed the checking account and created a new one. They STILL used it and the bank decided that since the account was closed due to a stolen card, they would pull it straight out of our savings account, over $4,000.

They then said that we had to call and tell them exactly how much we were spending before any charge would be approved (I'm sure this went over well at the grocery checkout). They constantly refused the charge WHEN MY WIFE CALLED yet still allowed the person who stole the card to continually use it.

We left Wachovia rather quickly. Not a single place checked ID even though my wife signed the back of the card and wrote "CHECK ID" (they knew who stole it - it was on the security camera - my wife is a thin and petite white girl, the person who stole it is a tall, large black woman).

Mr Slugger
04-03-2009, 10:57 AM
Credit unions are the way to go. Plus I've been hearing about what credit companies and banks are going to do about people who pay on cards but only pay min. payment and don't bring the balance down and such. it's not happy news

You know I had an account with a credit union from when I moved to rockland 9 years ago. 4 years ago I tried opening an account at Citizens Bank. Took 5 months of those idiots before I switch back. While credit unions aren't all over the place and some don't have the features of the big banks and such (back then the thing that lured me away was online bill pay). But I get good rates if I go in with a deposit I'm alway in and out in a minute. You know instead of 1 teller there's always like 6+.

My brother in law's bad experiences have been with overdrawing his account. He over drafted his account by like $3. This hit him with a overdraft fee. Because he didn't have the money to pay the overdraft fee in his account they hit him with an overdraft fee again, because he didn't have the money in his account for that they charged him another overdraft fee. Ended up with like $240 in overdraft fees for a $3 overdraft.

draftermatt
04-03-2009, 03:06 PM
To me Bank of America, Citi, etc. the banks that are constantly in the news (especially lately) are the ones to avoid.

But there are always people who have good experiences, others bad. That's how places stay in business. If everyone hated them, they'd never stick around.

My question, how did everyone get cards with low limits?

I applied for a card with Chase Manhattan to use only online (I did this after Capitol One kept "forgetting" to send me bills and then bitching when I wanted the late fee removed. I once received one where the post mark was after the due date).

I got the card, and they had given me a $13,000 limit!

I do use it online, but damn I didn't want that much.

Caveat Emptor
04-03-2009, 05:58 PM
There was a story about how some cc companies and banks have been cutting limits below the current outstanding balance, even with good customers, causing purchases to be declined. I would drop them like a hot potato, which is what I did 10+ years ago with a Visa card when they were going to start charging me interest from the moment I carried any balance. Nooooooooo sir. No &$%@$ way.

Peppergirl
04-03-2009, 06:39 PM
I hear some bad things about my bank, US Bank, but I have to say they've been nothing but good to me. I think it has to do with my local branch, so YMMV.

When I first got divorced, I'm embarassed to say I didn't know ANYTHING about a checkbook or checkcards or how things clear or things like that. I am fairly intelligent and educated, but I got married at 20 and he did all the finances.

Needless to say, when I first opened my account, I had no idea what 'pending transactions' meant, etc - and bounced checks and fees all over the place.

They sat me down, helped me figure everything out, and credited my account back ALL the fees. In the 4+ years since then, I've learned how to budget and handle my limited finances and am so grateful that this branch was willing to help me by crediting back honest mistakes and basically teaching me how checking accounts work.

Again, I'm a bit embarassed to admit all this, but I had to put in a plug for US Bank, at least my branch, and hopefully maybe they're good to everyone. :)

Best of luck to you in your switch. I can honestly say, given your experience, I don't blame you for wanting to move.

wagegoth
04-03-2009, 08:07 PM
I have an account at US Bank. I originally set up an account with a small local bank which was acquired multiple times, resulting in my account with US Bank. They fired or pushed out nearly everyone from the old bank. They ended up with a manager that I thought was a security card. He was young, shaved his head (no, it did NOT look good), and wore really casual clothes, including a Member's Only jacket (yes, the 80s are rising from the dead). I could live with that, except he was stupid. I asked for information on setting up an IRA. The firm I worked for had closed and we were getting our 401(k) money and I wanted to roll mine into an IRA. He had no clue about the procedure. He called someone else, and they didn't seem to know what to do. But the topper was then he became really condescending when I expressed my doubts about his recommendation. Hey, fine, I walked a block down the street and set everything up with another bank. The new bank is so helpful and friendly. I still have my credit card and such with US Bank, so I deposit some money with them, but most goes to my new bank.

SG15Z
04-03-2009, 08:37 PM
I have a CC with BOA. Had it since 2006 and been fine. :shrug: Then again I only use it to pay for my gas, and pay it all off every month so credit limits and interest rates have never been a problem. Though I have considered switching to a different CC for various reasons, and now after reading about so many people having problems I might just do it after all.

ditchdj
04-03-2009, 08:56 PM
I heard that this is a major trend. Banks cutting limits BELOW what your balance is. They do it because they know they can get away with it....

http://www.smartmoney.com/spending/deals/banks-lowering-consumer-credit-card-limits/

katie kaboom
04-03-2009, 09:11 PM
I had an Express card and they did that to me. They do it so they can hit you with an overlimit fee. It's too bad too, because i loved shopping there. But no more. You treat me like crap, i take my business elsewhere.:p

ditchdj
04-03-2009, 09:31 PM
I read they can legally do that until July 2010 when new credit card regulations go into effect.

You treat me like crap, i take my business elsewhere.

BINGO! That's EXACTLY what more people need to do.

Kiwi
04-03-2009, 09:41 PM
strangely I have had the opposite problem, I never carry a balance ever. My creditcards are in a box on my desk buried under bills and reciepts that I have to fight through to retrieve them (to reminds me of all the stuff I have to pay).

My card balance has always been $500 and every six months like clock work they try to put it up to $1000. This Jan they put it up to $1500 and I had to send in a letter asking them to lower it as they wouldnt accept a phone call! This is despite the fact I have NO personal income, I live in a different country and I have repeatedly been assured that the card limit will not be increased again.

Stupid banks...

katie kaboom
04-03-2009, 09:42 PM
BINGO! That's EXACTLY what more people need to do.

I know. It sucks though, cause literally every pair of jeans i own is from Express. And i'm picky about my jeans.:(

flybye023
04-04-2009, 12:54 AM
I left B of A when they starting charging me ATM fees...for their own ATMs. Unfortunately, not three weeks later my credit card company sold out to B of A so I was stuck right back with them. :( 25% interest, no less. :cry:

Boozy
04-04-2009, 08:37 PM
Again, I'm a bit embarassed to admit all this, but I had to put in a plug for US Bank, at least my branch, and hopefully maybe they're good to everyone.

That's what makes people stay with their banks; good people at the local branches.

I'm not 100% comfortable with the bank my husband and I have our mutual funds with, but my husband really likes the banking officer assigned to us. He's been fantastic. So we'll stay with that bank as long as he does.

Evil Queen
04-04-2009, 08:40 PM
Flybye, you may need to get a different credit card. Your interest shouldn't ever be that high unless you've defaulted a few times.

Kogarashi
04-05-2009, 10:48 PM
strangely I have had the opposite problem, I never carry a balance ever. My card balance has always been $500 and every six months like clock work they try to put it up to $1000.

Hubby and I have the same issue. We pay off our Amazon card like clockwork at the end of each month, so we never have interest payments to make. Quite a few times, they've raised our limit by a bit to encourage us to spend more (and, I presume, actually carry a balance). We never do, but we also don't ask them to lower it again. It's still a lower limit than the very first card I ever got, which is now canceled.


(Seriously, how does a 19-year-old manage to qualify for a $5000 credit limit?)

blas
04-05-2009, 11:36 PM
Well, they upped my credit card limit after a year of inactivity to $1500 when I was 20.....I didn't ask for that.

I asked for an increase when I needed a new engine, I only need a few hundred more....and to my surprise, Capital One said no. Even though I had never maxed out my card or ever made a late payment in my entire history with them.

Tomorrow is the big day I tell my bank if they're going to keep charging me $5 or more a month just for having a debit card, they've lost a customer. I don't see why anyone would even be willing to lose that much every month just for having a checking account/debit card with a bank. They aren't special.

SG15Z
04-06-2009, 12:56 AM
Tomorrow is the big day I tell my bank if they're going to keep charging me $5 or more a month just for having a debit card, they've lost a customer. I don't see why anyone would even be willing to lose that much every month just for having a checking account/debit card with a bank. They aren't special.

They charge you a $5 a month to use a Debit card. Oh yeah definitely leave that bank!