Closing my Bank of America accounts

[gbm85]

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]

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.

[sexiphatchick]

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]

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]

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]

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]

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]

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]

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]

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]

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]

Please don't bash my bank.

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

[Bandit]

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]

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

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]

You're so cute. *hugs*

daaaawwwwwwww Thanks *hug*