A massive US bank unexpectedly closes customer accounts in its latest scandal leaving the affected user unable to buy groceries.
The Bank of America customer has claimed that all of her credit cards were abruptly canceled with no warning even though she never missed a payment.
Jessica, a customer of 20 years, said she was ready to “eat the rich” for dinner when she couldn’t afford to buy her groceries, reports The-Sun.
In a video, the TikToker opened by saying she had been struggling to balance her financial debt with her credit card payments.
The hiked interest rates and increased cost of living left her in a critical situation, and she had to call Bank of America for some help.
She told the bank that she had been a valued customer who hadn’t missed a payment for 20 years and asked what her options were.
“I talked to them about one particular card that is just out of control,”
she said, explaining that the minimum amount required to pay each month was too high.
The bank offered her a deal that would give her a lower minimum and decreased interest rate for 60 months, but she had to cancel the credit card.
“So I’m like that sucks, but it’s OK because I have other cards,” she said.
Jessica explained that she had opened other accounts to supplement rent payments that she couldn’t afford at the moment and fund monthly subscriptions necessary for her job.
Before agreeing to the deal, Jessica said that she made sure to ask that her other cards would remain open.
She was thinking, in particular, of one credit card that has an 11% interest rate which is “unheard of.”
“You can’t get that anymore. It’s like a lifeline,” she said.
According to the TikToker, the bank employee assured her the other cards would be fine, so she took the deal.
But later during a shopping trip, Jessica was horrified when none of her cards would go through at checkout.
“With not so much as a message in the app, a phone call, an email warning, they canceled every single credit card that I have with them,” she said.
After a frantic phone call with her bank, Jessica said she learned Bank of America reviewed all of her other cards and decided to shut down the accounts.
Now, she’s wondering how the company has the power to cancel all of her credit cards without even giving her a warning.
Outraged by the incident, Jessica told her followers: “I’ve got nothing left to lose guys.
“I was already hungry, but thank you Bank of Scamerica for making sure that I’d be starving.
“So that when it comes time to eat the rich, I’ll have plenty of room for you.”
Other Banking News Today
Massive banks in Illinois are now closing down according to fresh data from the Office of the Comptroller of the Currency (OCC).
This week, five new locations have been added to the growing list of bank closures in Illinois.
Four of these branches closing this week are PNC Banks, which announced that 19 branches would be closing nationwide in February.
- Chicago PB. 10 S. Wacker Dr, Chicago
- PNC Bank. 5650 South Brainard Ave, Countryside
- PNC Bank. 1140 N Main St, Gainesville
- PNC Bank. 2217 W Market St, Bloomington
- PNC Bank. 1949 E Sangamon Ave, Springfield
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors.
The increase in bank closures means many people must travel further to reach their nearest bank, primarily impacting vulnerable and elderly customers.
Online banking is the primary reason as to why we’re seeing less and less physical branches now.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
Below is a list of banks that have closed in Illinois or are scheduled to close within the next few month:
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