A massive US bank is now closing credit cards without warning according to new customer reports on social forums.
A Reddit user says Bank of America closed a total of four of their credit cards with many other (now ex) customers confirming the same experience.
They explained that they had missed one payment six years earlier and had an “almost perfect” FICO score.
“I checked TransUnion and the bank in question had checked my credit report one day then promptly on the same day sent a mail with no details on why my credit cards I had for 10+ years…was closed,” they wrote.
The customer service representative didn’t give them any details on why the accounts were closed, but the poster did say another institution they have a credit card with ran their credit report the day before BOA made the decision to close the card.
In the replies, people shared tales of caution from similar experiences and offered advice.
“BOA did this to me. Called and talked with a nice lady for an hour and she found out why. Try calling in until you get connected to someone helpful,” wrote one person.
Another added: “I shut down my checking account with Bank of America and 6 months later they closed my credit card. No letter, warning anything.
“Weirdly, they left the other credit card I have with them open. No late payments on either, so who knows.”
Unfortunately for customers, banks do reserve the right to close accounts abruptly with little explanation, reports The-Sun.
Other Banking News Today
A retired couple now reports their life savings money getting drained from their Wells Fargo account in a span of two days.
The couple were left terrified after the person on the other end of the line flagged some charges related to illegal activity, reports The U.S. Sun.
But Judith and George Mijarez, of San Antonio, Texas, were scammed by fraudsters into withdrawing thousands of dollars, per the Fox affiliate KABB.
Judith revealed she received a warning on her tablet, prompting her to call a number she thought belonged to Apple.
She then received a call from a number purporting to be from the Wells Fargo fraud team.
“She proceeded to tell me there were charges on my account, quite a bit for child *orn,” she told KABB.
The couple then received a call from a person purporting to be a Justice Department worker.
They allegedly urged them to withdraw their money because their Social Security account had been breached.
The fraudsters claimed the savings would be protected.
The couple went to a convenience store and transferred $14,000 to a cryptocurrency account.
Around $43,000 was withdrawn from the couple’s account in two days.
Reflecting on the ordeal, Judith wished she ended the call that she believed was from the Wells Fargo worker.
Wells Fargo has shared a series of tips that can help users avoid being scammed.
The banking chain, which has thousands of branches nationwide, never asks for users’ PINs, passwords, or one-time access codes.
Wells Fargo has warned fraudsters may frame themselves as a government worker or bank representative.
Customers have been urged never to click on links they don’t recognize.
And, they shouldn’t reply to messages that ask for their personal details.
Wells Fargo said: “When asked to ‘act immediately,’ do the opposite.
“Go slow and resist the urge to respond right away.”
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