This rumor is going around:
BoA to close credit cards for approximately 60% of customers?
"I work in Credit Department at BoA (Senior Level Credit Analysist Boa Bldg 3rd fl, Char, NC). We just received memo indicating that all BoA credit cards are being closed as of 10/1. Credit score and income do not matter, all accounts are closed as of 10/1." Executive VP Bank of America
"This is true, but not as bad as he/she says. We are closing accounts, but only ones with credit scores under 750. We will reopen cards within a year as long as crisis lessens." - J.mcmanus / VP Credit Dept BOA
The news is sourced to
iReport.com. If true, it would be another sign of the deepening financial crisis on Wall Street, but Bank of America doesn't have any info about this on their
website, so my guess is that the rumor is false.
Comments
False rumor. My card is still valid.
Big difference than saying yer bank is revoking 60% of current credit card accounts.
I think credit cards are on the way down the toilet and BofA is trying to limit any possible losses.
one more thing i sat on hold for 72 minutes before i got someone to answer and tell me nothing.
We are now closing all 5 of our checking and savings accounts with B of A. They are punishing the responsible customers, and offering lower interest rates and cutting balances for the people who are behind.
I hope they go under big time!
I received 3 letters today saying 3 of my 4 credit cards were being canceled due to issues with other creditors (basically saying my credit score was below some magical threshold)
I will be calling them tomorrow, but this does surpriise me as I have never had problems with payments on any of my BoA cards
i have never been denied credit anywhere. this is an absolute insult. my income is high. my debts are low and my credit is stellar.
ho dare they deny me and suggest that i do not know how to handle my finances as i spend my tax dollars to bail them out due to their incompetence.
this is a complete and total outrage!!
No one will talk to me...they just tell me I'm too big of a risk for BofA.
Called B of A -was told new card would be sent within 7- 10 days . Then when I didn't receive it -called and was told no record of first call. Wrote a 44 cent letter to them--no reply.
This bank is untrustworthy . And isn't trustworthy the primary thing a bank should be?
Only mistake: We applied for a home loan with them. They promptly pre-qualified us for the home loan, and even more promptly cut the 8 open credit cards!!!
In addition, my wife is currently on travel, caring for a terminally-ill relative and now she has no way to pay for expenses, including baggage checking on the way home. Bank of America is terrible! Their customer service person was a total jerk. Find a different bank!
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