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Is Bank of America cancelling the majority of its customers’ credit cards?
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.
Business/Finance
Posted by The Curator on Mon Sep 29, 2008 Comments (29)
Compete and total BS.
Posted by debunquer  on  Mon Sep 29, 2008  at  07:32 PM
"J.mcmanus / VP Credit Dept BOA" is a SVP in BoA's IT group. Some genius found his profile on "linked in" and posted an "authentic" reply.
Posted by Debunquer  on  Mon Sep 29, 2008  at  07:33 PM
I phoned tonight and asked BoA if they were canceling credit cards, and they said, "Nope."

False rumor. My card is still valid.
Posted by gizmodog  on  Tue Sep 30, 2008  at  12:10 AM
BOA and there credit cards suck they push em on bank customers like they are candy. A teller asked my wife if she wanted on and she said no and the teller went on pressing her to get one for atleast 10 minutes before admitting that she had already pressed the button saying my wife DID want on by mistake.
Posted by t  on  Tue Sep 30, 2008  at  01:58 AM
I changed the status on this to "False".
Posted by The Curator  in  San Diego  on  Tue Sep 30, 2008  at  11:27 AM
Interbank lending is still going at around 4%. They'd be foolish not to loan money at significantly higher rates.
Posted by JoeDaJuggler  in  St. Louis, MO  on  Tue Sep 30, 2008  at  03:17 PM
There was a rumor on a very popular radio show that some banks were reducing -new lines of credit- by 60%. Car,business and home loans. Alot more believable.
Big difference than saying yer bank is revoking 60% of current credit card accounts.
Posted by KeaponLaffin  on  Tue Oct 14, 2008  at  10:13 AM
I found this site by searching "Can BofA just cancel your credit card for no reason?" This just happened to us today - My husband called to ask them to lower our interest rate. We have a 40,000 limit and credit available of 17000. No lates ever, larger than minimum payment monthly. Operator says oh! we must close your account and transfer you to "credit counseling" who then just said the same thing. When asked to be transferred to a supervisor the call was "dropped" Called back and spoke to Acct. Supervisor who apologized reopened account (which was ACTUALLY closed) and lowered rate to 0% for 12 months and 5.99 till 4/2010!!! What? No explanation just an apology for the inconvenience!
Posted by Kim  in  huntington beach ca  on  Tue Oct 14, 2008  at  07:09 PM
Yes this is true! I just had my credit card rate doubled for no reason. After complaining, my rate was reset to the original rate under the condition I close the account after it is paid in full. I am not to charge any more on it in the meantime. BOA has lost my business forever!
Posted by Joe the Plumber  in  Pennsylvania  on  Thu Oct 16, 2008  at  07:09 PM
I believe I have a good enough credit score to be safe from this, however it's a little unnerving. I think it is just a rumor, though. However, if it did happen, I'd probably start banking at a credit union.
Posted by
I agrre something is going on with B of A. They issued me a platinum MCtwo weeks ago. I called to ACTIVATE it today and was told the account along with my 2 other BofA accounts were closed. $25,000 credit line and just closed no reason. My credit is perfect before someone tries to say credit score problem. NEVER late own a home money in the bank, if they cancelled me??? I feel sorry for any joe blow trying to get credit.

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.
Posted by CJ in SC  on  Fri Oct 31, 2008  at  07:43 PM
YES ITS TRUE. they closed my freaking 5 personal and 2 business accounts today!!!!!!!!!!!!! they suck big time
Posted by Elina  in  LA  on  Thu Nov 13, 2008  at  10:23 PM
They cancelled my card last week. The card was paid off $5000 and the representative was rude and hung up the phone on me....no explanation!!!
Posted by lisa  in  orlando  on  Thu Dec 25, 2008  at  06:41 PM
My credit card that I used for monthly expenses and paid off every month was just closed without notice. The B of A rep told me the "systems are down for maintenance" at Bank of America, so I wasn't able to get any information.
Posted by anonym  on  Sun Feb 01, 2009  at  11:14 PM
I had an open line of credit with BofA and they cancelled it. I also had a credit card that I faithfully paid on time, and they jacked the rate up on me - forcing me to exercise an opt-out clause which closes the account. The big banks are in trouble and think that its customers won't be paying their bills, disregarding any responsible use of credit that may have been displayed over the years. This type of activity will cost them dearly in the long run.
Posted by Banks .  on  Thu Feb 05, 2009  at  11:52 PM
B of A first called to tell me they were lowering my credit limit on my VISA card (opened in 2005). Then I noticed thru my banking online that they closed my $10,000 line of credit(opened in 2008 - never used) $0 balance. When I called and asked about it, they started rattling off my credit info from 7 years ago. 2 days later I received a letter in the mail saying that my VISA acct was now closed. They did the same thing to my spouse. No late payments, no overlimits, larger than minimum monthly payments.
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!
Posted by karen  in  california  on  Tue Mar 10, 2009  at  06:38 PM
I have been a BoA customer for 15 years. I have a checking account, Savings account, an IRA and 4 credit cards with them. I have a 3500 balance on 1 credit card and the others are balance free.

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
Posted by T Jones  in  Dallas  on  Wed Apr 01, 2009  at  06:30 PM
this is definately true. they closed by card and it was not due to expire for another 2 yrs. i called the rep who said he would have the cardreinstated and then received a denial letter in the mail. its a small 4k card that did not have a balance on it. i have been a customer of theirs for over 12 yrs. my credit score is well over 750 but i dont know how this will effect my score. i did not even apply for a card. i just asked for it to be reinstated...it was not due to expire fr 2 yrs. i had no idea that they were even taking a credit application. i made it very clear to the rep that i did not want to apply for anything. i simply wanted the card reinstated. he told me he was not taking an application but simply reactivating the card.
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!!
Posted by robin  in  south carolina  on  Fri Jun 26, 2009  at  10:32 AM
Thats not good at all, closing down credit cards that way!
Posted by Pete  on  Sun Oct 04, 2009  at  02:51 PM
Bank of America just closed my Signature Visa (Unlimited credit) and two other cards totaling $103,000. I just paid them $60,000 and paid off in full recently. Been a customer forever and my score is 800's. This will have a huge impact on my score as it is reducing my available credit. They have no reason, perfect payment history, never late, high score. This to me is an attempt by these wicked banksters to go after excellent credit risk by doing this and resulting in major drops in their score. I worked hard to have an excellent score. FYI I OWE ZERO to Bank of American personally and have no balances. This is a complete scam that should be investigated by the Government.
Posted by ANGRY AT Bank of America  on  Thu Oct 22, 2009  at  04:40 PM
BofA just closed my small household checking account and charged me $40 to do so. HISTORY: I called BofA to find out how to close a joint account and put the account just in my name. I got the paper work and took it to a branch for ID verification. When I tried to activate my new ATM card it was declined. When I went into the local branch to find out what happened I was told that the Risk Department found me to be too big of a risk for BofA and was closing my account. When I called the Risk Dept. I was given no reason for the cancellation and was refused the opportunity to speak to a supervisor. The icing on the cake was deducting a $40 Account Research Fee from my $252.00 before they sent me the refund. I still have not heard from a supervisor. I have a mortgage, HELOC and Platinum Plus Mortgage Rate Visa with them as well. They cut off my HELOC about a year ago and reduced my available credit on the Visa Card from 21,000 to 13,500.

No one will talk to me...they just tell me I'm too big of a risk for BofA.
Posted by Tim Parrott  in  Morongo Valley, CA  on  Fri Nov 06, 2009  at  03:31 AM
They just closed my gold account with no notice as well. Great service... not! Good to see it's business as usual for the banks out there. Since credit history no longer comes into play (I have a 798 Fica score) I'm going to just let it go to hell and not pay them back a dime.
Posted by James Smiley  on  Mon Dec 14, 2009  at  05:46 PM
Thanks to all who posted here. Same happened to me, FICO above 760, never missed payments since 2002, had a zero balance when this happened and normally kept a zero balance the entire history of the relationship with this bank. Called before XMas to request lowering of interest rate on VISA which had only $1,000 limit..put on hold, when rude rep. came back he declined decrease and informed me that the account was now 'closed' by the bank...citing some disputed incident on my credit report that was contested at the time I originally opened the VISA. I was told that I 'might' qualify for one of those accts. backed up by a CD despite having savings in BOA 10 times higher than the credit line! Somethings very rotten at BOA and I'm running to a local bank -- not to open a credit line, but to put my money where perhaps 'net worth' and consistent credit performance (evidenced by a pretty high FICO) means something and one dept. is not isolated from another even in this age of digital data transfer.
Posted by lhallca  in  Santa Barbara, CA  on  Mon Jan 04, 2010  at  07:52 PM
The truth of the matter is that BoA, like all other banks, has been taking advantage of us all, making huge profits with our hard earned money, by maneuvering us. Do not get tricked by reports like:
Posted by Chris  in  Florida  on  Thu Jan 28, 2010  at  11:12 AM
Yes it is true. I called BOA to ask a question and in an instant they canceled 4 of my cards. They said I had too much credit, however all the credit increases throughout these years were their doing. I never asked for an increase. I was not charging anything, all I was doing was paying off some small balance transfers from 4 years ago. I did not deserve this,,,never been late, never missed a payment. I also have a nearly perfect credit score because I never apply for new credit and do everything I can to keep it high. Now they have ruined it and I did nothing to deserve it.
Posted by karen  in  York, Pa  on  Thu Feb 11, 2010  at  06:36 AM
Had old MBNA -now B of A - VISA credit card closed without notice in the Fall of 2009 after 23 years TWENTY THREE spotless years --found out about the closed account on a credit report. I have a very high -good -credit score --no letter was sent informing me of the closure .

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?
Posted by Betty  in  USA  on  Sat Feb 13, 2010  at  10:30 AM
BofA just closed 5 of my credit cards and 3 of my husband's credit cards - all on the same day. 750+ credit score. And no missed payments in 20 years either.
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!!!
Posted by Jumba  on  Sun Feb 14, 2010  at  03:17 PM
I got a letter from Bank America telling me that they were canceling my 25,000 line of credtit which was linked to my business checking. I have never ever paid a bill late, but the analyst just told me that there was nothing he could do about it! Alot of good Obama did! Bailed them out only so they could screw their good customers. If any one knows any recourse please let me know,
Posted by Dawn Jacobs  in  Poughkeepsie, NY  on  Thu Mar 25, 2010  at  10:41 PM
I went online yesterday to check my balance and discovered my Bank of America VISA no longer was present. I called and discovered it has been closed because the vendor reported the numbers were compromised. They refused to give out the vendor name. I see no reason why they should be protected.

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!
Posted by Jason  on  Wed Feb 16, 2011  at  01:18 PM
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