I had been a loyal B of A customer for about 25 years. I always thought this was the bank for my needs.
I trusted this bank with all my personal and business accounts. Because of my trust this 150Billion Dollar bank was able to steel around $4000.00 cash rewards, by closing my credit card accounts without giving any prior notice or valid reason. This bank not only broke my trust it also mislead me into believing that this cash rewards program was legit. To me this program is fraudulent.
They started my account in August of 2012 with credit limit of $12,500.00. In October 2012 they raised my credit limit to $20,000.00. Then in February 2013 my credit limit was raised again to $25,000.00. In March 2013 they issued me another reward card with $15,000.00 additional credit limit misleading me into believing that they wanted more of our business.
Then on June 3rd 2013 without any warnings they just canceled both cards. I could have taken this money out $500.00 at a time like I do now with my current bank. I was saving this rewards money for our family vacation in August. What better place to save it in than my “trusted bank”.
When I called the bank on June 3rd to find out why, the customer service rep had no answers.
When I asked about our cash rewards I was told that I get to keep them and was given the phone number of their closure department to claim the rewards money. I called the closure department next day and was advised by one of their reps (unpleasant one) that I had forfeited my cash rewards. I have never been late in any of my financial obligations. I pay all my bills and my employees on time.
I have a perfect credit (Top 10%). I can’t figure out a reason why this bank would close my accounts. Certainly I did not give them any reasons. I would love to get a valid reason from this bank.
By closing our accounts without prior warning they created total financial chaos in our organization. After doing a little research online, I realized that it is normal business practice for this bank. This is exactly how they make their billions.
This bank should be punished for this kind of business practices. Stay away from this bank, it is misleading, fraudulent and conniving.
Product or Service Mentioned: Bank Of America Rewards Program.
Monetary Loss: $4000.