A Bank of America customer, known as Von, brought to light an alarming issue. His account was closed without warning or reason, leaving him and many others in a predicament.
In 2019, Von became a member of Bank of America by acquiring a Business Advantage Cash Rewards card, offering a 0% introductory rate. His initial allowance was ,500. Going above and beyond, he made full use of his limit, spending and settling his balance three times to a total of ,000 in the first month. Acknowledging Von's spending habits, Bank of America increased his credit limit to ,000.
Fast-forward to April 2021, his balance stood at ,000, though the card was hardly in use. On attempting to use his card, it was declined. It was then he unearthed the fact that his account had been closed.
Despite his efforts in reaching out to the bank, the reason for closure remained unknown. Interestingly, he had earned over ,000 in cashback from his spending on this credit card.
The Bank’s Response
In response to his inquiries, the bank sent Von a check for the cashback amount. Moreover, they waived worth of interest payments. However, the card remained inactive, depriving Von of future cashback opportunities.
Since the incident, Von has steered clear of opening another account with Bank of America.
Not an Isolated Event
Intriguingly, Von's story is not a one-off. Reports of similar experiences have surfaced, involving other prominent banks such as Chase and Citi Bank. These customers' accounts were also closed without prior notice or explanation, mirroring Von's experience with Bank of America.