Originally Posted by
SeekGreatDeal
My data point: 2% Fidelity reward card, account opened in less than 3 month and earned about $600 reward (about $490 was earned in one month during Safeway promotion). At this point, CSR's attitude or what ever the bank likes me or not should not be included in any decision making fact. BofA for sure favor the shut down decision, because BofA can keep all the transaction fees(4%?, don't know exactly, anybody can give some data input?) from retailer(Safeway) and skip paying out $600 to me. That's why I(or all other people get the accounts shut down and didn't get the cash back) have to go to SCC to require a fair judgment. I read through all the T&C, most of it is for the bank to ensure you pay them back or they will charge this or that fee, plus int.. I didn't see anywhere says I can not buy x amount of y item at A store(that's all I did). You can have your like or dislike, it all comes down that which rule do I break? where is the rule in written?
Shutting down account(sure they say they have all the rights to do so) without paying out the cash back and still keep all the transaction fees from retailer is a deceptive business practice way. If average one customer is $600, then shut down 10000 customer, BofA cold keep $6000000 legally in addition for all the transaction fees they received. Umm, everyone should consider open a bank that offer a credit card that may better than Fidelity 2% reward to attract as many as people to use it, then shut the account down(make sure on the T&C states that you reserve all the rights to do so:close account and forfeit all the reward) to collect all your money(probably more than $6000000, that's way better than you apply bank's card earning miles and points(or other reward)). I plan to go to SCC (welcome any data point from anybody who ever had court experience) and would like to see whose side the judge will take(sure the judge will have sufficient reason to support the decision): the big cooperation BofA or me(a consumer who did not violate T&C). How much should I ask for the SCC? What kind of fees or cost I should include besides the $600 (I mailed letter to BofA only asked the $600 reward to be paid)
At a minimum, it is the amount owed plus the court costs involved. Some states allow compensatory payment / punitive damage payment. You would need to check with your own state on the SCC regulations.
Yes. Do file both the CFPB and a letter to the AGO of your state. Then file a SCC 30 days later. You have not violated any T&Cs. Sure the banks can claim they can close the accounts for any reason but if you have not violated anything specified in the T&Cs, they are obligated to pay you back the reward earned but confiscated by the bank. We consumers dont want the litigation but sadly it seems only when you file a suit, the banks would ignore you.
The only mechanism been reported fair rate of success is the SCC filings.
You can serve the local branch the summons. No need to search up and down as to whom or where to serve the suit, local branch would do. By default a physical presence of a company doing business in the judicial district where you file the claim, becomes an agent of the company and is obligated to accept the notice.
Dont be intimidated by the bank. Go for the fight.
SCC requires a pre-trial meeting for obligatory mediation. If you have not received a settlement proposal by then, see the bank's representative at this meeting. Make sure you have all your papers ready and your arguments well-written. Chances are, though, the bank would contact you before that.