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Elan Financial Services closed my Fidelity account without notice; forfeited all of m

Elan Financial Services closed my Fidelity account without notice; forfeited all of m

Old Jul 31, 19, 10:01 pm
  #1  
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Elan Financial Services closed my Fidelity account without notice; forfeited all of m

Please give advice...

I have not used my Fidelity rewards card for months and today I learned that Elan Financial Services closed my Fidelity account without notice; forfeited all of my reward points.

They claimed to have sent me a letter asking for information and I did not respond. In fact, I never received that letter.

I have close to 200,000 rewards points over ~10 years.

Simply can not let it go. I spoke to regular rep, supervisor, supervisor's supervisor and all said they can not do anything about it...

Any advice is appreciated.
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Old Aug 1, 19, 7:54 am
  #2  
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Originally Posted by guoguo914 View Post
Please give advice...

I have not used my Fidelity rewards card for months and today I learned that Elan Financial Services closed my Fidelity account without notice; forfeited all of my reward points.

They claimed to have sent me a letter asking for information and I did not respond. In fact, I never received that letter.

I have close to 200,000 rewards points over ~10 years.

Simply can not let it go. I spoke to regular rep, supervisor, supervisor's supervisor and all said they can not do anything about it...

Any advice is appreciated.
If there is no wrongdoing, the bank has no right to take away your points. You can file complaint with the government regulators. Or you can retain one of the attorney to get your points back. Someone should be able to give you the names.

It is not good to hoard the points in the account regardless. You lose out on inflation and value of use.
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Old Aug 1, 19, 10:44 am
  #3  
mia
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Originally Posted by guoguo914 View Post
....
They claimed to have sent me a letter asking for information and I did not respond. In fact, I never received that letter.
.....
Do you know the type of information they requested?

Do you receive mail at the card billing address?

Did you earn all of the rewards with the card issued by Elan, or are some carried forward from the previous issuer?
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Old Aug 1, 19, 11:52 am
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Is there any spend activity that would be considered unusual or not typical personal consumer spending?

You can open a case with the CFPB that should get a reply from someone senior enough at Elan to tell you what happened.

And a reminder to everyone to keep point balances at card issuers not too high if possible. There is no doubt that the card marketplace is getting complex. Take a look at one of Barclays warning messages for points forfeiture:
  • You, or any authorized user(s) on the Account engage in any activity that is deemed to be abusive or gaming conduct, as determined by us in our sole discretion. Abusive or gaming activity includes, but not limited to, obtaining or using an account to maximize rewards earned in a manner that is not consistent with typical consumer activity and/or multiple credit card account applications/openings, as determined by us in our sole discretion.
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Old Aug 1, 19, 3:48 pm
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Contact CFPB and write the lender a letter detailing the situation. Do not let them get by and take your points. You may have to go to court to get your rewards that are due.
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Old Aug 1, 19, 7:19 pm
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Originally Posted by mia View Post
Do you know the type of information they requested?
No. And the reps I talked to did not know/or were not willing to tell.

Originally Posted by mia View Post
Do you receive mail at the card billing address?
Yes.

Originally Posted by mia View Post
Did you earn all of the rewards with the card issued by Elan, or are some carried forward from the previous issuer?
The latter. I've had the card for 10 years.
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Old Aug 1, 19, 7:21 pm
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Originally Posted by rasheed View Post
Is there any spend activity that would be considered unusual or not typical personal consumer spending?

You can open a case with the CFPB that should get a reply from someone senior enough at Elan to tell you what happened.

And a reminder to everyone to keep point balances at card issuers not too high if possible. There is no doubt that the card marketplace is getting complex. Take a look at one of Barclays warning messages for points forfeiture:
Appreciate the advice. I filed a complaint with CFPB and let's see what's next..
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Old Aug 5, 19, 5:37 pm
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Weren't the points being automatically deposited in your Fidelity account?
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Old Aug 5, 19, 6:04 pm
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Originally Posted by cestmoi123 View Post
Weren't the points being automatically deposited in your Fidelity account?
no. There are options to be auto or manual.
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Old Aug 5, 19, 7:24 pm
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Originally Posted by RedSun View Post
no. There are options to be auto or manual.
Why would anyone not be redeeming the points as soon as possible? It's not like you can save them for something, and $100 today is worth more than $100 next year...
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Old Aug 5, 19, 8:50 pm
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Someone said that they did the not automatic redemption but that was not you - so did you not chose automatic redemption?

Originally Posted by guoguo914 View Post
Please give advice...

I have not used my Fidelity rewards card for months and today I learned that Elan Financial Services closed my Fidelity account without notice; forfeited all of my reward points.

They claimed to have sent me a letter asking for information and I did not respond. In fact, I never received that letter.

I have close to 200,000 rewards points over ~10 years.

Simply can not let it go. I spoke to regular rep, supervisor, supervisor's supervisor and all said they can not do anything about it...

Any advice is appreciated.
estnet is online now  
Old Aug 5, 19, 9:34 pm
  #12  
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Originally Posted by cestmoi123 View Post
Why would anyone not be redeeming the points as soon as possible? It's not like you can save them for something, and $100 today is worth more than $100 next year...
I believe there is a minimum of $50 to redeem. So I always keep like $50 there just in case I have any small purchase and won't use the card again.

But no excuse for keep so much cash there not using....
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Old Aug 5, 19, 10:06 pm
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Originally Posted by RedSun View Post
I believe there is a minimum of $50 to redeem. So I always keep like $50 there just in case I have any small purchase and won't use the card again.

But no excuse for keep so much cash there not using....
Keeping enough to be able to do a final redemption makes sense, but keeping $2k in points?
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Old Aug 6, 19, 9:55 am
  #14  
mia
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Originally Posted by mia View Post
Did you earn all of the rewards with the card issued by Elan, or are some carried forward from the previous issuer?
Originally Posted by guoguo914 View Post
The latter. I've had the card for 10 years.
Have you discussed this with Fidelity, rather than with the credit card issuer?
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Old Aug 7, 19, 5:09 am
  #15  
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Originally Posted by mia View Post
Have you discussed this with Fidelity, rather than with the credit card issuer?
I called Fidelity Investment. They referred me back to Elan...
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