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Originally Posted by Marathon Man
(Post 30501095)
i do about $150-170k ms visa gc spending a month across several ccs and one of these days a store or a cc or a bank will shut me down. I will do until that happens and the bricks all fall out I always say if you're not getting shut down, you're not doing it right! |
Originally Posted by minimum
(Post 30506207)
1. Full shutdown by BoA for me and SO yesterday:
Personal checking, business checking, joint personal saving with SO, joint saving with mom, SO's checking BoA Premium Rewards CC, BoA Cash Rewards CC, BoA Business Travel CC BoA Premium Rewards CC (SO), BoA Cash Rewards CC (SO) 2. Length of account before closure and CL? around 3 years for most accounts and 1 year for BoA Premium Rewards CCs. Combined CL around $90K 3. Average monthly account balance checking and savings? between $100K to $200K 4. Volume of ms per month and how many months? Not exactly MS but around $400K/month in the last 2 months (increased from around $100K in the beginning 2018) 5. Cycle CL? Yes No BP. No gift cards. No money orders. I am doing a low margin reselling business and it is taking off recently. 2.625% cash back is important for my business so we were using BoA Premium Rewards. We have a little over 1M points (worth over $10K) pending on our BoA Premium Rewards CCs for this month's spend. Yet to receive letters but BoA is probably not going to pay out. Statements close in a few days and we will try to redeem but it's not likely going to work. What should we do now? |
The BoA Premium Rewards card is also a personal card right? Not business. Might have contributed also.
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Update, points posted to my account and SO's account, clearly visible in online banking but not redeemable. In total points worth ~$12K. We are unable to redeem the points as cash back. We called customer service and they just told us points are forfeited and they won't redeem the points for us.
We are going to report BoA to CFPB. But it looks like BoA does not pay anything for such incidents. We'll probably join some class action lawsuits against BoA. I don't think we have the resources to sue BoA alone. |
Originally Posted by minimum
(Post 30525516)
Update, points posted to my account and SO's account, clearly visible in online banking but not redeemable. In total points worth ~$12K. We are unable to redeem the points as cash back. We called customer service and they just told us points are forfeited and they won't redeem the points for us.
We are going to report BoA to CFPB. But it looks like BoA does not pay anything for such incidents. We'll probably join some class action lawsuits against BoA. I don't think we have the resources to sue BoA alone. take note of this: "Class-actions can bring about change too by giving individuals a powerful, collective voice. While technically not a class-action, when 46 state attorney generals took on big tobacco on behalf of their states (see 5 Biggest Class Action Settlements or Verdicts Ever), they did more than win $206,000,000,000, they exposed the misleading advertisements of tobacco companies and forced them to change their marketing practices.On the other hand, the financial gains from successful class-actions disproportionately favor lawyers over clients while producing no meaningful results for consumers. In a preposterous case, consumers sued Red Bull for false advertising because the drink did not ‘give them wings’ as the advertisement promised. When the case settled, the attorneys received $4,750,000 and the consumer received a four pack of Red Bull." $12K is a lot of rewards to lose, you may have to file an individual case, instead of just getting "crumbs" in a class action suit. Check Alex at his website bachuwalawdotcom. Keep us posted if you decide to file a case against the bank. |
The only winners are the banks and the lawyers. Might as well do a CFPB but it won't do anything for you individually other than get someone from an "executive" group to contact you. B2rclays was the worst. They canned me a day before bonus miles were going to post. I asked them to honor the bonus miles and they told me if there was a good option they would see what they could do. I think I lined up 4 doable options for them and they then stood back and said that hey couldn't do any of them do to audit. Give me a break.
Good luck with boa, I had the same issue and they forfeited my points. If you have anything else with them move it now. I ended up having to file a complaint with the SEC when they liquidated a bunch stocks. By the way they take sec more seriously than cfpb. |
Originally Posted by minimum
(Post 30525516)
Update, points posted to my account and SO's account, clearly visible in online banking but not redeemable. In total points worth ~$12K. We are unable to redeem the points as cash back. We called customer service and they just told us points are forfeited and they won't redeem the points for us.
We are going to report BoA to CFPB. But it looks like BoA does not pay anything for such incidents. We'll probably join some class action lawsuits against BoA. I don't think we have the resources to sue BoA alone. As to legal action, I second @Mamibear's suggestion to contact the Alexes. They do no win no fee arbitration. If you'd rather use the courts, you'd have to represent yourself or hire a lawyer. I'm not aware of any BoA class actions so that's not an option unless you want to start one. There was a successful settlement against Chase for this practice. While $12k is a huge sum of money, even if you win, I don't think you'd be able to recover legal fees from BoA under the American system. And it sounds like you prefer free anyways (who doesn't?). Good luck!!! :D |
Just think really hard before you get your expectation high. As many folks say, $12,000 is a huge sum for a lot people. But for layers? Not really. Also, the $12k is not your real losses. This is the rewards (bonus) the bank promises you if you use the cards according to its T&C. Lender has a lot of rights.
Research some recent CC cases. Good luck whatever you do. |
I would sue BOA in small claims court, in a state in which the maximum small claims court award is 12K or higher (it must be a state in which BOA has a branch or office or a service agent).
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Thank you guys for all the suggestions. I'll probably give Alex a call and see what terms he offers.
I looked at this state law (I am based in California): https://codes.findlaw.com/ca/civil-c...t-1747-85.html It looks like BoA violated state law by closing my account immediately without notice. I believe it is hard for BoA to argue that I pose a default risk to them so they need to give me 30 day written notice before closing my account. The closure caused me inability to redeem my points (monetary damage) so I think I have a case against them in court. I'll probably sue them in SCC in California (and my SO can sue separately). Looks like I can sue for up to $10K which is adequate if I can get that much in the end. Any suggestions are welcome. |
Originally Posted by minimum
(Post 30528155)
I'll probably sue them in SCC in California (and my SO can sue separately). Looks like I can sue for up to $10K which is adequate if I can get that much in the end.
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Originally Posted by minimum
(Post 30528155)
Thank you guys for all the suggestions. I'll probably give Alex a call and see what terms he offers.
I looked at this state law (I am based in California): https://codes.findlaw.com/ca/civil-c...t-1747-85.html It looks like BoA violated state law by closing my account immediately without notice. I believe it is hard for BoA to argue that I pose a default risk to them so they need to give me 30 day written notice before closing my account. The closure caused me inability to redeem my points (monetary damage) so I think I have a case against them in court. I'll probably sue them in SCC in California (and my SO can sue separately). Looks like I can sue for up to $10K which is adequate if I can get that much in the end. Any suggestions are welcome. |
Originally Posted by minimum
(Post 30528155)
Thank you guys for all the suggestions. I'll probably give Alex a call and see what terms he offers.
I looked at this state law (I am based in California): https://codes.findlaw.com/ca/civil-c...t-1747-85.html It looks like BoA violated state law by closing my account immediately without notice. I believe it is hard for BoA to argue that I pose a default risk to them so they need to give me 30 day written notice before closing my account. The closure caused me inability to redeem my points (monetary damage) so I think I have a case against them in court. I'll probably sue them in SCC in California (and my SO can sue separately). Looks like I can sue for up to $10K which is adequate if I can get that much in the end. Any suggestions are welcome. |
Cycling your credit by a factor of two when you have a 25,000 credit limit would put you in their cross hairs. Cycling $90k 4.5x, well.....
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[MENTION=910248]minimum[/MENTION], read Vinh's experience with a different card company who closed all his accounts forfeiting >$2K CB from cycling his $35K CL 3x. He said he would ping Alex to recoup his hard earned CB; send him a message in his blog or tweet to find out if he did.
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