After they announced a $1B donation to BLM. Had this account for 14 yrs, never a late payment, used it as a primary card.
When I called, the guy asked “why” and I told him to just cancel it. He said “I have to list a reason” so I told him, “ if you really want to know, it’s because your company is making a $1B pledge to a Marxist organization dedicated to the dissolution of the family”
He was quiet for a moment and said “.....black lives matter? You don’t support black lives matter?”
“As a statement? Yes, all Gods children matter. As an organization? No.”
“Thank you for your business, your account will be cancelled within the next 24 hrs, please make sure to cancel any autopays to this account”
Well B of A were the 1st to let illegals get an account.
Should be illegal. Trump should have all their bank accounts cleaned and donated to border patrol.
Donate to anyone slipping on mortgages/rent due to covid.
Also people whose business was destroyed by riots.
Only if they move their business out of state. No point paying to rebuild what the Democrats will willingly burn down again in 2 years.
Washington Mutual almost didn't open an account for me because I wasn't an illegal immigrant then put me in CHEX systems for overdraft fees that were unfair and shady as fuck and they eventually went out of business. A Bank of America branch was desperate for accounts one month and the branch manager overrode the computer to open an account for me. That's when I learned everything is flexible in banking. I've sense moved on to credit unions now sniffing around the idea of banking offshore under an offshore shell company.
Yeah been with credit unions most of my life and the few times I was forced to have a bank account I dreaded every minute and counted down the days till I was done with them. Oh and yeah WaMu was corrupt as fuck so that's no surprise to hear.
Had an interesting encounter with their horrendous customer service. The answers I received were absolutely wrong (I used to work in banking, so I KNEW). I asked to speak to a supervisor, the bozo on the phone forgot to mute before he called out "who wants to play supervisor now". We transferred everything out of B of A before the month was out. The initial issue was a .05, yes, 5 cent issue.
Ah yes, people were calling it “Bank of Amigo” when that happened.
Yeah i love that story about a Latina bank officer pushing home ownership with no money down to members of her raza for commissions- one to a illegal strawberry picker in Vallejo who cashed out a huge HELOC and f’ed off back south leaving the bank with the house and a huge loss
I love how you made them say it. Power move!
Honestly I wasn't sure how it was gonna go down. I've seen lads on here just teabag the fuck out of some of these companies with their cancellations and I lol...but that's not me.
I wanted to just cancel and move on, but I'm also pissed that I HAD to cancel.
Bank of America processes unemployment payments. It needs to stop. They gave money to a terrorist organization that has destroyed businesses in addition to murdering and raping people. They're benefitting from the riots.
I won't ever do business with B of A after the housing crisis when they got bail out money to rewrite loans. Well short story they didn't do anything but give out bonuses.
And foreclose on people who were current on their mortgages.
They foreclosed on me for being 100 bucks short on a payment, even though made that extra 100 bucks payment a week later. They sent me a letter two weeks later saying they were willing to “work” with me to help save my house. They would knock 4 dollars a month off my payment if I basically started the loan over and wiped out all the principal I had payed to that date. When I canceled the auto draft at my bank, after confirming with BOA that I wasn’t making any more payments, they tried to draft the payment 6 times, running up a 500 dollar fine at my bank for insufficient funds. I threatened to sue and a BOA rep told me flat out, “You will win....but we will keep you in court so long it will bankrupt you, so have fun with that.”
Should have called their bluff and the media. Bet you they would have settled. Can they even foreclose on you that fast over one payment? Sounds like a local manager or even a regional manager was doing something very corrupt. I'd of made their lives hell.
The housing market crash put me in a hell of a pickle financially. I had my house built, and the week it was to be finished and the final payment made to the builder, my mortgage company went under. Was actually one of, if not the first to go. American Home Mortgage. I was actually on the phone trying to get my mortgage agent who had been dodging me for a month when I heard on the radio they had filed for bankruptcy. The builder was on the verge of taking the house for non payment and the only company that would pick up the mortgage was Country Wide. But not for my original terms. House payment was suppose to be 1000 a month. Countrywide terms made it 1800. House was on family land, I couldn’t stand the thought of losing the land having never even lived in the house so I went with the shitty terms. 5 years later I was fucked financially. Couldn’t afford a lawyer, looked around, none would take the case without cash up front.
My friend went through similar, but he wasn't behind or short. They were cashing his checks but not crediting his account.
That's exactly what they're doing. They ARE investing it. They give $1b to BLM which in turn goes straight to pedo joe's election. If pedo joe gets elected, now they have a bunch of favors with him that would make them a lot more than $1b.
Good for you. I cancelled the American Express card I had for 30 years last month. The CEO made a statement about how terribly blacks are treated in America. Not with my money motherfucker.
You guys are just hurting your credit score by closing old accounts. Keep it open and just don’t use it and they won’t get any of your money. Or use it and pay it off in full every month.
They’re not getting any of your money if you’re paying it off every month. You’re using their money, unless you’re paying interest by carrying a balance.
If you pay it off every month and use the cardholder perks then you’re actually costing them money.
Some people round here need to learn how credit works.
American Express makes money every time you swipe a card. They get a flat fee and then a %. Some of the highest of any credit card.
True, they have one of the highest processing fees which is why some places don’t accept Amex. But you’re not paying that fee, the merchant is. Except in a situation like buying gas where they offer a discount for paying cash, I guess.
Either way closing the account can hurt your credit, and simply not using the card doesn’t make them any money in processing fees.
I guess I forgot that a lot of Amex cards have an annual fee though, so that’s definitely worth considering.
"But you’re not paying that fee"
You are, they just work it into their prices. Just like 'business' taxes. The 'business' is paying the tax, but in all actuality they just work it into their prices. All operating costs are passed to the consumer. There is no free lunch.
Outside of situations like at gas stations where you’ll pay less if you pay cash, that’s just semantics. Most businesses aren’t going to charge you any less for paying cash. If they are the ones profiting more off you paying cash, then they are the ones paying the transaction fee.
Either way my point still stands that nobody pays anybody anything if you leave the account open and just don’t use it.
People like Dave Ramsey would argue a credit score isn't important. As long as you have adequate emergency funds and you already hold a mortgage on your house, a credit score isn't that important IMO
True, your credit score isn’t important if you don’t plan on taking out any loans, but if you want to do something like invest in real estate to get that Trump money, a good credit score can save you a lot on interest.
Are you intimating that I do not understand credit? The Amex was the ONLY credit card I had for 30 years... I cancelled it because of SJW bulkshit and pandering to black lives shysters. Of course, the balance was paid off every cycle. They made money off me for all my thousands of dollars of charges every year, of which the cc company takes a cut from the retailer. If you think you are getting a great deal with your card, by all means keep it. I will not pay into this marxist bullshit. The card I got to replace it, after paying on time for 30 years, did not inject themselves into this current national self flagelation we are currently experiencing. Thanks for the unasked for economics lesson, but I kind of know what I am doing.
Not you in particular, but a lot of people in this thread seem to misunderstand some basic things about credit and credit scores. You say you understand credit, and it sounds like you do as far as paying off the balance every month, but it sounds like you could still use some tips. Even if you don’t care and feel that these tips are unsolicited, they may help someone else.
Only having one open account hurts your credit score. The more open accounts the better, even if you don’t use them. Closing an account if you don’t need to is never good for your credit score.
Closing a 30 year old account hurts your credit score. Credit bureaus give you a better score for having a higher average age across your open accounts.
By closing your only credit account that you had for 30+ years and getting a new card, you’ve hurt your credit score in three or four ways. You now have one less open account, you’ve dramatically decreased the average age of your accounts, and you added a hard inquiry. You also missed out on having an even lower credit utilization by just keeping the old account open and not using it instead of closing it.
Finally, you said it yourself that credit card companies made money off of your purchases by charging the merchant. You’re not paying those fees, the merchant is. Unless you were paying an annual fee, they weren’t going to make any money off you if you just stopped using the card. And really it was never you that was paying them anyway, it was the merchants you did business with.
All I’m saying is you may have hurt yourself more than Amex. Which is probably fine if you don’t plan on opening any new lines of credit any time soon, but if you do you might end up paying more in interest. But ultimately they don’t care if you hurt your own credit to virtue signal.
By the way, I didn't thumb down your reply.
And you can redpill them by saying 'master' card is a racist name
I just saw a Discover ad on Twitter where they are engaging and lauding about discriminatory lending. Are there any banks that don't engage in any of this stuff?
Local credit unions. World of difference in service and quality. Many of them also offer products that commies like BOA won't, like 20% down no income verification home loans.
Navy Federal offered me a bottle of water one day when it was hot. I was floored. They even had public restrooms.
I've tried so hard to give small local banks and credit unions business over the years but they're just SO BAD.
Virtually none of them down here will do business accounts. They all use the same online banking software that was last updated in 1998. Have an issue at 5:01pm? Too bad, you're waiting until the next business day. It's Friday? Well then, you're fucked. That thief has all weekend to empty out your bank account. Mobile app? LOL. Transaction exporting? Nah, have fun transcribing everything. Accounting software integration? Now you're really dreaming.
Oh you want me to apply for your shitty ass credit card where the only "benefit" is a "low" 14.99% apr? I bet you're going to give me a uselessly low credit limit like $3,000 as well, right? Literally any of the big four banks (boa, wf, chase, citi) will give me 0% for at least 12 months, at least a $150 bonus, and at least 1.5% cash back. Oh, and I can guarantee you the limits they give me will be an order of magnitude higher than yours. Sure their APR after that is probably 24%, but honestly it could be 5,000% and I wouldn't care, I pay in full on time every month.
Checking account? I have never paid a checking account monthly fee. Whenever I've called, I've never waited more than 2-3 minutes on hold. My account was hacked about a year ago, the money was back in my account before the end of the phone call, which took less than 10 minutes, and UPS was knocking on my door at 8:15 AM the next morning with a new card. Even more impressive when you consider I had called at 5:30PM.
I've never paid an ATM fee no matter what ATM I use, even internationally. I bank with a big bank. Of course I'm sure the reason why I get so much stuff for free and actually get good customer support is because my balances don't ever hover near zero.
They all do probably, maybe a local bank would be better. I can say though Discover was pretty awesome. They sent me a $100 check after some personal stuff happened.
I totally agree with the sentiment of your expression. I am concerned however for the details. Some areas of the USA are refusing to accept cash now in any store. I know for a fact this is occurring in the northern DC area, and has been that way now for two weeks. I'm told that this will be the policy from now on out - no end.
In a political climate such as this, I can foresee a time when ALL of the banks band together at some point to ban any Trump supporter or conservative from obtaining credit or having credit/bank accounts.
Given the possibilities, I would recommend obtaining more cards as backups and being careful to keep them from being closed over political disagreements.
Instead, I would recommend as an alternative, putting a nice Mossberg shotgun and rounds of buckshot on the card.
All valid points.
And any excuse for another shotty will be happily taken under due consideration. đź¤
I have another CC I never use and will probably get 1 more.
Get as many as you can all at once. Just make sure you always pay them off at the end of the month, no exceptions. Never carry a balance, but don’t go too long without using them either or they can close your account.
After a couple years the hard inquiries will go away, and if you have other types of credit like a mortgage or auto loan, you’ll easily have a credit score in the high 700s or low 800s. Credit is a big game, but if you play it right you’ll be able to get loans with much lower interest.
Best of luck. You got great heart.
14 years and no late payment? They really don't care. Sorry to tell you.
Well, the feeling was obviously mutual
They make money off you in two different ways.
Interest and fees. They love when people pay late or pay the minimum (or pay the minimum late).
Interchange fees. What they charge merchants for accepting their card. I'm grossly oversimplifying here, but they basically charged you $100, gave the merchant $97, and pocketed the difference.
That person who perpetually owes $4,000 even though they give them $150 every month because that's the minimum payment that doesn't even cover interest? They love that customer because he makes them a lot of money on interest and fees. That small business owner or big spender that charges $25,000 a month on his card, even though they always pay it in full? They love that guy because he makes them a lot of money on interchange fees.
Average joe that barely charges $500/month and pays in full every month? Honestly, they don't care about someone that when it's all said and done, makes them maybe $10/yr in profit. Of course it's when you have millions of these that the money adds up.
Edit: Please don't take this the wrong way. The fact that you had a mastercard and not a visa or american express tells me that you're probably closer to the average joe category. I remember when I was younger I did find it weird that all of my credit cards were mastercards. I literally did not own a visa. I don't own a mastercard. Go to any of the big credit card issuers websites and look at their high end cards (travel cards or rewards cards). Except for citi, they are all exclusively Visa.
I cancelled BofA a few years back. Was with them for years with well over 7 figures in investments, etc. Moved to them via ML. They are the worst example of a bank with no soul. Avoid BofA at all costs!
I had my accounts with them until the closed the local branch here in 2011ish, post crash.
Moved my accounts to a local community bank and never been happier. My investments have always been through Edward D. Jones.
How are they not being sued into oblivion? Pretty sure you can't just give away a billion dollars in profit that isn't yours.
Of course they can, because it’s either not “yours” or it never actually existed.
When you use a credit card, you’re not giving them your money. You’re borrowing money from the bank and paying them back. If you don’t pay off your balance each month, you have to pay them interest. At no point does using a credit card involve them spending your money. It’s all money you owed them and agreed to paying them when you took out the credit line.
Now as far as debit cards and actual banking, the banks use something called fractional reserves, which means they only have to hold on to a fraction of what you deposit. The rest they can give out in loans and such. It’s why our entire monetary system is largely phony. They are lending out your money to people even though it’s supposed to be yours to spend.
So you put $15k in the bank, the bank loans $10k of that to some other fool, and now you and some other fool somehow both have that $10k in the bank. $15k has become $25k out of thin air. Money printer endlessly go BRRRR.
Yeah people in this thread talking about closing their accounts to hurt the banks don’t seem to understand how credit works. They’re only hurting themselves. If you pay off your statement balance every month and you use up all of your cardholder perks, you’re costing them money, not giving them money.
Not only that, closing an account hurts your credit score. It shortens the average age of your accounts, lowers your overall number of open accounts, and potentially increases your overall credit utilization. Both have a negative effect on your score, meaning you have to pay higher interest on any loans you take out.
The only reason credit card companies make money is because so many people are terrible at using credit cards.
I forget what they are, but I seem to recall there is a major connection between China and "Bank of America". Maybe a ton of real estate on the West Coast, not sure. When Hank Paulson fucked as all over, he left BofA alive to deal with China.
BoA one of the most corrupt group of banksters in the world.
A billion dollars for what?
Mastercard is a huge driving force of Patreon Censorship. I'd never use them.
Everything I have found says they are donating to communities of color, not BLM. I have yet to read anything that I am specifically against. Technically most of what they say I agree with, even though the Smithsonian would call what they are trying to teach black people racist. That said, I don't agree with the PC language, so I'll start shopping for a new bank.
https://newsroom.bankofamerica.com/press-releases/bank-america-announces-four-year-1-billion-commitment-supporting-economic
They are laundering the money to the DNC somehow or Chinese attack cells within the US. 100%. Join a local credit union not a bank. They offer the same services but much better service and interest. You can get into almost any credit union you want if you look at the membership requirements and find community organizations they are aligned with and donate like $25-$50 one time then they will let you join. There are crappy credit unions but it's rarer then banks to find a crappy credit union. For example Pentagon Federal is crap but Navy Federal is great. Get a local recommendation. CreditBoards.com is a great place to study up.
I cancelled business with them years ago. Shitty 24 hour customer service. If you need more than $300 max limit from an ATM to transfer to someone else on a holiday then you are screwed even if the person you were trying to have it wired to had the same bank.
Nicely done! I would if I had one!
Good job, pede. I cancelled mine about 6 months ago once they were pressuring patreon to disable free thinkers from their platform.
Good for you.
There are banks that I just don't understand why anyone would do business with.
BofA with all their fees is certainly one bank no one should use.
Chase is another. They actively supported Nazi Germany during WWII.
GodKingHarambe wins the pede with biggest balls award for today. Grats!
Edit: who are you switching to now? NRA card?
That’s a great suggestion!!
Should have just stopped using it. Closing an old line of credit hurts your credit score by decreasing your average account age, so you really only hurt yourself by doing that.
If you had kept it open but not used it, you could have gotten another credit card to use instead. Then you would have had a lower credit utilization rate, which helps your credit score.
I’m not too worried, my Equifax is 824 But I agree.
Nice work then. You really have nothing to worry about. Working towards 800 myself these days.