I have a business client who uses one credit card and pays the bill in full every month. Well summer before last I get a call while I am on vacation. They wanted to confirm the account was paid. Seems the two owners had both tried to use their cards to get gas and were declined. I get back the next week and the VP and I call the company and are informed they are over the limit and the account is frozen. Now this company charges about $4000-5000 per month and the limit was $15,000. We are informed the limit is only $5000 and being near the end of the billing cycle they are barely over. But no one can explain why and we are told we will get a letter. The letter arrives telling us that we are over the limit and please make a payment asap. We get fed up and look at the numerous offers in the mail and chose one and apply for a new account. Get a new account with $30,000 limit.
Then we finally get the answer from the old company saying our account was re-evaluated and they chose to reduce the limit based our record. A record of always paying in full and paying immedaitely upon receipt of the bill. Maybe they hated not getting any interest.
We move all the auto charges over and cancel the old cards.
We then get another letter telling us that an error was made for some unknown reason and our credit limit has been restored on the old cards. We again call and tell them too little too late and we have cancelled the account.
Well a year and half later we still get quarterly and annual business summary statements on the account. Each time one of the owners calls and tells them the account is closed and stop. I am tempted to start mailing them back.
Want to to know the offending company? It would be Bank of America. Interesting enough they had just purchased the account from Wachovia about 6 months before they effed it up.
Oh and get this. The owner's house is mortgaged at BoA and she went in to make her house payment about a year ago. She went to the window with her check and a coupon like any normal person. Well a couple weeks later she gets called her payment is late. Seems somehow they applied the payment to the closed "business" credit card account. Luckily they corrected it with no late charges.
Yes as an accountant I have a list of banks I will never use based on a number of client experiences. This is an example why BoA is on the list. Maybe one day I will relate the reasons Centura is also on the list.
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I have a business client who uses one credit card and pays the bill in full every month. Well summer before last I get a call while I am on vacation. They wanted to confirm the account was paid. Seems the two owners had both tried to use their cards to get gas and were declined. I get back the next week and the VP and I call the company and are informed they are over the limit and the account is frozen. Now this company charges about $4000-5000 per month and the limit was $15,000. We are informed the limit is only $5000 and being near the end of the billing cycle they are barely over. But no one can explain why and we are told we will get a letter. The letter arrives telling us that we are over the limit and please make a payment asap. We get fed up and look at the numerous offers in the mail and chose one and apply for a new account. Get a new account with $30,000 limit.
Then we finally get the answer from the old company saying our account was re-evaluated and they chose to reduce the limit based our record. A record of always paying in full and paying immedaitely upon receipt of the bill. Maybe they hated not getting any interest.
We move all the auto charges over and cancel the old cards.
We then get another letter telling us that an error was made for some unknown reason and our credit limit has been restored on the old cards. We again call and tell them too little too late and we have cancelled the account.
Well a year and half later we still get quarterly and annual business summary statements on the account. Each time one of the owners calls and tells them the account is closed and stop. I am tempted to start mailing them back.
Want to to know the offending company? It would be Bank of America. Interesting enough they had just purchased the account from Wachovia about 6 months before they effed it up.
Oh and get this. The owner's house is mortgaged at BoA and she went in to make her house payment about a year ago. She went to the window with her check and a coupon like any normal person. Well a couple weeks later she gets called her payment is late. Seems somehow they applied the payment to the closed "business" credit card account. Luckily they corrected it with no late charges.
Yes as an accountant I have a list of banks I will never use based on a number of client experiences. This is an example why BoA is on the list. Maybe one day I will relate the reasons Centura is also on the list.