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Bank of America opened me a credit card without my permission!
noir_blood
Registered User regular
Registered User regular
Just like the title says.
This past Tuesday I headed to my local branch to deposit some money. The teller that helped me, after giving me my deposit slip told me that I was preapproved for a credit line of 3,5000. The interest rate on it was a bit less than one of my current credit cards, so I thought it might not be a bad idea to do it. Of course, knowing banks and such, I asked how long the interest rate stayed at that, and what would it jump afterwards.
The teller couldn't tell me, but she brought over a personal banker who explain to me that it would jump about three or four percents after a year. I told them I would think about it and left. Both conversations lasted about five minutes total. And no point did I say anything that could be construed as accepting. I also didn't sign anything.
Yesterday I pull up the bank of america website and find out there is a new account with a credit card attached to it under my name. I kinda freak out a bit and call customer support who tells me that yes, this was opened by the same bank location on the same date I went to.
Now, I dropped by today in the morning to the bank, spoke to another personal banker who told me that they would look into it. Don't get the feeling there's much he's actually going to do. Do I have any other recourses?
And more importantly, what do I do with the credit card? Interestingly enough, it supposedly has 0 percent interest for six months on any transfers, so I could certainly use it if necessary. Is my credit dinged for opening and closing a credit card?
And what about my accounts with BOF? Am I being paranoid in wanting to close them and either open new ones, or going to another bank?
This past Tuesday I headed to my local branch to deposit some money. The teller that helped me, after giving me my deposit slip told me that I was preapproved for a credit line of 3,5000. The interest rate on it was a bit less than one of my current credit cards, so I thought it might not be a bad idea to do it. Of course, knowing banks and such, I asked how long the interest rate stayed at that, and what would it jump afterwards.
The teller couldn't tell me, but she brought over a personal banker who explain to me that it would jump about three or four percents after a year. I told them I would think about it and left. Both conversations lasted about five minutes total. And no point did I say anything that could be construed as accepting. I also didn't sign anything.
Yesterday I pull up the bank of america website and find out there is a new account with a credit card attached to it under my name. I kinda freak out a bit and call customer support who tells me that yes, this was opened by the same bank location on the same date I went to.
Now, I dropped by today in the morning to the bank, spoke to another personal banker who told me that they would look into it. Don't get the feeling there's much he's actually going to do. Do I have any other recourses?
And more importantly, what do I do with the credit card? Interestingly enough, it supposedly has 0 percent interest for six months on any transfers, so I could certainly use it if necessary. Is my credit dinged for opening and closing a credit card?
And what about my accounts with BOF? Am I being paranoid in wanting to close them and either open new ones, or going to another bank?
noir_blood on
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I gave them some hell about it, but there was some fine print somewhere that suggested that they might do that to present me with offers.
Opening it is weird. I'm relatively sure that I had to sign something.
Probably not true, per se.
I work for a non-profit lender and our credit pulls are "Soft Hits" which do not effect the score. Pre-approval for a credit-card? probably not so soft, but I don't know for certain.
That's close - actually, any inquiry into your credit that is not initiated by you does not affect your credit at all. So if you go in to buy a car and fill out a finance app, that will affect your credit. Companies sending you approval offers based on their credit checks do not.
As well, any inquiries initiated by you within a 45-day span only count as one inquiry. This is to allow "shopping around" through lendingtree or similar products.
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Also, I know of a guy who was pitching credit cards once at a party (I know, I know). Basically he was really tight with all the people there and he made a spiff on any people who were accepted. It wouldn't surprise me if this wasn't so much an oversight as numbers inflation.
Regardless of how great the rate is, I'd be afraid of what else they were going to do.
This sounds like a possible mis-communication but, I agree. It seems shady.
You go in there, on a weekday, to ensure a manager is there. You tell the teller you want to speak to the manager due to a mistake that that bank made in opening you a credit card that you never requested. You do not threaten, but if she puts up resistance, you remain very firm. If she fobs you off to someone else, and that person does not have the power to cancel the credit card with no harm to you, then you force it up until the manager appears.
This is a far more ridiculous and dangerous thing for them to do than I think you realize. Some credit cards have inactivity fees for you not using them. Do you know if this one does? You've already had your credit score checked without your consent.
Yeah, I'm still absolutely livid over this., It's the first time that if I could realistically ask for, I would would want whoever opened my account to be fired.
When I dropped by on Friday and spoke to someone, I already was feeling like they really weren't going to do a lot. Part of the problem is that I'm not sure what I can realistically ask for. Can they do anything so that my credit isn't affected?
I would go in there and not leave until that shit was closed and there was NO EFFECT on my credit.
WTF?
It's their goddamn security failure, so it's their responsibility to clean up.
This isn't you asking to reduce a late fee or something, they opened a line of credit in your name. What would happen if someone else got the card before you? You'd never know until you tried to get a another card or car loan.
Get back to the bank tomorrow and get it sorted out. Isn't there some regional banking authority you can report these things to?
http://consumerist.com/5303824/psht-bank-of-america-doesnt-need-your-consent-to-give-you-a-credit-card
right?
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I'll tell you what I know.
1. It hurt your score when he accepted the card for you
2. He did it to boost his commission, as he's paid based on the number of accounts he opens each month, and the combination. Checking account might only net you $5, but checking with a credit card is $25. Maybe the card alone would net them $10.
It's completely not worth it to do what they did to you because it's dangerous, one strike and you are generally gone.
3. Don't close the card unilaterally. Make sure you complain to management and have them handle this for you. They may be able to get the inquiry called an error and removed from your report. Either way, cancellation will hurt you if you do it, so bad idea.
4. Don't panic, don't get livid, just complain and it will be handled. If the branch manager doesn't take care of it, the district manager will...be ready to ask for the command chain. But know this: your dude is a goner.