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Bank of America opened me a credit card without my permission!

noir_bloodnoir_blood Registered User regular
edited June 2009 in Help / Advice Forum
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?

noir_blood on

Posts

  • NotASenatorNotASenator Registered User regular
    edited June 2009
    Yeah, when they preapproved me they checked my credit. You don't want people doing that all the time.

    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.

    NotASenator on
  • DarkewolfeDarkewolfe Registered User regular
    edited June 2009
    I'm fairly certain that the credit card company's checking your credit doesn't ding your rating the same way a normal (for other types of loans) check on it does.

    Darkewolfe on
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  • The Crowing OneThe Crowing One Registered User regular
    edited June 2009
    Darkewolfe wrote: »
    I'm fairly certain that the credit card company's checking your credit doesn't ding your rating the same way a normal (for other types of loans) check on it does.

    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.

    The Crowing One on
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  • GanluanGanluan Registered User regular
    edited June 2009
    Darkewolfe wrote: »
    I'm fairly certain that the credit card company's checking your credit doesn't ding your rating the same way a normal (for other types of loans) check on it does.

    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.

    Ganluan on
  • ThylacineThylacine Registered User regular
    edited June 2009
    If you do end up looking for a new bank, I recall you're around TX. If you have Randolf Brooks Federal Credit Union around they've been pretty awesome to me...much better than Compass Bank around here (ugh), and I've had way less problems than my friends have with various banks in the area.

    Thylacine on
  • ViscountalphaViscountalpha The pen is mightier than the sword http://youtu.be/G_sBOsh-vyIRegistered User regular
    edited June 2009
    noir_blood, Just go in and find out why it was opened without your signature or consent. I would be pissed if they did that to me.

    Viscountalpha on
  • DalbozDalboz Resident Puppy Eater Right behind you...Registered User regular
    edited June 2009
    Yeah, if they opened it without you signing anything, that borders on fraud, if it's doesn't qualify as out-and-out fraud.

    Dalboz on
  • MetroidZoidMetroidZoid Registered User regular
    edited June 2009
    I had a similar thing happen through my bank. It was a miscommunication, party my fault: I meant to convey that I would read up on the card they were offering, and it was mis-construed as "give it a test-drive" which, you know, doesn't really make sense with credit cards but anyways, it was resolved simply by going to the bank, telling them "No, really didn't want this", and they canceled it, and told me to check the mail and I'll get a second note stating that the card was canceled.

    MetroidZoid on
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  • eternalbleternalbl Registered User regular
    edited June 2009
    The 0% on transfers probably has a transfer rate loophole. So yeah, you don't pay interest on the balance for 6 months, but at the time the cash is transferred there is a one time fee of say 3%. Make sure to read the fine print if you use that balance transfer.

    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.

    eternalbl on
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  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
    edited June 2009
    Would you really want a card with a bank that pulls something like this?

    Regardless of how great the rate is, I'd be afraid of what else they were going to do.

    MichaelLC on
  • ViscountalphaViscountalpha The pen is mightier than the sword http://youtu.be/G_sBOsh-vyIRegistered User regular
    edited June 2009
    MichaelLC wrote: »
    Would you really want a card with a bank that pulls something like this?

    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.

    Viscountalpha on
  • korrianderkorriander Registered User regular
    edited June 2009
    Give them hell but don't cancel it. Canceling a card dings your credit worse than a full credit check does. If anything, let it sit unused until it closes from inactivity. That won't hurt your credit.

    korriander on
  • LewishamLewisham Registered User regular
    edited June 2009
    You need to make far more hell than you have done previously. You absolutely do not leave until they have sorted it out.

    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.

    Lewisham on
  • noir_bloodnoir_blood Registered User regular
    edited June 2009
    Thanks for all the responses.

    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?

    noir_blood on
  • LewishamLewisham Registered User regular
    edited June 2009
    They are a bank, so they are able to report things back to the credit companies. I expect there must be something they can do...

    Lewisham on
  • Al_watAl_wat Registered User regular
    edited June 2009
    "nothing they can do"? What the fuck?

    I would go in there and not leave until that shit was closed and there was NO EFFECT on my credit.

    Al_wat on
  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
    edited June 2009
    noir_blood wrote: »
    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?

    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?

    MichaelLC on
  • Nakatomi2010Nakatomi2010 Registered User regular
    edited June 2009
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  • Dinosaur Equals GasDinosaur Equals Gas Registered User regular
    edited June 2009
    ROFL I came here to check the same thing. If it's not him, it sounds like a bigger problem with BoA that needs to get fixed.

    Dinosaur Equals Gas on
  • TopweaselTopweasel Registered User regular
    edited June 2009
    This is exactly the same as when BB signs you up for like Us magazine or ESPN and such.

    Topweasel on
  • noir_bloodnoir_blood Registered User regular
    edited June 2009
    Yep, that's me. I figure I might as well see if I can get any answers through that method, as they still haven't contacted me. I'm planning to stop by tomorrow.

    noir_blood on
  • GdiguyGdiguy San Diego, CARegistered User regular
    edited June 2009
    I don't think closing credit cards really dings your credit that much; obviously you hear different things every time, but the most well-cited stuff that I've read said that the impact to your credit is typically more that a) your available credit amount is decreased, and b) that there's a big benefit to having credit cards for a long time, so if you cancel a really old credit card you lose the benefit of having like a 5 or 10 year credit account open (even if it's not being used). Having an account opened and then closed in the course of a week shouldn't do much, as long as it doesn't happen repeatedly.

    Gdiguy on
  • TokyoRaverTokyoRaver Registered User regular
    edited June 2009
    I work in bank branches for a large competitor of BoA, and our personal bankers get terminated for this. It does happen from time to time, this isn't the first time I've heard of it.

    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.

    TokyoRaver on
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