Bank of America Credit Card Complaint

Bank of America Credit card department,

Closing/Cancelling account Washington

Bank of America closed my credit card account with notice, immediately after I paid off the balance on the card with the intention of using the card for new purchases. A credit card holder should be able to reasonably rely upon access to their line of credit. If the bank can just close the account without notice, the card holder could be put at risk, e.g. if the cardholder is traveling or if there is an emergency. A bank should give reasonable notice to the cardholder before closing an account, in view of the fact that closing an account can create a serious hardship for a cardholder, even placing the cardholder in physical jeopardy, e.g. if the cardholder is traveling without access to other funds. Moreover, my account was closed shortly after I paid off the balance on the account, because I wanted to free up the available credit for new purchases. The timing of the account closure is suspicious and suggests that Bank of America waited for me to pay off the account before


up credit. Finally, this account closure tactic has an additional harm beyond placing the cardholder at risk of hardship - it also harms the cardholder 's credit score. If banks close accounts because credit scores are low, this has a snowball effect, because the closures worsen the credit scores, perhaps leading to further account closures, and further worsening of credit scores. This enhances the need for reasonable notice and process before account closure.