Man this sucks. I woke up on Sunday to get 2 emails from BoA telling me both my personal and business checking accounts were being closed. I’m not even sure why. My business checking account has zero activity the past year so it can’t be that. My personal checking hasn’t had any funny business at all. The last time I did stuff on it was sending Zelle and transfering money to people back in late April. The only recent activity in the account were 3 Zelle payments in early June for a total of about $2200. It’s just very odd. UNLESS the checking accounts were closed due to the cc side, of which one cc closed with a -$9K balance due to an accidental overpayment. That or MC did some internal chargebacks from charges in December that I had no control of. So I don’t know.
Lesson learned – if it was actually due to the Zelle payments, the old adage – don’t shit where you eat always applies here.
the bad thing is that now you are blacklisted with all consequences. My accounts were closed in 2018 (I think rewards abuse), and since then no single CC can be opened. That sucks.
Yes, I think BOA ban is for life
Something new in the game that didn’t exist before is banks being able to spot patterns using AI that they didn’t before This may well be to their detecting shutdown patterns elsewhere in your past that flags the risk and then they close your BoA accouts.
Ouch! I’ve tried to insulate myself a little bit from a potential shutdown by opening up an investment account and treading pretty lightly.
I hear people say Zelle is a reason for shut downs but that makes no sense to me. BofA, Chase and the other big banks own Zelle. Why would you own and promote a product and then shut your customers down for using it?
Only thing would be if the person you are getting/receiving money from is on a watch list somewhere, or maybe if you were doing really max $$’s every day or something like that.
was the overpayment via debit card?
but also, don’t use zelle, ever. I actively avoid it. too many bad stories over the years all related to zelle.
So an accidental $9,000 overpayment sounds like you pad them twice during a cycle instead of letting autopay work. Maybe that was due to a cycling pattern?
I am wondering if just having a high negative balance would really trigger them if it was a simple extra payment accident.
No I was trying to pay off the card to let it close at $0. I swear the charge was posted but it must have just been pending or order cancelled later. I forgot why it was negative. I hadn’t cycled in months.