BOA to Close Credit Cards For Approximately 60% of Customers?

Just a heads up...This is a RUMOR and we wont know if this holds true until 10/1/2008. If anyone here has a Bank of America credit card you "might" want to pay attention to this.

www.fourwinds10.com...

If this is true then other banks, savings and loan institutions will follow.

This is tomorrow.

Just a note..I had read a blog that had some bad info on it so ...as they say...once bitten twice shy.

Thanks for the scoop.

I smell somebody getting ready to go down crashing. Who's next?

further research.....

My card was closed. They said it had nothing to do with my credit score. I have had this card for awhile and have always paid on time and maintained low balanced. The only thing I really charged was gas. I was able to get a new one right away through another company. We need credit cards for things like rental cars. Rental car companies do not accept debit cards unless you are traveling out of town or they put a $250 hold deposit on your debit card. So I use mine wisely, no shopping charges, gas and emergencies only. Then the following month or payday I pay at least 35% of the balance off. less

www.ireport.com...

lmasfina // 4 hours ago lmasfina // 4 hours ago
I work for Bank of America. This statement is completely false.

It is unfortunate that someone knowingly published an untrue story to create panic

So we have two comments on the quote..one from a CC holder and the other from a BOA manager.

I guess we will see tomorrow.

Treat this HEAVILY as a rumor.

Take a look at the site this originated from.

The video and initial accusation were posted by the member SFSMIAMI.
Scroll all the way down to the bottom, to the post signed by a supposed VP of BoA, and you'll see that was also posted by the member SFSMIAMI.
The comments on iReport show the earliest ones at the top, so literally the first comment on this video/accusation was posted by the same member with the 60% comment.

reply to post by anachryon

Name:
Sid Feinber
Hometown:
nc
Occupation:
Senior Credit Analyst Biography
Executive VP Bank of America
Send a private message »

This is who he claims to be....I wonder if it is true.

Is not this the CNN Ireport sight?!

Okay, its pretty much confirmed as a hoax started by this guy:

STEVE SMITH

How do I know this? Well, a little bit of searching around and I found a trail. The cnn iReport profile for the SFSMiami user is listed as follows:

Name:
Sid Feinber
Hometown:
nc
Occupation:
Senior Credit Analyst
Biography
Executive VP Bank of America
Send a private message »

Well this person does not live in or even near NC. Have a visit to his profile page and you will notice that he previous other posts all are listed as in the Miami area, not to mention his screenname.

A little bit more digging on SFSMIAMI and you will find the following website:

www.appraisals24-7.com

Goto the place order page here and you will notice the bottom email address listed as [email protected].

So there is one coincidence. Another is the fact that this website is listed as doing business in south florida. A simple whois on the website reveals the following:

Registrant:
STEVE SMITH
8010 NW 96 TERRACE
FORT LAUDERDALE, Florida 33321
United States

Domain Name: APPRAISALS24-7.COM
Created on: 04-Nov-03
Expires on: 04-Nov-08
Last Updated on: 06-Oct-06

Administrative Contact:
SMITH, STEPHEN
APPRAISALS 24-7 INC.
5032 NW 66 DRIVE
CORAL SPRINGS, Florida 33067
United States
954-914-6599

Technical Contact:
Registrar, Domain
Register.Com
575 8th Avenue 11th Floor
New York, New York 10018
United States
1-902-7492701

Domain servers in listed order:
NS1.G3GRAFIX.COM
NS2.G3GRAFIX.COM

Perhaps we should give Mr. Smith a call and ask if he is the VP of BOA, and where he is getting this information from?

Good work man.

Star for that....

I emailed him...I asked him very politely who he was and how he came upon this info?

I will post his response.

Steve Smith seems like a good fake name as opposed to Sid Feinberg...a good banking name.

Or visa versa?lol

[edit on 30-9-2008 by whiteraven]

OK.

For what it is worth...this may be a scoop.

I will share most of the letter.

Dear SNIPOrama,

Mr Lewis asked me to return your e-mail. Somehow he received an e-mail in his personal account.

If I can help you with anything please let me know. I assume you are the lad from the Toronto Star that keeps asking about the rumors.


Unfortunately the rumors are true and BoA will be closing all credit cards rather soon. I also believe others will follow. The situation is dire and most Americans don't even see it even when media is ramming it down their throats. We are relocating most executives to England while the crisis gets worse as there will be runs on banks and a bit of anarchy I'd say. We think that people will be literally killing one another for gas and other staples soon when this spirals out of control. The mess will clear eventually and we will return. The closing of credit cards will be a rolling date, most likely beginning on 10/15

You're safe in Canada and won't have to deal with it.

Good Luck

Sidney

Time to get a few other sources......SCOOPORAMA!

THIS STILL MAY NOT BE TRUE...I am trying to get some info from Chase.

QUOTE
We think that people will be literally killing one another for gas and other staples soon when this spirals out of control. QUOTE

This above comment makes me think that this may still be a hoax......I am about 80/20 right now.....20 is the doubt...I have some other phone calls to make and this may be in the news in Canada today.

[edit on 1-10-2008 by whiteraven]

quick question, probably a stupid one, but I just dont know.
What does this really mean?
They close it, but I am sure if you have a balance, you are still paying on it, just cant use it correct?

reply to post by lardo5150



I am not an finance expert. I have a friend who does that. He has the email now.

My guess would be the credit crunch is going retail.

The Christmas retail season may be a big bust this year if personal credit is gone as well as personal cash flow.

This may bring a run on BOA.

OR this may be FALSE.

I need some time to do some phone calls.


[edit on 1-10-2008 by whiteraven]

Fourwinds10!? Puhleeze...

I agree that credit is contracting fast but, by all accounts, it is not yet contracting at the consumer level.

There is a lot to be concerned about but we should be careful not to spread rumors lest we create a self-fulfilling prophesy.

The crisis is mainly business related. In a survey of Retail CFO's, 41% of them said they could not secure credit to pay for their Christmas orders. Which means fewer available goods, fewer sales associates, no extended shopping hours, possible retail layoffs (depending on their holdiay hiring) and possible store closings by the end of the year.

However, all of this could change if confidence is put back into the system and lending is made easier. How might that happen? Credit. Up and down the money food chain.

[edit on 1/10/2008 by kosmicjack]

I have a BofA credit card,I've also banked with BofA for 30 yrs and have some Cd's and checking savings,they actually raised my limit

I have held a BoA credit card for over ten years, never a charge on it, for emergency only type of thing. They ISSUED the card by sending it to me in the mail, unsolicited. I would think that they would have canceled my card at the first sign of trouble. I have received the occasional statement from them indicating a zero balance, along with credit limit increases.
Yet,for all I know, it is still viable, as I have no word otherwise.
I also received a Discover Card in the same way. I received a phone call inquiring if I'd received the card. When I replied to the affirmative, I was told the card was now activated... thanks for your business...click. After 2 years of non-use, they realized they were not making any money on me, and canceled the card.

Two instances of unsolicited cards. No wonder there are people in big time credit troubles... these guys (banks, etc.) send FREE MONEY to us... and expect it to be paid back plus 9.99 to 24.99%.

This would be a suicidal move by BoA. They must know that most people who have racked up credit card debt cannot afford to pay it off.

The entire system would collapse.

Originally posted by pyrytyes

I have held a BoA credit card for over ten years, never a charge on it, for emergency only type of thing. They ISSUED the card by sending it to me in the mail, unsolicited. I would think that they would have canceled my card at the first sign of trouble. I have received the occasional statement from them indicating a zero balance, along with credit limit increases.
Yet,for all I know, it is still viable, as I have no word otherwise.
I also received a Discover Card in the same way. I received a phone call inquiring if I'd received the card. When I replied to the affirmative, I was told the card was now activated... thanks for your business...click. After 2 years of non-use, they realized they were not making any money on me, and canceled the card.

Two instances of unsolicited cards. No wonder there are people in big time credit troubles... these guys (banks, etc.) send FREE MONEY to us... and expect it to be paid back plus 9.99 to 24.99%.

Maybe just a typo but they can go as high as 34.99% interest who knows maybe it's even higher but that's the highest rate I'm aware of at BOA.

reply to post by kosmicjack


Kosmic did you read the thread?

Fourwinds10!? Puhleeze...

The email is a email I recieved this morning.

I am sourcing with Chase as I type this.

This may not be true but now with some other sources it may be newsworthy......if it does prove to have some very reliable sources



[edit on 1-10-2008 by whiteraven]

GULP! 34%?!?.

My sympathies... I just usually open the statement to ensure $0.00 balance, and shred it with the rest of the credit offers. I had no idea...

here's my take on the rumor event....

since there is a (temporary) ban on 'shorting' the famous 799+ financial entities,
this may well be an attempt to start a phobia or panic centering upon BoA
to circumvent the law/rule/ban

Based on a handfull of words/phrases in that email, I'm calling shenangians from this Sidney character. "lad," "rather soon," "a bit of anarchy I'd say," "and other staples."

Either this guy didn't "relocate" to England or he picked up the English jargon pretty damn quickly. I've never heard an American use the word "lad" except in the Simpsons in relation to "Lard Lad" Donuts, Americans don't use the word "rather" nearly as often as Brits do, "a bit of" isn't something you often hear in this country, and almost without fail the only time you hear "staples" here is in relation to the office supply chain or the little metal fasteners.

Combine that with the incredibly naive comment that if anarchy breaks out in the USA Canada "won't have to deal with it" and you have what, at least to me, reeks of a hoaxed email.