- Kroger’s California subsidiary to bar Visa credit cards amid fee dispute by CNBC. They are considering expanding the ban as well. This isn’t that unusual to see, just positioning for better rates from Visa.
- Bank of America questions customer’s citizenship, freezes accounts by KCTV News 5. Pretty poor by Bank of America not to follow up before closing accounts. Also it seems weird that he was just able to tell them he was a citizen over the phone and then they reinstated the account, what possible purpose does that serve? I understand that up to date records need to be kept but for long term customers especially Bank of America should be more proactive before an account is frozen. Hat tip to reader Feb S
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What an ugly story. I’m not a US citizen and have had plenty of BoA accounts. I’ll continue to churn them. Why do they care anyway? When you open an account, they do ask for citizenship, and claim federal law requires that they do so. Sure, follow federal law, and ask that question. But the law does not require them to harass people to prove their answers.
To be fair Bank of America sent him a letter asking for the info weeks before they froze the accounts. He just trashed it and called it a day. He should have called or stopped in branch to check.
I’d argue that Bank of America should have notified him through an official channel (e.g online banking) as well.
Thanks for that ominous Bank of America story. No doubt a lot of your readers have been getting such notices from them all year. I hazarded to ask them for an indication, in writing, of just what law required them to ask for x, y, & z….. e.g. and most especially the “proof of citizenship” garbage. I too have had accounts with them for decades — been an upstanding local citizen, etc.
As first I was suspecting a Trump era bullying tactic, designed to make life hell for anybody daring to stand up to them. (yes, over crass politics — especially if you get put on a potential “friend of enemies” list, depending on your professional work…. e.g., being an academic high on the list.). After talking to a dozen different BA senior reps (and never getting call backs from legal reps) I later chalked it up as mere ba-fishing to trick customers into forking over updated financial info. (THAT is a common inquiry pitch from banks these days, to say that (un-specified) federal regulations require all banks to….. whatever. But as one local banker told me, there’s nothing in the law she knew of that gives banks carte blanche to ask for anything, including updated financial info — unless you’re pushing credit limits, etc.) Maybe I was being too charitable.
D.o.C, this whole topic ought to fit nicely with the thematic name of this web site. Would be much appreciated by many, I think, if you — or a guest legal writer like Alex B. — could chime in here with a detailed review of what the banks and cc issuers really CAN do, and what’s over-the-line, as well as practical tips on what’s “wise” in terms of complying or “resisting.” (e.g., the dangers of ignoring all such bank inquiries — e.g. is this a “brave new world” — reference intended, of a new insidious threat to your credit “score.”)
I get it that some faux-heads will pull out the insidious line that if you don’t comply, then you must have something to hide. (e.g., guilty until proven innocent….. that ain’t America…. at least not the one I still believe in.)
It is in fact “guilty until proven innonent” in the U.S. criminal justice system. Those working in the prison industry openly talks about it, when off-the-record of course. That’s how prosecutors routinely “boast” something like 97% “conviction” rate. It’s not like they’re that good at their jobs. The courts/judges and an uneducated jury system enable them.
The U.S. financial industry lags not much behind. Robinhood for example will restrict your account, effectively seizing your assets without notice, much less any due process, like I’ve personally experienced https://www.doctorofcredit.com/ymmv-ally-invest-200-investment-sign-bonus/#comment-605678
The vast majority of criminal cases don’t even make it in front of a jury, they coerce the defendant into waiving that right and pleading guilty even if they aren’t guilty, by convincing them that they will probably lose at trial and receive a longer sentence than they get by taking the plea agreement.
Just wanted to officially welcome the Tin Foil Hat folks. You all always make comments sections more interesting!!!
My BoA online access was suspended for no reason shortly after opening a savings account. I already had a CC with them before and got a call from their fraud team and told them it was a legit account. Called in, and they reopened it without asking me any questions. The lady on the phone didn’t even know why it happened.
Every bank asks for Citizenship now, how is this news? Unless they have your passport they really don’t know what citizenship one has.
Except the California Bankers Association person quoted in the article says that it is NOT a requirement, just something that some banks do.
I don’t have an issue with asking for citizenship, my issue is that accounts would be frozen when Bank of America made no meaningful attempt to resolve the issue before freezing for a long term customer.
Bank of America is within their rights to ask for it and we are within ours to shame them for freezing without a real attempt made to verify.
They all ask for your SSN, though. They verify that with your other identifying information provided.
Obligatory F**K Bank of America comment.
PayPal is worst of the worst. BofA is Disneyland.
Not sure what BofA is Disneyland means exactly in this context, but I can agree. FUCK PAYPAL. They truly are terrible in every way.