Posted on 02/02/2020 10:21:21 PM PST by nickcarraway
Dear John: I’m 93 going on 94, and a combat veteran of World War II and the Korean War. I am alone. My wife is gone and my children are all married, but help as often as they can.
I went to the Capital One office in Nutley, New Jersey, to cancel my account. The representative wanted to help me keep my credit card. I said “no,” but he kept putting words in my mouth. I said “cancel.”
I made no charges, and paid off the amount due prior to the visit. It keeps charging me interest, etc. L.K.
(Excerpt) Read more at nypost.com ...
This happened to me with a 403B account. Zeroing out an account isn’t the same as closing an account. They would have kept sending me statements forever. Finally drove a stake through it’s heart and got a check for $,01, one penny.
yes, it sounded like a good bank but appears to have some business practices we will avoid.
fortunately there are a number of good alternatives, other banks
thanks
” made no charges, and paid off the amount due prior to the visit. It keeps charging me interest,”
There is more to this story not in the article. Not sure how they can charge interest with no balance. Maybe this was this a yearly fee? The article is to short to get a full understanding of the facts.
They lost money on that person is why they cancelled. Keep in mind the bank is charged for every transaction so if they don’t get to charge interest, they end up losing in the long run so they cancel the card after a time.
Before I retired I decided to close all of the accounts except for the one I used.
I did the same thing for each card. I sent a letter with the pertinent information to the bank, requesting them close the account immediately.
Then I sent copies of the letters to the three credit agencies telling them I had closed my account and to update my credit file accordingly.
And finally, I carbon copied my attorney by name so the bank would know I had legal counsel behind my efforts and could use him to go after them if they failed to properly close the account.
I never told the attorney and didn't ever use him, but the simple use of his name on the letter was enough to fend off any harassment by the banks.
Works like a charm.
I had (have) the same issue with PNC bank. Fortunately, I have never had a credit card with them. For a short time our company had its medical savings account with them. During that time, I also took out a good sized CD with them. The company moved to a bank with much better MSA policies, and transferred all funds to it. I later withdrew the CD when it expired. At the time I told them to cancel my account. I had no money in any PNC account, and had never had loans of any type from them.
I continued to get emails monthly saying my “account statement was available”. I made calls and even two personal trips to the local office telling them to cancel whatever account(s) I had. The last time, they told me I must cancel it on line. Of course, when I attempted that, it requires a password which I never set, so I couldn’t log in. I have given up wasting any more time. This is the most time I have wasted on then in a decade.
I still get the emails, I still ignore them. I haven’t delegated them to Junk status, in case they someday threaten something, but they still seem to think I have some kind of account with them.
This was my experience with them, as well. I told them sayonara, thieves!
PNC. I had a savings account there. I went in to withdraw all money and close the account. They said that they couldn’t do that, that I had to make an appointment. I told the teller to give me all my money except 1 dollar and that I would keep the account.
Left with all but a dollar.
Yup. Thanks. Fortunately there are much better banks that don’t cancel without notice ( and some have better deals too). Smile smile
That will work until they start charging you an inactivity fee or a minimum account fee.
There are advantages and disadvantages to having a credit card. Lots of articles about this.
However this is one situation where a debit card is better. If you feel the bank is being unfair, just cut the card into pieces and throw it away. Pay particular attention to cutting up the chip (gold colored) on the card.
Send it certified mail. If you can't find who the CEO is and his address, then it has to be addressed to a company board member. (Not the address the warrant will have) Specify the exact amount that they are charging you and state you will file a warrant in debt against them including court costs!
If they don't resolve in 10 business days or contact you, go to your district court and file a Warrant in Debt against the company, naming the CEO or Board member as the defendant. You are the Plaintiff. A court date will be set. Normally you have to sue the company in care of their registered agent
You have to serve process on their registered agent for the warrant to be valid, i.e. depending what state you live in, you have to petition the secretary of your state to serve process. This is actually the most difficult part as I am sure every state is different but an internet search should give you all the info you need.
I know it soulds really complicated but after a few times you get the hang of it! ;-)
p.s. Every Corporation has to have a Registered Agent in the state where they do business. Most big corps like capital one have a private registered agent they hire, which is the party that the state attorney you are petitioning will serve process on. You shouldn't have a problem finding who's who from an internet search
You do realize that the credit card companies get paid (generally) 2% of the charge from the merchant, right? The CC companies DO NOT lose money because people pay off the balance every month without incurring interest charges.
There is more to this story not in the article. Not sure how they can charge interest with no balance. Maybe this was this a yearly fee? The article is to short to get a full understanding of the facts.
Agree, we’ve had a Cap 1 card for last 20 years, only use it for their 18 month zero interest promotions. 3k per pop and have had it up to 20k a few years back. (30k limit). Have never had an ounce of trouble with them.
I had that happen to me once. I had to call and raise Hell toget it closed out.
that’s what we do. we use the card as if it were my checking account - to rack up the points\miles, then pay the whole schmear off monthly.
Just waiting for “them” to cancel the card(s)...
Oh dang. I did screw that up. Sorry.
Never had any problems with Cap One. Got my Cap One CC when it was HSBC. When Cap One bought HSBC, a few years back, I missed my annual fee charge because my auto notify pmnt had been discontinued. My credit score went down 90 points for a missed $30 annual fee pmnt. I called Cap One, explained the situation, they apologized and sent a letter to the Credit agencies and my credit score was restored in just a few days. Pretty good service if you ask me.
As has been stated, I think there’s more to this story.
If you don’t travel much, look for a credit union. If you do, look for a larger bank with a footprint that meets your needs.
As for credit cards, there are fewer issuers out there than it appears. Frequently with smaller banks, a large bank is actually the issuer, and the small bank is just marketing the card and putting its name and logo on it.
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