I have a checking account with Bank of America. They recently sent me a new credit card without my consent! This is news to me that they can do that, and it infuriates me! It is a Bank of America Platinum Power Rewards VISA card with a limit of 7,500. I never activated the card. I pay for privacyguard.com credit monitoring, and it is showing up as a new account on my credit report. Does anyone have any info on how often this happens, and if it is a new practice? I don't want BoA to have this ability. I'm considering canceling my checking account and this card as well, because of it. Also, any advice on whether or not I should keep the card would be appreciated. I have 2 other credit cards, one 7 months old with a $6,000 limit, and another 2 years old with a $2,500 limit, that I pay off to 0 every month. I understand that opening too many accounts will ding my score. Any idea if closing this one immediately will have a negative effect? Thanks for any input.
Technically, sending an unsolicited credit card has been illegal for decades under federal law, and under many states' laws too. They could send you a VISA debit card linked to your checking account, but that is an existing account. As far as what is in your best interest, that may depend on why you think it was sent. The additional extension of credit probably will not hurt you significantly since your available credit is rising, but your total debt is not. After a few months, even the effect of the inquiry will be gone, and it will pull your scores up as it ages, whether you use it or not. In the past, I might have just considered it an unintentional error, but these days it may not be safe to ignore errors. It looks like you probably have adequate credit otherwise, and are building a good credit history. Having this unsolicited account will not change that drastically. Did someone open an account in your name, but they sent it to your address of record since you already had an account with them? There was actually a case recently where someone got an unrequested bank card with the picture of another person who had stolen and been using her identity and SSN. Note that although you got this physical card that you have not requested, if someone else opened it, they might have done balance transfers to it, or made on-line purchases to it. You got the card, but what if the statement goes somewhere else? Then if you do not bring to their attention that you did not request it, they might try to collect from you any fraudulent transactions, which they could easily do by just taking it out of your checking account, whether you are legally liable or not. Even if you get your money back, it will screw up your life. I would first contact them by phone, and see what this is about. How and when was it opened, with what identification and address. I would make clear that you did not apply for this account, that you wanted it closed and removed from your reports, including the inquiry. You will probably have to insist, since their knee-jerk reaction will be "our records show you opened an account, so you must have done it." Follow up in writing (keep a copy) to confirm, and send CRRR, so you have proof of their receipt. If they say an application was made, file a police report for identity theft, and request their records of that application under FACTA. FACTA also requires them to remove all account information resulting from id theft from your reports.
Naw, they just probably registered her account for overdraft protection, if it doesn't have it that's probably the case or if you have a good account history with the bank they submit your account to their financial specialists for credit. Power rewards is an awesome card, I have one and love the rates and service.
Federal law has been clear for many years on the illegality of sending unsolicited credit cards. A credit card is NOT overdraft protection, although some banks have linked overdraft protection to credit cards when authorized by the consumer. Have you called BofA and asked them why they sent you a CC?
