How to close an account with a con-bank successfully?

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seananamous
 
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How to close an account with a con-bank successfully?

Postby seananamous » Fri Jul 01, 2016 8:53 am

I'm a young adult, and at the time I got this "premier credit card" I needed to raise my credit score.
Now it's high enough to where I can find banks that don't take "monthly maintenance fees" like these guys do.
I see the horrible stories people are writing about this company - https://www.consumeraffairs.com/credit_cards/premier.html?page=2 - and also some who have closed their account but still get charged just to "maintain" their account.
What steps should I take to successfully close this bank account?


Nixon
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Re: How to close an account with a con-bank successfully?

Postby Nixon » Fri Jul 01, 2016 10:43 am

Terminate with extreme prejudice.
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To My Credit
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Re: How to close an account with a con-bank successfully?

Postby To My Credit » Fri Jul 01, 2016 11:46 am

Pay in full and ask them to close your account. I don't see how they can reasonably ask you to keep paying for anything after that. If they do, just try and reach a manager or some higher-up and ask for a convincing reason why you'd still have to pay them. Either way, RUN!!!!!
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Vattené
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Re: How to close an account with a con-bank successfully?

Postby Vattené » Fri Jul 01, 2016 4:35 pm

Can you manage this account online? If so, I'd look for a way to close the account that way if possible (just so you can take a screenshot as confirmation - those bottom feeding lenders can be very sketchy). Otherwise, I agree: make sure everything is paid in full, call in, and make sure they close the account.

Good idea to get away from lenders like that as soon as you are in such a position!
-Vattené
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Kevin86475391
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Re: How to close an account with a con-bank successfully?

Postby Kevin86475391 » Thu Jul 21, 2016 6:28 pm

I would also make sure to double and triple check, get some kind of confirmation if possible, and continuing monitoring the account until you no longer can with the expectation that there will be some kind of problem (expect the worst, hope for the best kind of thing).

So for example you might try closing the account online, then assuming that works still also call in and confirm the closure with a representative, then also call the automated system a week or so later and confirm that it's saying your account is closed. If they let you continue logging into the account after it's closed - which Capital One did for instance after I closed mine a few years back - I would continue to do that on a regular basis to confirm until it's been quite some time and/or you're no longer able to, so that you can confirm that no fees or anything are getting charged.

Either way I would definitely call back and speak with a representative a couple of weeks after the account is closed and just say that you're confirming the account is closed, there's a zero balance, and no more fees will be charged.

If you can get anything in writing, or at least by email, stating the account is paid off and closed, so much the better.

Hopefully all of this will be completely unnecessary, but if you don't like them and they have a poor reputation, it's better to be safe than sorry.

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Vattené
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Re: How to close an account with a con-bank successfully?

Postby Vattené » Thu Jul 21, 2016 8:42 pm

One more thing I'll add: start getting copies of your credit reports regularly from annualcreditreport.com if you aren't already. As a consumer you are entitled to one free report from each of the three big bureaus per year. Besides being a good habit to monitor your credit, these will show the account as closed and be another form of proof should anyone pop up later and claim you owe money on the account.
-Vattené
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takeshi
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Re: How to close an account with a con-bank successfully?

Postby takeshi » Fri Jul 22, 2016 10:10 am

Definitely use a monitoring service with frequent report pulls to verify that the account has been closed.



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