Some of you may remember me posting a story a couple of months ago about one of my readers (Anton) who had US Bank shut down his credit card accounts and seize all his FlexPoints. It was an ugly situation where he applied for a new card, hit the minimum spend mostly by purchasing gift cards, and then found all of his accounts closed, not just the new one.
After exhausting his options with US Bank, he reported back to me that he had filed a complaint (assumedly with the Consumer Financial Protection Bureau). He received a call from US Bank after filing the complaint. They apologized for the misunderstanding, reopened all 3 of his closed accounts and reinstated his point balance (over 100,000).
I don’t have a ton of experience dealing with US Bank, or any bank on a dispute of this type. Needless to say, I’m at least a little bit surprised of the outcome. I don’t actually know what happens when a merchant bank gets a complaint from CFPB, how forceful they are or whether it’s more of a notification. While manufacturing spend isn’t illegal, it’s not the type of thing credit card companies generally want you to practice. I would imagine once the bank has closed your accounts there’s not much more risk of an adverse outcome, though I guess they could bar you from approvals in the future.
It’s a positive outcome, for sure. And, it’s a good reminder that there are protections for consumers when you do run into trouble.
Have you ever considered filing a complaint against a credit card company?
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