I am a long-time customer of First USA Bank.
I have a perfect credit record, and I pay my balance monthly.
I haven't used my account since May 2001.
First USA, a Bank One Company, often sends out those "tickler APR" convenience checks. I always just shred them.
However, this time they sent a check that was 2.99% for six months, and at a time when certain companies that I follow were no-brainer opportunities.
So, I thought..... "what the hell, more leverage!"
I deposited the check at my brokerage on 7/23. I have a large credit line, and, since I was going to pay the balance before six months, they were going to lose money on me (the cash advance fee would have been a very small percentage of the amount deposited). My payment record would make that obvious to anyone.
I received a letter today, dated 7/25, indicating that they would issue me a new Bank One Brands Free Cash card, and that they had canceled my previous account due to inactivity. They rejected the convenience check and returned it, unpaid, to my brokerage. They then sent me, dated 7/26, a letter saying that "your account may be charged a fee for the declined convenience check". That letter also arrived today.
I called to check my balance. It was minus $29, the charge for the "declined" check.
I talked to a real human being. The $29 fee was removed, and I received a sincere apology from a polite employee. I asked to talk with a supervisor. He was not willing to do anything to repair damage done on the brokerage end, and informed me that it was my responsibility to make sure that the account was active, before depositing the check. My arguments, that (1) the account was closed two days after I deposited the check, and (2) Bank One shouldn't issue convenience checks if they are going to randomly close accounts, did not impact his overtly rude behavior.
I'm not making any of this up, folks.
This organization is characterized by an incredible lack of foresight. Moreover, they treat their customers rudely, and they do not take responsibility for their ineptitude. |
