The answer is Yes, however you might wanna make sure and wait for someone else to confirm my answer as I am not sure. Better yet, why don't you email the Discover Card guys because they can help better...

If they hadn't canceled my two Discover card accounts for no good reasons they could have still been making money off me. I hope the go broke...

I wasn't surprised a bit. BofA credit cards was used to be one of my favorite cards until they CLD all my credit cards. Two months ago, they even closed 7 of my credit cards accounts in a day when I paid it down one of my BofA credit cards. I will move my money to credit union as soon as I pay it off. No more them!!!!.

Don't mess with their customers!!!! Next One: Chase!!!!.

Ron..

This post has been edited by.

Ron1.

: 20 January 2010 - 12:10 PM..

I won't dissect what BA is doing wrong other than to say that while they may believe being more aggressive than other banks with CLD's and card closures may best protect their interests, financial data suggests otherwise. While most issuers report declining declining delinquencies and charge-offs, BA's are rising..

No doubt the implicit indication that bullying the customer won't get them to pay faster is lost on them...

They'll create that amount and more out of thin air in no time. Hooray for fractional reserve banking!..

Yes because full reserve is so much better..

/sarc.

(aside from the fact that there'd be so little credit this entire board wouldn't have a need to exist)..

It still confuses me as to why some people want BofA to go out of business now after all these years it is us consumers, we made it too big and helped big banks get out of control..

So my question to those who want BofA to fail... do you ever think about the aftermath? domino effect? ripple effect? small to medium businesses? big corporations? "financial outsourcing?" U.S. economy in general? recession/depression?..

A bit misleading, the TARP repayment was a big chunk..

Doesn't stop the markets from going apesh*t over it though...

Small price to pay to live in a better world...

I always thought it was the US government's plan to FORCE B of A to buy all the bad assets/banks, and then have B of A go bankrupt, rather than having multiple banks go under. Sadly, it appears B of A.

Might.

Pull through..

It isn't the reserve ratio that failed us, what failed was the definition of 'reserve'. The banks' reserve capital used to be restricted to cash, T bills, and certain bonds. When they allowed the banks to treat 'investment' grade assets as secure assets, the system failed. When the reserve value eroded in the collapse, so did the bank's reserves, thus they became unstable...

Agree, it was a % of Tarp Money..

If they fail, I'd be out of a job..

I ™ BofA.

I could tell you a few dozen other banks I don't like very much, but I feel that it's just business, we (my husband and I, my family, the world) borrowed money from a business whose business it is to lend money and then to collect on that money. I blame myself for getting into debt. Love that I've been able to get out of it..

Just business.....

Full reserve banking is pointless. Nobody could earn interest, all accounts would have fees, and our economy would be the size it was in 1865..

Problems caused by people abusing a system doesn't mean it shouldn't exist. That's prohibition by a different name. Alcohol causes problems in those that abuse it, so let's just ban it. Same thing...

Agreed. Thank you for articulating something that I vaguely understood but couldn't put in words...

NO!!!!!!!!!!!!!!!!!.

Not BoA anyone but BoA, not BoA please. NO,NO,NO not to my BoA..

In my worldview, BoA is like the Deathstar. It's huge and black, and can destroy small planets..

I trust them just slightly more than elected officials. They say paranoia is the highest state of awareness..

Fractional reserve banking is not required for growth. There are other ways to control money creation, supply and velocity that enable a stable equilibrium of demand and rates within the credit markets. Money is not created by fiat, but endogenously today. That also could continue. The 'exchange medium' also need not be a steadily and stealthily depreciating asset, like the FRN 'dollar', which would encourage savings. More savings means higher reserves, which translates to lower and more stable rates.

The system we now have with it's unsustainable debts can do nothing but produce more debt or fail. And, until this system fails, which is all but a mathematical certainty, we won't be interested in the alternatives I'm afraid. Too many buy the old adage of the bankers "credit makes the world go round". As many are just seeing for the first time, credit can also decimate an entire populace and destabilize the planet to the point of human extinction. Whole continents are being starved to death by being forced to accept 'help' in the form of credit dollars.

Like a Deathstar..

I'm not going to change anything, and I realize that, so I happen to like small community banks as a lessor evil. I drive past 15 or so of the Goliaths during the once a month occasion that I might need to visit my CU or bank. I also work in a field that interacts with lenders often enough, and where I can, I make my small lender pitch. It may not be much, but it's something..

/rant..

Where did you see that plan? I would be interested in reading more, I missed that.....

BofA Global Card Unit also post big loss. Here is the link:.

Http://www.paymentssource.com/news/bank-of...a:&st=email.

Ron..

This post has been edited by.

Ron1.

: 20 January 2010 - 05:30 PM..

I didn't read it, I hypothesized that it would happen. If you go back to when the US government was giving out money left and right to B of A to buy Merrill, and the other acquisitions I figured it was to limit the damage to only one institution. Instead of having 20 major banks holding bad debt, you would have one big bank holding all the bad debt and the others would be somewhat insulated from the damage. It doesn't look like that is going to happen, but who knows what will happen in 2010...

Ah, I see. I guess my problem with that is what happens when all of that toxic debt is contained in one entity? I mean, I see your point as to it was sort of happening, but if one corporation holds all of that, is it still not a huge problem dragging down the system when that one company goes bankrupt? What happens to all of the debt? Someone has to buy it up? Some still ends up with mortgages that are upside down. It's an interesting discussion to have.....

If I had to default a card, I can say BoA would be 1st in the list...

They deserve every single piece of bad news they get. Sadly, the.

Sub-humans responsible STILL get huge bonuses...