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Will a bank close my checking AND credit cards?

Author : Janet

Submitted : 2017-06-13 02:00:48    Popularity:     

Tags: close  bank  checking  cards  credit  

I have a credit card and checking account with Capital One. I am closing my Capital One account because of issues with their fraud department (they ruled against me). It is possible I could be $5,000 in debt when they rule against me in the claim. The que

Answers:

Prepare to lose everything .

Based on just your question, I would have said that you can keep the credit card even if you close the checking account. Most banks don't require a checking account as a condition for having their credit cards.

HOWEVER, since there is a fraud investigation involved, it is far more likely that they will close all your accounts even if you didn't want them closed.

Most agreements contain a lause that shortages in one account of yours can be taken out of another accounts at the same bank, in which case the 5000 would be charged to you checking.

If you do not owe the money, sue them in Small Claims Court

If they have already provided your name to the ChexSystems database, you will find you can't open an account at another bank.

if your disagreement with the fraud dept was $5K yes you owe them the $5K and they will bill you for it until you pay it
they likely will close your accounts on the basis of this debt, you may not have a choice
getting an account anywhere else may be a problem with this on your record

They could definitely decide they don't want to do business with you and stop any business they have with you.

You're a done deal. Not only will they sever their relationship with you since they have determined (unfairly or otherwise) that you defrauded them out of $5,000, but you can count on them dragging your butt to court to recover it--MINUS whatever you had in your checking account before they close it! And yes, you can consider the credit card a goner as well.

If you are truly innocent, I can only suggest you try to find a lawyer who might work pro bono for you, or will work with you in regards to paying him to defend you in court. Otherwise, you're in some serious trouble here. $5,000 isn't pocket change!

They might, eventually. If you owe $5,000 and don't pay it on time, and that goes on your credit report, then any bank where you have credit card accounts may decide to close those credit cards. Even if the account you plan to close and the credit cards were at separate banks, the bank with the credit cards might close them. Being "kept separately", whether at the same bank or different banks, does not keep them from seeing what goes onto your credit report.

LOL! They will suspend your account but they will come after you for the money. It is also likely that no other bank with give you an account with this on your record.



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