We received a tip today that Bank of America supposedly plans to close nearly all of its customers’ credit cards on October 1st, but the only source we can find for this rumor is a single post at iReport.com, CNN’s public journalism free-for-all. Everything else online that mentions this is traced back to that one short post. So, until we find out more, we’re going to say this one is bunk—and a great example of how wild rumors can pop up during desperate times. (Thanks to Joseph!)
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This is NOT a bunk story. Our company had a commercial card program with Bank of America and it was canceled as of October 1st without notice to us. We paid our credit card off every month as per our agreement. On the 2nd I received an email from our Stamps.com account that they were unable to bill our month fee and when I called to find out why they told me it was canceled. After being shipped to numerous people I was told they were no longer offering a commercial card program as of Oct 1st and they did not know why we were never given notice.