I wish I had your problem. Right now my Discover Card balance is $1968.10.
Ditto to you, you don't want to know what my balance is.
*I don't wanna know it either LMAO*
Discover email reference closing my account
- Thread starter GON
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Ditto to you, you don't want to know what my balance is.
*I don't wanna know it either LMAO*
I think it is not a physical cost but if there is a sudden surge of borrowing and default they need to reserve funding to anticipate for that. Also sending you new card with chips, and possibly stolen and used, etc are all possible cost they have to worry about. It may not cost much but with enough accounts they do add up.I see a couple comments saying these inactive accounts "cost" these companies money. How ? These are so automated nowadays there's no way they could put a cost of keeping them open on them. It's not like old days when workers had to manually maintain them, calculate, etc. Even payments from customers are probably hands-off. I mean, do people mail in paper checks for their payments ? Oh wait....
Considering everything is completely computerized, how does one additional account with a zero balance "cost" them anything more?
Record keeping and FTC/OCC compliance documentation to start. Also, each account is a potential cyber attack risk that could result in credit charges there obligated to write off. Yes, its marginal, but if you end up with hundreds of thousands of dormant accounts its like having a hundred empty envelopes on your desk. If no one has a use for them its best just to get rid of them, it makes everything else a mess.
Its secure data with legal consequences, not an oil filter spreadsheet on your desktop.
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GON
$150 Site Donor 2025
What I decided to do is purchase the Discover identity theft protection plan for $15 USD per month. I will cancel this after a few months. Discover is a account opened for a long time with a healthy credit limit.
Hate doing this, but sometimes one has to play the game, or at least chooses too.
Hate doing this, but sometimes one has to play the game, or at least chooses too.
They actually help because of your unused available credit. Closing accounts will hurt you credit score for this reason.
I had to use my American Express this year as it was inactive so long.
Why not just charge a few dollars occasionally on the card and pay it off when the bill comes in/a couple of days after the charge if you don't want to wait for the bill? No need to buy identity theft protection to keep the card active if you don't want it. Literally $.50 or $1 whenever you get that letter will keep the card open.
Not long ago I got a similar email from Citi Bank saying they would close my Best Buy Visa card if I didn't use it by some date in October. I dug the card out of my desk drawer, took my wife out to a nice dinner and used the card to pay for it. I will pay the balance off when the bill is due. The card is already back in my desk drawer with the other cards I never use. I have only had one card that got cancelled because I did not use it. That was so long ago I don't even remember what kind of card it was.
GON
$150 Site Donor 2025
Just the easiest thing to do. I didn't have to look for the card, just accept the identity protection. For many, your course of action probably works well. For me, the identity protection took care of the issue in a flash
It doesn't hurt it much and for long. When some bank closes an account - we take it personally and post it on the Internet. Quite funny actually!
Hello GON,
I let a few accounts fizzle out, and honestly, I’m cool with it. I’m just not feeling the shopping vibe these days, so I gave those accounts the boot. Whether it nudged my debt score (or credit score, as some folks say), I’m not sweating it. I’ve got one last Synchrony account I’m zooming through with speedy payments, and soon I’ll be free from those wallet-draining vampires. Hooray!
I let a few accounts fizzle out, and honestly, I’m cool with it. I’m just not feeling the shopping vibe these days, so I gave those accounts the boot. Whether it nudged my debt score (or credit score, as some folks say), I’m not sweating it. I’ve got one last Synchrony account I’m zooming through with speedy payments, and soon I’ll be free from those wallet-draining vampires. Hooray!
I had a huge showdown with a local bank who said my savings account had gone "dormant" and I'd have to return the next day to pull out $
I had specifically set aside time THIS day to make a withdrawal. Coming back the next day really was an inconvenience. The tellers and manager were no help. I returned the next day and emptied my account and closed it.
With today's systems it makes ZERO sense an account can go "dormant." They could confirm I had an account and they could tell me the balance, but insisted I return the next day. All for $1000 of my money that I wanted.
So yeah, Community Banks of Colorado, you suck. But I'm no longer a customer at least!
I had specifically set aside time THIS day to make a withdrawal. Coming back the next day really was an inconvenience. The tellers and manager were no help. I returned the next day and emptied my account and closed it.
With today's systems it makes ZERO sense an account can go "dormant." They could confirm I had an account and they could tell me the balance, but insisted I return the next day. All for $1000 of my money that I wanted.
So yeah, Community Banks of Colorado, you suck. But I'm no longer a customer at least!
I forgot about this thread. I have not used this Discover card since this post and they haven't threatened to close it. Somehow $0.25 of cashback got converted into a credit on the account so every month I receive a statement showing the credit on the account.
Probably will be required to send you a check for it soon.
Its not the bank, its the laws. Dormant accounts get transferred to the state, then you have to go through a huge process to attempt to get it back. Essentially they want to steal your money.
One of the reasons I will not do CD's. I prefer T-bills which I can effectively just roll forever in a brokerage account.
I am actually surprised the bank was of no help. I have had accounts go dormant over the years, and literally all you need to do is show up or go on line to "reactivate" it.
Not exactly the same thing, but I had a credit union once suggest I take my business elsewhere. The account wasn't dormant, and I had a decent amount in my share savings account but the pittance they paid me for the money they had wasn't enough profit and they didn't like the fact that I didn't have any loans with them. It was left over from a former employer but I didn't want to close it. Until that happened anyway.
I got a survey asking why I left and made it a point to say that Bank of America and Chase *never* told me my money wasn't good enough for them, but my local credit union, the people who were much better than nasty corporate banks, did.
I had a Home Depot Visa that I didn't use. My gripe was that early on it was mentioned that it would extend my warranty on things or give me an in store discount. Neither proved true so I let it lapse. I've had great service with my Discover card. I'd call them and see if they have a card that better fits your needs.
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