What is the name of your state (only U.S. law)? California
In a nutshell, Citibank decided to close my Business Checking Account (C-Corp) in February. They did not disclose a reason and I was able to withdraw my balance in full. I didnt think anything of it after I got my money out. On March 9th, I found out that Citibank was closing my 2 credit cards (Personal) with them. One of them had Reward Points and the second had a Cash Back Balance of approximately $900. Both of the rewards have been forfeited. To be frank, Im a bit upset at the cash back and more-so how this is going to affect my credit score since one of the cards had a 21 year credit history. I have reached out to them for a reason for closure and a rewards credit which both have been denied. As for the reason, they stated that they are "exercising their right to close the account without discretion". In any case, I have been fiddling with the notion of bringing them to arbitration (I have an arbitration clause in my TOS) and wanted to see if anyone here has had any experience in this arena? I would prefer to bring them to small claims court. Does anyone know a work around so I could do so versus arbitrating?
I feel that I have a solid case in my rewards on both accounts seeing that there has been a settlement reached in Harry Gao et al. v. JPMorgan Chase & Co. et al., case number 1:14-cv-04281, in the U.S. District Court for the Southern District of New York where Chase closed bank accounts without allowing consumers to redeem rewards earned. Although Chase did not admit to any wrong doing, I feel that it somewhat shows precedent that rewards and cash back rewards are monetary and should be dispersed to the consumer if there is closure of any kind on the credit card.
Any information would be helpful. Thanks for reading my post.
In a nutshell, Citibank decided to close my Business Checking Account (C-Corp) in February. They did not disclose a reason and I was able to withdraw my balance in full. I didnt think anything of it after I got my money out. On March 9th, I found out that Citibank was closing my 2 credit cards (Personal) with them. One of them had Reward Points and the second had a Cash Back Balance of approximately $900. Both of the rewards have been forfeited. To be frank, Im a bit upset at the cash back and more-so how this is going to affect my credit score since one of the cards had a 21 year credit history. I have reached out to them for a reason for closure and a rewards credit which both have been denied. As for the reason, they stated that they are "exercising their right to close the account without discretion". In any case, I have been fiddling with the notion of bringing them to arbitration (I have an arbitration clause in my TOS) and wanted to see if anyone here has had any experience in this arena? I would prefer to bring them to small claims court. Does anyone know a work around so I could do so versus arbitrating?
I feel that I have a solid case in my rewards on both accounts seeing that there has been a settlement reached in Harry Gao et al. v. JPMorgan Chase & Co. et al., case number 1:14-cv-04281, in the U.S. District Court for the Southern District of New York where Chase closed bank accounts without allowing consumers to redeem rewards earned. Although Chase did not admit to any wrong doing, I feel that it somewhat shows precedent that rewards and cash back rewards are monetary and should be dispersed to the consumer if there is closure of any kind on the credit card.
Any information would be helpful. Thanks for reading my post.