BoA closed Merrill Edge, credit card, checking accounts.

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euphony75
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BoA closed Merrill Edge, credit card, checking accounts.

Post by euphony75 »

Long time lurker, first time posting. I wanted to share my recent highly negative experience with BoA, hoping that others can avoid it.

I've been having a few mortgage refinanced with BoA and during the process, I transferred Vanguard mutual funds to get relationship discount.
Since I wasn't happy with Merrill Edge charing transaction fee on purchasing Vanguard mutual funds, I tend to transfer it back to Vanguard once I closed my refinance. I did, however, leave VFIAX to get platinum status to get 75% bonus on BoA's cash reward credit card. I've been satisfied user for a couple of years.

A few months ago, I got a promotional offer of 1.5% cash back credit for every purchases. With 75% bonus, it'd beat my 2% Citi double cash back card. So, after a few week's procrastinating, I applied online for the card. My mistake was that I didn't unfreeze my credit reports, expecting that since I have so many existing relationship with BoA, they wouldn't pull credit. It turned out that's not the case.

A few weeks later (after applying online for 1.5% cash back credit card), I got a letter about unfreezing credit files and contacting them for the credit card application. My second mistake was that I procrastinated again as I was busy with work. Then, BoA started severing relationships with me.

(1) Merrill Edge closed my account. I called them asking why, but service rep said they don't know why and they can't to anything to reverse the decision. Annoyed but what can I do? I started fund transfer to Vanguard.
(2) A few weeks later, BoA closed my credit card (and I was wondering why it wasn't accepted at grocery).
(3) After a few weeks, BoA sent a letter saying that they'll close my checking account. So, I called them but service rep kept repeating that BoA has right to close my accounts and they don't have to reveal the reason.

I guess BoA suspects something fraudulent activities are going on with my accounts and they just closed all of my accounts. That's my going theory. When (1) happened, I was wondering that's because I never generate fees for them. But, closing credit card, then checking account seems far beyond fees.

Since I was happy with having 75% bonus on cash backs, I wish I took care to unfreeze my credit files or respond sooner to BoA's letter to clear up misunderstanding. It does leave bad taste after dealing with BoA service reps. They were very unhelpful and showed no level of understanding.

tl;dr; Always unfreeze credit files before applying for credit cards. :-)
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David Jay
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by David Jay »

Welcome to your first post!
euphony75 wrote: Wed Oct 20, 2021 11:49 pmAlways unfreeze credit files before applying for credit cards.
I do the opposite. I apply, they send the denial letter, I call the 800 number in the letter and unfreeze while on the phone with the credit card representative. One rep even did a 3-way conversation with the reporting service.
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tomsense76
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by tomsense76 »

David Jay wrote: Thu Oct 21, 2021 1:44 pm Welcome to your first post!
euphony75 wrote: Wed Oct 20, 2021 11:49 pmAlways unfreeze credit files before applying for credit cards.
I do the opposite. I apply, they send the denial letter, I call the 800 number in the letter and unfreeze while on the phone with the credit card representative. One rep even did a 3-way conversation with the reporting service.
+1 (though I don't do a 3 way call)

In fact have done this with BoA a few times now. They usually call or text me. So either I'm able to answer the call or will call back. Then we temporarily unfreeze what we need to and then know whether it is approved on the call. One can wait for the letter, but usually I've got everything sorted out before then (including selecting any bonus categories on the card, adjusting billing date to my liking, etc.).
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
mary1492
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by mary1492 »

.....
Last edited by mary1492 on Thu Sep 29, 2022 8:26 am, edited 1 time in total.
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

I always temporarily unlock my credit before applying for credit cards online, it has never been an issue. I just applied for a new BoA CC this way a week or so ago. I received the card and have been using it.

I am unfortunately dealing with a different BoA issue right now. They charged me a $25 maintenance fee on my checking even though I have $100k+ in my Merrill Edge account. I won't qualify for Preferred Rewards status until next month. I called CS yesterday and got them to waive the $25 fee, apparently their system yesterday could not see the link between my BoA and ME accounts. I called today and someone is looking into it for me and supposed to call me back. Their technology is not the best...

Update: BoA did call me back and fix the "linking" issue. I got better service calling the Preferred Rewards dedicated line.
Last edited by anon_investor on Thu Oct 21, 2021 3:23 pm, edited 1 time in total.
sycamore
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by sycamore »

euphony75 wrote: Wed Oct 20, 2021 11:49 pm Long time lurker, first time posting. I wanted to share my recent highly negative experience with BoA, hoping that others can avoid it.
...
tl;dr; Always unfreeze credit files before applying for credit cards. :-)
Welcome to Bogleheads euphony75. Sorry to hear about the bummer experience, but thanks for the good advice :)
Luckywon
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by Luckywon »

Every single relationship I've had with BoA has ended miserably. The worst experience was with their estate department. So with the closing of these accounts, take comfort in knowing that your heirs have been spared a lot of grief. This is really a good thing.
student
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by student »

My recent experience. I applied a credit card, unfroze two of the three credit bureaus because one appeared to be more difficult to unfreeze. Got the cannot give a decision message. I saw that they pulled TU. I figured that I have two much credit with them. Two weeks later, got a message from TU that they attempted to pull my credit again (which was frozen). So I figured that it would be a rejection. Then I received the card. Still don't understand what had happened. My guess is I have too much credit with them that it required a manual review.
fortunefavored
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by fortunefavored »

This happens with other banks too - Chase is notorious for it. There is no way to reverse it or to figure out what happened.

Same thing happens with Google shutting down people's accounts, losing decade plus of email, etc. No human recourse. Expect more of this as the AIs rule the world.

I have no helpful suggestion I'm afraid. Write all your government representatives. Until some regulation gets put in, we're at the mercy of the 'bots.
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Nate79
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by Nate79 »

Good on BoA.
MichaelAZ
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by MichaelAZ »

Luckywon wrote: Thu Oct 21, 2021 3:23 pm Every single relationship I've had with BoA has ended miserably. The worst experience was with their estate department. So with the closing of these accounts, take comfort in knowing that your heirs have been spared a lot of grief. This is really a good thing.
100% correct! I had checking account w/ BOA. No longer had need of it. So transferred money out via ACH and called in to close it. Statement cut later than I expected that cycle; it cut the day after I made the transfer. My account was hit with a monthly fee due to not having sufficient minimum balance. I called service rep to close account, which now had a negative $12 balance due to fee charged on $0 balance account. I told him I just wanted to close the account and to please refund the fee charged the day prior when I moved the money out. He said he could not waive the fee for the reason I provided and I'd need to pay them $12 to close the account. The call got quite heated, and finally I said I'd like to revise why I moved the money out --- I told him I moved it out so I could pay my mortgage. He pretended to put me on hold, and came back and said that they would waive the fee based on my new answer. And then he closed the account immediately per my request.

Absolutely nuts!
Topic Author
euphony75
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by euphony75 »

David Jay wrote: Thu Oct 21, 2021 1:44 pm Welcome to your first post!
euphony75 wrote: Wed Oct 20, 2021 11:49 pmAlways unfreeze credit files before applying for credit cards.
I do the opposite. I apply, they send the denial letter, I call the 800 number in the letter and unfreeze while on the phone with the credit card representative. One rep even did a 3-way conversation with the reporting service.
At least, respond quickly to the denial letter to avoid unfortunate misunderstanding. :D
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euphony75
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by euphony75 »

sycamore wrote: Thu Oct 21, 2021 3:17 pm Welcome to Bogleheads euphony75. Sorry to hear about the bummer experience, but thanks for the good advice :)
Thanks for the welcome!
Topic Author
euphony75
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by euphony75 »

Luckywon wrote: Thu Oct 21, 2021 3:23 pm Every single relationship I've had with BoA has ended miserably. The worst experience was with their estate department. So with the closing of these accounts, take comfort in knowing that your heirs have been spared a lot of grief. This is really a good thing.
Good to know. It'll be (hopefully) multiple decades for me to worry about it and that's a long time to completely rule out BoA... but yeah, I don't think I'll be BoA customers in near future. :annoyed
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

euphony75 wrote: Thu Oct 21, 2021 10:46 pm
Luckywon wrote: Thu Oct 21, 2021 3:23 pm Every single relationship I've had with BoA has ended miserably. The worst experience was with their estate department. So with the closing of these accounts, take comfort in knowing that your heirs have been spared a lot of grief. This is really a good thing.
Good to know. It'll be (hopefully) multiple decades for me to worry about it and that's a long time to completely rule out BoA... but yeah, I don't think I'll be BoA customers in near future. :annoyed
I am only with BoA for the sign on bonus money and to get the 75% boost to cash back in their credit cards. If they eliminate that, I will take my money and move it else where. BoA literally has to pay me to be their customer.
TropikThunder
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by TropikThunder »

Luckywon wrote: Thu Oct 21, 2021 3:23 pm Every single relationship I've had with BoA has ended miserably.
I just refuse to have anything to do with a bank that forecloses on deployed service members. Wells Fargo is the servicer on my mortgage, and I gag a little each time I make a payment. Bunch of leeches.
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by TropikThunder »

Nate79 wrote: Thu Oct 21, 2021 4:27 pm Good on BoA.
Why would you say that?
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by Nate79 »

TropikThunder wrote: Thu Oct 21, 2021 11:20 pm
Nate79 wrote: Thu Oct 21, 2021 4:27 pm Good on BoA.
Why would you say that?
I think it was good security practice when they suspected fraud and get no response to taken immediate action.
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

Nate79 wrote: Fri Oct 22, 2021 6:05 am
TropikThunder wrote: Thu Oct 21, 2021 11:20 pm
Nate79 wrote: Thu Oct 21, 2021 4:27 pm Good on BoA.
Why would you say that?
I think it was good security practice when they suspected fraud and get no response to taken immediate action.
Definitely better than another big bank that made unauthorized accounts for customers...
humblecoder
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by humblecoder »

I had a similar experience with BoA/Merrill recently. Not as bad as yours, thank goodness.

I have several accounts with BoA and Merrill, primarily for the Platinum Rewards benefits. A few weeks ago when I logged in, I noticed that one of my accounts (a trust account) has a message saying that the account was "locked" and I had to call customer service.

I called them to find out what was going on. They said that they locked the account because I did not respond to a request to validate my contact information. I told them that I never received such a request so that was news to me. Fortunately, it ended well. I validated my contact info and they unlocked the account.

On the one hand, I wasn't thrilled that they locked my account without any notice. On the other hand, I admit that it was a good security measure on their part to protect against compromised contact info.
isira
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by isira »

MichaelAZ wrote: Thu Oct 21, 2021 9:53 pm 100% correct! I had checking account w/ BOA. No longer had need of it. So transferred money out via ACH and called in to close it. Statement cut later than I expected that cycle; it cut the day after I made the transfer. My account was hit with a monthly fee due to not having sufficient minimum balance. I called service rep to close account, which now had a negative $12 balance due to fee charged on $0 balance account. I told him I just wanted to close the account and to please refund the fee charged the day prior when I moved the money out. He said he could not waive the fee for the reason I provided and I'd need to pay them $12 to close the account. The call got quite heated, and finally I said I'd like to revise why I moved the money out --- I told him I moved it out so I could pay my mortgage. He pretended to put me on hold, and came back and said that they would waive the fee based on my new answer. And then he closed the account immediately per my request.

Absolutely nuts!
I'd argue that you would have experienced similar issues if you proceeded the way you did at other banks as well. Their automated systems caught on to the fact that your balance went below the minimum threshold for fee waiver and charged you. The proper procedure would be to first withdraw down to the minimum balance required for the fee waiver, then walk into a branch and close the account.
moneyflowin
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by moneyflowin »

That's the downside of the convenience of letting us open accounts at the comfort of home, or sending money with a click of a button. It invites fraud, and everyone eventually falls victim to false positives. I've had an account locked for trying to send money to myself at another bank.

The alternative is to go back to the old way where we have to go to the bank, present ID, and fill out a form.
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

moneyflowin wrote: Fri Oct 22, 2021 11:12 am I've had an account locked for trying to send money to myself at another bank.
That happened to me (not at BoA though)... even though I made roughly the same transfer every month for over a year. :confused
Last edited by anon_investor on Fri Oct 22, 2021 5:05 pm, edited 1 time in total.
Californiastate
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by Californiastate »

I have nothing bad to say about BofA. I reply promptly when they question certain activity. Promptly to me means 5 minutes, until I get off work or pull off the road. They gave you a chance and you squandered it. I'm sure you'll try and do better next time. We all make mistakes.
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by afan »

It has been some time since I applied for a credit card. When I did, I would call on the phone, say that I was applying and ask which bureau to unfreeze. They would tell me, I would unfreeze, the complete the application. It would go through immediately.

I don't see the point in submitting an application when you know your reports are frozen...
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

afan wrote: Fri Oct 22, 2021 5:40 pm I don't see the point in submitting an application when you know your reports are frozen...
+1.
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by whodidntante »

AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

whodidntante wrote: Sat Oct 23, 2021 3:47 am AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
So a credit freeze won't prevent bad guys from opening new Amex cards under your name?
hotscot
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by hotscot »

fortunefavored wrote: Thu Oct 21, 2021 3:45 pm

Same thing happens with Google shutting down people's accounts, losing decade plus of email, etc. No human recourse.


https://www.lifewire.com/how-to-backup- ... l-messages.

Everyone, do this today!
danaht
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by danaht »

I have not had any bad experiences with B of A or Merrill Edge. They have been great for me.

Reading a lot of forums for several years - I would say that these things people need to watch out for if you don't want your bank accounts closed:

1) Be careful on opening too many credit cards - they seem to hate people who churn credit cards for bonuses and especially those who do a lot of "manufactured" spending to get the rewards. This appears to cause a lot of involuntary account closures.

2) Relocating to a foreign country also appears to cause a lot involuntary account closures.

3) Banks require disclosures to be signed and your social security number too - if you don't give these that causes forced closures too.
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anon_investor
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by anon_investor »

danaht wrote: Sun Oct 24, 2021 10:39 am I have not had any bad experiences with B of A or Merrill Edge. They have been great for me.

Reading a lot of forums for several years - I would say that these things people need to watch out for if you don't want your bank accounts closed:

1) Be careful on opening too many credit cards - they seem to hate people who churn credit cards for bonuses and especially those who do a lot of "manufactured" spending to get the rewards. This appears to cause a lot of involuntary account closures.

2) Relocating to a foreign country also appears to cause a lot involuntary account closures.

3) Banks require disclosures to be signed and your social security number too - if you don't give these that causes forced closures too.
Interesting, thanks for sharing. I did open 3 BoA CCs within a ~61 day period (I am trying to get into the Platinum Honors Preferred Rewards scheme). But I am making my normal everyday charges on all 3 CCs (no manufactured spend) and plan to continue to do as long as BoA maintains a competitive cash back offering.
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dual
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by dual »

Luckywon wrote: Thu Oct 21, 2021 3:23 pm Every single relationship I've had with BoA has ended miserably. The worst experience was with their estate department. So with the closing of these accounts, take comfort in knowing that your heirs have been spared a lot of grief. This is really a good thing.
I also had a lot of trouble with Bank of America while administering an estate.
tj
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by tj »

anon_investor wrote: Sat Oct 23, 2021 1:30 pm
whodidntante wrote: Sat Oct 23, 2021 3:47 am AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
So a credit freeze won't prevent bad guys from opening new Amex cards under your name?
AmEx absolutely does a hard pull if you open a new card with them.
Robdac
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by Robdac »

Congratulations on never having to deal with B of A again!
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by manlymatt83 »

tj wrote: Mon Oct 25, 2021 3:32 pm
anon_investor wrote: Sat Oct 23, 2021 1:30 pm
whodidntante wrote: Sat Oct 23, 2021 3:47 am AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
So a credit freeze won't prevent bad guys from opening new Amex cards under your name?
AmEx absolutely does a hard pull if you open a new card with them.
Only for card #1. Once you are a customer it’s a soft pull provided enough time has passed… I believe 30 days.
tj
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by tj »

manlymatt83 wrote: Mon Oct 25, 2021 4:50 pm
tj wrote: Mon Oct 25, 2021 3:32 pm
anon_investor wrote: Sat Oct 23, 2021 1:30 pm
whodidntante wrote: Sat Oct 23, 2021 3:47 am AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
So a credit freeze won't prevent bad guys from opening new Amex cards under your name?
AmEx absolutely does a hard pull if you open a new card with them.
Only for card #1. Once you are a customer it’s a soft pull provided enough time has passed… I believe 30 days.
That's simply not correct.
manlymatt83
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Re: BoA closed Merrill Edge, credit card, checking accounts.

Post by manlymatt83 »

tj wrote: Mon Oct 25, 2021 4:56 pm
manlymatt83 wrote: Mon Oct 25, 2021 4:50 pm
tj wrote: Mon Oct 25, 2021 3:32 pm
anon_investor wrote: Sat Oct 23, 2021 1:30 pm
whodidntante wrote: Sat Oct 23, 2021 3:47 am AmEx doesn't do a hard credit pull if you have a card open already. But they are the odd duck.
So a credit freeze won't prevent bad guys from opening new Amex cards under your name?
AmEx absolutely does a hard pull if you open a new card with them.
Only for card #1. Once you are a customer it’s a soft pull provided enough time has passed… I believe 30 days.
That's simply not correct.
It is. I’ve opened 10+ Amex cards over the years and only ever had one hard pull:

https://milevalue.com/no-initial-hard-c ... rdholders/

https://www.doctorofcredit.com/amex-cre ... hard-pull/

https://www.flyertalk.com/forum/america ... ers-2.html
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