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What's GOOD about banking... - 10/4/2008 2:43:22 PM

Musicmystery

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Two days ago, I received a call from Bank of America.

In this age of rapidly changing ownership, it took a few minutes to establish that indeed, I was a BOA customer. This, I might add, was at the prompting of the bank operator, who provided the exact name of the card.

The issue was recent suspicious activity on my card. I don't know how they knew this, as I do use the card every few days, paying off the balance each month. I asked them what transactions exactly, and they ran them by me----all together, four small transactions (the total is less than $200) in the past few days, and then the rest are legit.

How they were able to separate these, I don't know, but I'm impressed. They also immediately clarified that I was NOT on the hook for these, and that they'd immediately cancel my account number and send a new card---which arrived today.

Frankly---I'm impressed.

< Message edited by Musicmystery -- 10/4/2008 2:47:03 PM >

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RE: What's GOOD about banking... - 10/4/2008 2:50:09 PM

mangle

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There are many banks and credit card companies that actually do keep a pretty good record of 'normal' charges that a user would have on their account; when something comes up that is out of the norm, it's picked up on and immediatly checked. I find the practice leaves me with a sense of security in a way.

Good for BoA but even better for you

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RE: What's GOOD about banking... - 10/4/2008 4:54:54 PM

Musicmystery

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I'm just amazed at how they knew these purchases weren't mine.

....and maybe a bit scared! ;0

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RE: What's GOOD about banking... - 10/4/2008 6:26:21 PM

sub4hire

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They knew they weren't yours because they were out of your normal buying pattern.
For instance we bought a flatscreen television earlier this year on our discover card.

It was a 1500 purchase. We no sooner got home with the television and Discover was calling
to ask if it were really use purchasing it.

Reason being..we rarely charge anything. When we do it isn't much..let alone 1500.
Though that time we did because it was a larger amount and we wanted the miles.

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RE: What's GOOD about banking... - 10/4/2008 7:25:59 PM

DesFIP

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When the oldest got interested in clothes, I finally did a big mall trip. Mastercard wouldn't process it until they talked to me right then and there and I gave my secret answer and explained woefully that my spending pattern had changed because I had a teenager.

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RE: What's GOOD about banking... - 10/4/2008 8:32:44 PM

Termyn8or

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Mm, it may have been the geographical location. For example if you use the card for a case of beer in Kansas, and they see a charge in bumfuct Egypt somewhere an hour later, red flags go up.

A few years ago my Father got a call from one of his banks, someone had tried to use his card (at least the numbers) in Italy. He told them that he had never been to Italy and wasn't even Italian. Case closed, no charge.

Note that at the time he had never once made a CC purchase on the internet, it had to have been someone on the phone. Actually this caused him to shed his aprehension at using the CC on the internet, and I showed him to look at the beginning of the URL for https instead of http.

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RE: What's GOOD about banking... - 10/4/2008 8:39:02 PM

SilverWulf

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I probably drive my bank absolutely nuts.

They call me every other day or so, at least twice a week to check up on purchases. I travel a lot as part of my job and I do a lot of business on the internet. One day I might be in Colorado and use the card, then the next night I'll be in Louisiana and go to a resturant. In between I may have been on the internet to pay bills or order something.

I give them credit for keeping an eye on it, though it gets annoying after awhile. Not only for me but I'm sure it does for them as well.

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RE: What's GOOD about banking... - 10/4/2008 10:37:19 PM

DomKen

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I used to be in the same boat as Silverwulf. I was a consultant and did a lot of traveling. The bank must have flagged anything outside my home region as suspicious so I got calls all the time. Then suddenly I started getting fewer and really on if I used my card for something unusual and I was told by the CS rep that the software that flagged transactions as supsicious had been improved.

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RE: What's GOOD about banking... - 10/5/2008 3:45:12 AM

LookieNoNookie

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Because I own 3 businesses, all in disparate industries, I can be charging $75,000.00 for a product shipment from China as easily as for a $3.00 writing tablet in Denver, and as often in or from Chicago as Los Angeles just 6 hours later.

They used to call fairly often regards concerns they had over what they deemed unusual purchases, but with algorithms they use, they fairly abruptly dial in your habits and determine what you're likely to buy, but as importantly...what you're not likely to buy.

It's not all the incredible.

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