Bank of America Bad dealings

[Phuloi68]

I have a situation here that I wonder if others have gone thru and what was the outcome.
I have a Bank Of America charge card with a large balance on it. In about seven years I have made late payments 2 times. A long time ago and last month. This month my statement shows they increased my interest rate from 5.9 % to 22.9% because of this. I called them and aske WTF...
I was told I should be happy they didn't raise it to 30%, which the could do. By then, I was really pissed and had attitude. The customer service guy got real nasty with me (I probably deserved it) which I thought was not good on his part.
Well, I desided to pay it off and never do business with them again.
Yesterday I called to get my payoff as of today. My statement shows 'X" amount and they gave me a total of $305 more then the statement. I asked what they were doing.
I was told I had to pay that extra $305 to close my account because they will be loosing, NOW GET THIS, future financial interest and residual interest.< .
I got no problem paying my dept but to pay this extra charge to close this out I am against!

[old Rusty C10]

its funny youre saying this because im about to close out mine too.. I dont like their attitudes either. Im sending a letter to the better business bureau, the state department of banking and the attorney general. I also made a phone call to one of my congressmen, Charles Schumer, who seems to have a big mouth and loves these kinds of causes explaining what happened and asking him to support legislation that limits these kinds of crazy fees.,Unfortunately im told these are legal fees but there is currently a bill going through both houses of congress that will limit these kinds of things but as of yet this hasnt passed into law but it is expected to as there are alot of people complaining. Im not sure if it would pay to wait to pay off the debt or not but am doing mine immediately before they try to get me for any other fees.. Frankly the way the banks are getting with the fees there isnt any bank that is fair

[sjarrett71]

All I got to say is WOW! Way to stick it to the little guy there Bank of America! I'm not sure and hopefully someone else will chime in but that don't exactly sound legal to me.

[old Rusty C10]

just a warning to keep this civil or it will have to go

[Phuloi68]

Ok. I will edit my first post and remove the icon I got from this site showing the finger.
I am not going to wait. I will be paying it off today and do the follow up after the fact. Sen Luger is the Senator I am going to contact. He has a little clout around DC.

[67ChevyRedneck]

That sucks!

I've closed accounts with Capitol One (wouldn't raise my limit from $500 after 3 years of excellent credit usage and a score of 750+ ) so I closed it, then I closed another no name account because I used the 15 month no interest term to buy and pay for my 67's restoration

No "close out" fees for either one.

[JON67]

can you just pay your balance then cut the card and not use it anymore?

[Phuloi68]

Originally Posted by JON67

can you just pay your balance then cut the card and not use it anymore?

It appears not. I am closing it today but it looks like I am stuck with that $305 fee for doing it.
By the way, as of yesterday, my card is in many little pieces.

[Phuloi68]

My credit rating is over 750 as well. If it wasn't for keeping my credit rating good, I would just walk away from it and let them come after me.
At my age, 61, there isn't much I am going to be buying where the rating means much. I am tempted......

[leddzepp]

The moral of the story: Don't use credit cards

[panhandler62]

I don't think I would pay the fee. Pay it down to zero and see what happens.

[screwballl]

I had to drop BoA a few years back because they screwed with my checking account so bad. I had zero checks (never wrote one, never ordered any, denied even receiving the starter checks), no checking debit or credit card, it was only for online buying and selling. They said I had 30 outstanding checks and blah blah blah...
In the end I still got my money back but it was the stress and bulls**t of having to deal with it to begin with that I had the problem with.
Now I am with a local Federal Credit Union and have a Mastercard debit card and never once had a problem.

[N2TRUX]

It's not just BOA, it's all credit card companies. That's exactly why the Gov is steeping in.
Ironically you did not have to be late on a payment to that card. Even if you were NEVER late to them, but missed or slow payed another creditor they could bump your rate. This is completely legal and has been going on for years.

As mentioned, your best solution is pay your bill in full at the end of the month.

[El Jay]

Panhandler62 beat me to it.
I was going to say pay it down to about $10, or less, and then pay it off next month.
Unfortunately, because of your "slow" payment (not a criticism) all of the other credit card companies can raise your interest rates, if they so choose.

[Phuloi68]

Originally Posted by El Jay

Panhandler62 beat me to it.
I was going to say pay it down to about $10, or less, and then pay it off next month.
Unfortunately, because of your "slow" payment (not a criticism) all of the other credit card companies can raise your interest rates, if they so choose.

They said something about even if I did that to 10 then I would still run into difficulities.
As for the late thing, I was never turned into the credit bureau. The one a long time ago, I was charged a late fee. This last one I was not.
Both were paid under 30 days do it does not show up on credit report.
I am paying this off and keeping one small one. Seems like most motels will not let you in without a credit card. Otherwise, I would get rid of it as well.

[LONGHAIR]

Originally Posted by Phuloi68

I am paying this off and keeping one small one. Seems like most motels will not let you in without a credit card. Otherwise, I would get rid of it as well.

That and renting a car when I'm out of town are the only reason I even have one.

BTW, go easy with the language, when the filter kicks in, it's bad news. While you don't have the ability to edit it, you probably knew that those particular words would get caught?

[Phuloi68]

I should know better. Won't happen again.
Pretty steamed about BOA. On my way to my bank to do a wire transfer to close out that BOA and be done with them.

[El Jay]

Originally Posted by Phuloi68

They said something about even if I did that to 10 then I would still run into difficulities.
As for the late thing, I was never turned into the credit bureau. The one a long time ago, I was charged a late fee. This last one I was not.
Both were paid under 30 days do it does not show up on credit report.
I am paying this off and keeping one small one. Seems like most motels will not let you in without a credit card. Otherwise, I would get rid of it as well.

They don't care if it's 1 day late, or 2 months late. As far as they're concerned, "it's late".


I have a real problem with the penalty for the early payoff. I just don't like the idea of B of A, or any other financial institution (or anybody else for that matter) dictating how an individual should/could/would handle their finances.

Just my .02 on the matter.

[krue]

Snakes bite, credit card companies are snakes. I don't play with snakes, y'all shouldn't either.

[vectorit]

Because of this situation, which I have been in with BOA and Wells. I closed those accounts, and went to a Credit Union. CU's are more customer service oriented, and if you have a despute they are more willing to work with you.

[rambler]

I would not pay the $305 for future earnings.... how can they justify that? are there any annual fees? I would pay it down to $1, and just leave it. then just pay the minimums, each month, this will cost them more to bill you each month then they are making.

[70cstjr]

I actually had decent luck with BofA my wife misses a payment about 3 years ago, cause my intrest rate to go to 21% well in january my hours went to 24 hours, i called asked what i could do, they asked me what all my debts were/payments..they closed my account, went to 6% fixed for 5 years and cut my payment over half..so i guess thats good..idk lol

[big_al_71]

American Express



I got rid of all my credit cards and just have one credit card. If you read you small print when you received your credit card it states in there that they can raise your percentage as they see fit...

[Chevy Fleetside]

I decided many years ago I would never do business with B of A after they charged people 25 cents to write a check. I dought they do it anymore. I had one card change over to B of A and I canceled it right away.

[grinch4om]

just get pay off, send the money and don't close the account