Never do business with Bank of America

Vedd Hedd

If you have a Bank of America credit card, transfer the balance to a different card. Or pay it off.

I had paid on time for over 2 years. I had a credit limit of $8500. with a balance of $2290.
I was late on paying my bill. (3 days)

So, the first thing they do is lower my credit limit to $2300. Then they gave me a late charge fee of $39. (This put me over the new credit limit, which at this point I still didnt know I had)

Then, they raised my interest rate from 14% to 27% becasue I went over my credit limit. they sent out a letter, but I didnt get it until 7 -8 days AFTER all this took place.

So, not only does this screw up my credit score, but now I have no emergency credit.

I know, I paid it late. but 3 days?????

Criminal. Thats not how you treat your customers.

I was on the phone with some customer service person who said that "we sent out a letter". I said, "you decided to lower my credit on my emergency credit card without letting me know. then you charge me an over the limit fee, when I thought I was 5 thousand dollars UNDER the limit? If you are going to dramatically lower someones limit like that, you should at least call them to let them know. Its a good thing that I wasnt counting on that for a car emergency. Or a medical emergency. He said, "We have 63 million customers, we cant call people. I said if you cant proveide that convenience to your customers. then maybe you shouldnt have 63 million customers.

I know it is falling on deaf ears, so the only way is to never do business with them again. I have paid ioff that account, and will never use it again.

FYI, beware of the Credit card issuers. they will screw you.

Vedd Hedd

I should add, I REALLY REALLY hope Ten Club starts taking American Express.

Please 10C, make it happen!

they are much better to deal with.

mca47

Large financial institutions will rape you every chance they get! It's not just BOA. Chase, Shitty...or uh, Citi, they'll all do it.

I've had credit cards since I was 18...so 10 years now. I paid my bills on time, with the occasional day late payment. Not a big deal...still maintained a 740 credit rating.

I hadn't been late on my Chase CC payments in about 2.5 years. I go online to pay the bill on the day it was due and they wouldn't post my payment until like 2 days later! = LATE payment = $35 fee. Fuckers!

The next month I go to pay my bill (two days before...i learned) and their system was down. I call them up and tell them that and the guy is like "well, I can make the payment over the phone but it will cost you $15 (or something). I told him it was BS! Their system is down and I have to pay because of it??!?! I had no choice so I paid it. The next month I was like "fuck it, I'm just going to mail my bills in...like the old days!" Send my check in 9 days before it was due and my next statement had a late fee and they reduced my credit limit IN HALF, and my interest rate went up 12 points! FUCKERS! I called customer service and got them to waive the late fee but they told me they couldn't adjust my interest rate or limit because I was a "delinquent customer"! WTF!?!?!
:evil:
All I know is, I'm working my best to pay all of my credit cards off. They can go to hell!

pjfan021

tis true. all credit card companies/banks will rape you the first chance they get. especially in this economy.

comatose_253

Easy solution . . . live within your means, start a savings fund, and don’t carry a balance on a credit card. Pay it off each month. I have not paid a penny of interest on a credit card for over 15 years and use them for 99% of everything I purchase. Not a problem in 20 years.

You have other credit issues if they dropped your limit and raised your rate for being 3 days late. There is more to this story. Check your credit report and go cry to your mommy next time. This is pathetic!

Credit cards should not be used to finance purchases or for emergency needs. You need to develop savings fund that can fund emergency needs and help you payoff any large credit card purchases each month. Most Americans live beyond their means and spend much more than they earn.

Do you know we are going through a financial crisis = no more easy credit.

aspoonfulweighsaton

You will always get screwed with credit cards, but as a financial institution when dealing with real money and mortgages, BOA has always gone out of their way to waive every fee I have every gotten in error OR deserved and their service is top-notch every time. I don't know if it's because I've been with them almost 15 years or what but that does suck and is pretty shitty for them to hit you with everything at once.

aspoonfulweighsaton

comatose_253 wrote:

Easy solution . . . live within your means, start a savings fund, and don’t carry a balance on a credit card. Pay it off each month. I have not paid a penny of interest on a credit card for over 15 years and use them for 99% of everything I purchase. Not a problem in 20 years.

You have other credit issues if they dropped your limit and raised your rate for being 3 days late. There is more to this story. Check your credit report and go cry to your mommy next time. This is pathetic!

Credit cards should not be used to finance purchases or for emergency needs. You need to develop savings fund that can fund emergency needs and help you payoff any large credit card purchases each month. Most Americans live beyond their means and spend much more than they earn.

Do you know we are going through a financial crisis = no more easy credit.

Wow... trying to give advice is one thing, but being a dick about it is another. Your mom must really be proud of all of your super financial accomplishments!

soulsinging

comatose_253 wrote:

You have other credit issues if they dropped your limit and raised your rate for being 3 days late. There is more to this story.

...

Do you know we are going through a financial crisis = no more easy credit.

Exactly. Not necessarily his fault that they dropped his limit and raised his rate. In the current climate, they're searching for any reason to jack their customers. It's their right (or was, not so much anymore), but it doesn't necessarily mean he was being irresponsible.

comatose_253

aspoonfulweighsaton wrote:

Wow... trying to give advice is one thing, but being a dick about it is another. Your mom must really be proud of all of your super financial accomplishments!

Just calling like I see it . . . and I sure don't think paying off a credit card each month is a "super financial accomplishment". I have not even told my mom I do that, just complete strangers on a message board.

thebetterman

BoA rules.

I had a similar situation last month I think, I paid about 2-3 days late. Just a stupid mistake, I thought it was due further towards the end of the month than it was. So I got hit with a late fee, no big deal, it was expected.

My credit limit wasn't cut, my rate did not increase, but I don't carry balances either.

There must be something more to why they lowered your limit and raised your rate, but don't blame the bank. And don't try to tell people to stop using a bank just because you weren't on the ball this month. Thats pretty childish.

To the other dude though, mca47, now THAT sucks. You have every right to be pissed.

Vedd Hedd

I have an AmEx that never does that, and I have a Credit Union Card. Neither of these companies have doe this, and they have always had great customer service.

Being a couple of days late on a payment shouldt mean they increase your rate by 13%, and drop your credit limit.

I paid it off, so its no big deal now. But sometimes we all cant be in the situation to simply "live within our means" when we have medical bills that need to be paid, or funeral services to pay for.

Vedd Hedd

thebetterman wrote:

BoA rules.

I had a similar situation last month I think, I paid about 2-3 days late. Just a stupid mistake, I thought it was due further towards the end of the month than it was. So I got hit with a late fee, no big deal, it was expected.

My credit limit wasn't cut, my rate did not increase, but I don't carry balances either.

There must be something more to why they lowered your limit and raised your rate, but don't blame the bank. And don't try to tell people to stop using a bank just because you weren't on the ball this month. Thats pretty childish.

To the other dude though, mca47, now THAT sucks. You have every right to be pissed.

Hey, if you think Bank of America is on the up and up, feel free to continue using them. I'm merely sending out a warning. I have never had this happen before.


No, there is nothing more to the story. Thats exactly how it happend.

Vedd Hedd

haha, kinda funny.....

www.bankofamericasucks.com

chromiam

Most credit card companies are doing this not just BOA... they are cutting the credit lines on unused portions of cards (rainy day cards which carry little or no balance) and are increasing interest rates. Be prepared for it to get worse before it gets better because of the new legislation passed by Congress this week.

Indifference

Been with BOA for over 10 years - never had a problem.

Vedd Hedd

chromiam wrote:

Most credit card companies are doing this not just BOA... they are cutting the credit lines on unused portions of cards (rainy day cards which carry little or no balance) and are increasing interest rates. Be prepared for it to get worse before it gets better because of the new legislation passed by Congress this week.

Most, but not all. The only other 2 I have have been great.

the best advice is to cut up your credit cards (dont close them) pay them off as soon as possible, and use them for points and things, while paying off your balances.

But in this time of the economy, its really shitty to cut someones credit from $8500 to $2300, simply becasue of a 3 day late payment. Again, it not only ruins my credit, but the interest is almost doubled, and I have no emergency credit.

I am fortunate because I can pay it off, but a lot of people cant. And there are expenses and situations that require that people use credit. And they might not be able to pay it off every month.

Vedd Hedd

Indifference wrote:

Been with BOA for over 10 years - never had a problem.

Other than their terrible customer service, which I have basically come to expect from EVERY company, neither have I.

polaris_x

this is why the canadian banking system is sound and why the US' is fucked ... this is ridiculous - financial crisis or not ... i pay my cc online and sometimes you forget ... missing by 3 days is far from being criminal ... i've moved banks for customer service issues like this and they regret it ... I can't foresee my bank pulling this shit on me ... at worse - i would get charged with interest for the 3 days ... why bother having a set interest rate at all then? ... my understanding is that interest rate is for when you don't pay on time ... well, that's what happened - i can see if it was months and months but 3 days?

i got my apartment broken into and i had thought that my insurance address was changed over (insurance company is separate but part of a larger umbrella associated with my bank) ... they originally said they weren't sure if i was covered because my address was wrong ... i called my bank and the next day it was all sorted ...

you did the only thing you could do

chromiam

Vedd Hedd wrote:

chromiam wrote:

Most credit card companies are doing this not just BOA... they are cutting the credit lines on unused portions of cards (rainy day cards which carry little or no balance) and are increasing interest rates. Be prepared for it to get worse before it gets better because of the new legislation passed by Congress this week.

Most, but not all. The only other 2 I have have been great.

the best advice is to cut up your credit cards (dont close them) pay them off as soon as possible, and use them for points and things, while paying off your balances.

But in this time of the economy, its really shitty to cut someones credit from $8500 to $2300, simply becasue of a 3 day late payment. Again, it not only ruins my credit, but the interest is almost doubled, and I have no emergency credit.

I am fortunate because I can pay it off, but a lot of people cant. And there are expenses and situations that require that people use credit. And they might not be able to pay it off every month.

They've been great so far... have you tried paying them late??? I mean you did agree to make payments on time when applying for a card. And now because you didn't you are dealing with the consequences.

If someone cannot make minimum payments every month, they should not be using credit cards at all.

Vedd Hedd

chromiam wrote:

Vedd Hedd wrote:

chromiam wrote:

Most credit card companies are doing this not just BOA... they are cutting the credit lines on unused portions of cards (rainy day cards which carry little or no balance) and are increasing interest rates. Be prepared for it to get worse before it gets better because of the new legislation passed by Congress this week.

Most, but not all. The only other 2 I have have been great.

the best advice is to cut up your credit cards (dont close them) pay them off as soon as possible, and use them for points and things, while paying off your balances.

But in this time of the economy, its really shitty to cut someones credit from $8500 to $2300, simply becasue of a 3 day late payment. Again, it not only ruins my credit, but the interest is almost doubled, and I have no emergency credit.

I am fortunate because I can pay it off, but a lot of people cant. And there are expenses and situations that require that people use credit. And they might not be able to pay it off every month.

They've been great so far... have you tried paying them late??? I mean you did agree to make payments on time when applying for a card. And now because you didn't you are dealing with the consequences.

If someone cannot make minimum payments every month, they should not be using credit cards at all.

I was in an accident, and I wasnt able to make payments exaclty on time last year. I missed both AmEx and my credit uniton card. they were about a week late, and neither one raised my rate or lowered my limit. Only one charged me a late fee, and when I told them the situation, they removed the late fee, which I thought was nice.


BoA, I simply forgot about, and paid it 3 days later.

I Always, ALWAYS pay more than the minumum payment, usually double.

Vedd Hedd

polaris_x wrote:

this is why the canadian banking system is sound and why the US' is fucked ... this is ridiculous - financial crisis or not ... i pay my cc online and sometimes you forget ... missing by 3 days is far from being criminal ... i've moved banks for customer service issues like this and they regret it ... I can't foresee my bank pulling this shit on me ... at worse - i would get charged with interest for the 3 days ... why bother having a set interest rate at all then? ... my understanding is that interest rate is for when you don't pay on time ... well, that's what happened - i can see if it was months and months but 3 days?

i got my apartment broken into and i had thought that my insurance address was changed over (insurance company is separate but part of a larger umbrella associated with my bank) ... they originally said they weren't sure if i was covered because my address was wrong ... i called my bank and the next day it was all sorted ...

you did the only thing you could do

Exactly. This is partly why the banking system is currently failing. the other part is because they gave credit cards to every being on the planet, many of whom didnt know how to take care of their credit, and many of whom spent wildly. IN other words, the banks made risky loans.