Never do business with Bank of America
Vedd Hedd
Posts: 4,608
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.
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.
Turn this anger into
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Comments
Please 10C, make it happen!
they are much better to deal with.
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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!
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!
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.
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.
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.
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.
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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.
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www.bankofamericasucks.com
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Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
SHOW COUNT: (164) 1990's=3, 2000's=53, 2010/20's=108, US=118, CAN=15, Europe=20 ,New Zealand=4, Australia=5
Mexico=1, Colombia=1
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.
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Other than their terrible customer service, which I have basically come to expect from EVERY company, neither have I.
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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
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.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
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.
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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.
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that was last year.. the economic climate and especially credit market has drastically changed in that time as well as the new regualtions regarding credit cards which were slated to go into effect next year.
:: insert applause ::
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
so ... fucking someone over for a 3 day late payment is the solution to the current economic climate? and to send them a letter that they will never get before it's too late?
but this is a kin to giving a guy a parking ticket and then issuing another ticket right away saying he didn't pay the ticket in a timely fashion ...
When did I say it was a solution??? All I said was they agreed to make payments on time and didn't and now face the consequences. Those who requested and accepted credit must also share in some of the blame.
Do you know why the credit card companies are doing all of this (increasing interest rates and lower limits)??? Because they want to make as much PROFIT as they can so that they can repay the federal bailout money they have recieved. And who is going to foot most of the bill for the payback.... credit card holders. They'll be paying back their own taxpayer money through higher fees and rates to credit card companies.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
I am basically comparing 2 decent companies to 1 bad one.
FYI, I just checked out my AmEx rate, and somehow it is actually LOWER than before. Which is weird, becasue although I pay ontime, its the card that I pay the least on.
And hey, BOA can have whatever policies it wants. If it feels that jacking up the rate on a loyal customer who missed a payment by 3 days is the right thing to do, that is their right. It is also my right as a consumer to not do business with them anymore. And warn people that that is how they treated me.
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isn't the "agreed" solution that they pay interest? ... that's how credit cards work no? ... since when did jacking your interest rate and lowering your limit after 3 days become part of the agreement?
well - this bank just lost a customer ... i don't recall - but if you factor that the OP has removed his accounts and all the "service charges" he generally incurs - they are farther behind in paying back that money ...
Actually, they are doing this now, because they know they can get away with it until that new legislation passes.
They are trying to stop this from happening.
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http://www.boston.com/business/personal ... _by_r.html
http://www.cbsnews.com/blogs/2009/04/23 ... 4392.shtml
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I have a Citizens Bank mastercard that I've had forever, and I kept it because it had a 5.9% fixed rate... Over the years, I've added new cards and closed others, but always kept it because of the low rate.
Like many people I have switched to electronic statements... I hardly ever keep a balance on that card, so I just look on the website for the balance, fees (if any), etc. to make my payment. To view my actual "paper" statement, I have to to do another page, download the pdf, then view it... sort of a pain in the ass, so I never do.
Well, about 3 months ago, I realized that my rate jumped up to 15.9%... Since I've never had a late payment or a big balance, I called them to ask about. A rep told me that they notified me on my January statement of the upcoming change... So I looked back and sure enough, buried right in the middle of the fine print, special offers, savings tips and all sort of other crap, was a line saying that my rate was changing... My question to her was "Why hide it?" They e-mail me when my statement is ready, when my bill is due, when I qualify for a balance transfer offer, etc etc etc... why not when my rate almost triples? She couldn't answer.... That kind of crap pisses me off. Now that card is no better than any other card I have, so it's out of my wallet and never being used.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Correct but if they do this now the new regulations have no effect on it at all. The new terms will stay in place even after the regualtions go into effect and thus giving cc companies a possibility of higher profits.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
That is true. It wont effect me, cause my stuff will be paid off by then. But it will suck for a lot of people.
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