Never do business with Bank of America
Comments
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Vedd Hedd wrote: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.
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.
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Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.0 -
chromiam wrote: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 ::
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 ...0 -
polaris_x wrote:chromiam wrote: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 ::
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.This is your notice that there is a problem with your signature. Please remove it.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.0 -
chromiam wrote:polaris_x wrote:chromiam wrote: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 ::
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.
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.Turn this anger into
Nuclear fission0 -
chromiam wrote: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.
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 ...0 -
chromiam wrote:
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.
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.Turn this anger into
Nuclear fission0 -
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Credit card companies annoy me... Long story, but it pissed me off:
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.My whole life
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln0 -
Vedd Hedd wrote:chromiam wrote:
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.
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.
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.This is your notice that there is a problem with your signature. Please remove it.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.0 -
chromiam wrote:
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.
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.Turn this anger into
Nuclear fission0 -
blackredyellow wrote:Credit card companies annoy me... Long story, but it pissed me off:
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.
Exactly. Such a ripoff.Turn this anger into
Nuclear fission0 -
chromiam wrote:Vedd Hedd wrote:chromiam wrote:
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.
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.
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.
it's a clusterfuck, no doubt.
vedd, while i've never had your experience...i've heard enough stories that i highly doubt this is a BoA problem, alone. seems many cc companies regularly screw over customers. as do many companies, in general. it's a sad state of affairs, but bottomline...they're a business, they're out to make $$$...and if they can do this and still make $$$, they will, simply b/c they can.
i have ONE credit card. that's all. i have in the past had others, store cards, promotions, etc. all are closed. i know people say not to close accounts, but we do. many were already closed due to inactivity, but yea, closed the rest. i don't need all the open lines of credit, and i am not concerned about it's affect on my credit score, simply b/c we already own our home and cars, and we have no intentions on taking on any mor e loans...ever....but even if we do, so well into the future that all should be fine. we've always had an excellent score, we always pay our bills on time, in full.....tho sure, there have been times in the past that a check was late, whether to the cc or to a utility, whatever......but luckily it's never had an adverse affect on us. if i've paid $100 in late fees in my lifetime, it's a lot. more often than not, we've gotten our fees waved if there's been an issue. we do have another card, a debit card that is treated as a credit card, simply b/c it's tied to our brokerage account, and that's our 'emergency' back-up since it is tied to our savings/investments in any case. i will say, my credit card bill is the one bill i pay by mail, and we do still get paper statements. i like to have paper records of all my purchases, etc....and i'd rather they mail it to me and pay for the paper. honestly, idk how any credit card has ever made $$$ off of us, we have always paid our bills in full each month, on time, with very few exceptions. the one time we ever had a balance, was on a card that was interest free for a year, and we were sure to pay it off before the deadline. bottomline, while i love credit b/c it is sooo convenient and we use it for just about EVERYthing, i do know the whole thing is quite fucked, and a big mess for many, many people.Stay with me...
Let's just breathe...
I am myself like you somehow0 -
Its definitely other companies, too.
Citi, CapitalOne, etc.
I have just never had this problem with my other cards.
I'm sticking with AmEx and my Credit union Card for emergencies.Turn this anger into
Nuclear fission0 -
I've only done Bizness with AMEX
They've been good to me even when I was late on a payment
My car loan is through BOA..if I'm late on a payment can they F me and raise my interest rate ???My drinking team has a hockey problem
The ONLY thing better than a glass of beer is tea with Miss McGill
A protuberance of flesh above the waistband of a tight pair of trousers0 -
Phantom Pain wrote:I've only done Bizness with AMEX
They've been good to me even when I was late on a payment
My car loan is through BOA..if I'm late on a payment can they F me and raise my interest rate ???
I dont know for sure, but I would think that with a loan like a car loan, that is already more regulated than a credit card. I think you would be ok, but its worth looking into.Turn this anger into
Nuclear fission0 -
Vedd Hedd wrote:Phantom Pain wrote:I've only done Bizness with AMEX
They've been good to me even when I was late on a payment
My car loan is through BOA..if I'm late on a payment can they F me and raise my interest rate ???
I dont know for sure, but I would think that with a loan like a car loan, that is already more regulated than a credit card. I think you would be ok, but its worth looking into.
I hope its a fixed rate on the loan...I better checkMy drinking team has a hockey problem
The ONLY thing better than a glass of beer is tea with Miss McGill
A protuberance of flesh above the waistband of a tight pair of trousers0 -
blackredyellow wrote:Credit card companies annoy me... Long story, but it pissed me off:
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.
That shit ain't right. If I were you, just on principle, I would close the account and mail to them the shredded plastic with a brief explanation like you stated above as to why you are no longer a customer. They basically screwed themselves out of a great customer.
We consumers must take a stand and control our credit and control our business with cc companies. They need us more than we need them. :x~*~Me and Hippiemom dranketh the red wine in Cleveland 2003~*~
First PJ Show: March 20, 1994 | Ann Arbor | Crisler Arena0 -
That sucks. Yeah I don't like credit card companies either. Ive had terms on credit cards changed without notice. I guess they are necessary evil.These cuts are leaving creases. Trace the scars to fit the pieces, to tell the story, you don't need to say a word.0
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Bank of America sucksVedd Hedd wrote: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."In the age of darkness
want to be enlightened"0 -
TheBeach wrote:
Bank of America sucksVedd Hedd wrote: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.
This isn't a hard concept, late payments = riskier customer, which means increased rates to make sure that banks get their money.
If you have car insurance and hit someone... your rates can go up too, because you're a bigger risk.
If you have health insurance and you smoke... your rates are higher because you're a bigger risk.-one thing to remember, always have a good time, all the time0
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