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Where To File A Complaint Against Bank of America
Posted by Nobofa on 12/09/2008
Since my less than enjoyable experiences with Bank of America began, I have reviewed scores of complaints about their practices ranging from credit card interest rates to holds on deposits including cashiers checks. Today, after having to call them for the 7th time in 10 days to resolve an issue that is still not resolved I wondered myself "Who regulates Bank of America?" and "Who would a consumer complain to about their service (or lack thereof in this case)?". So I looked it up. This is the information I found for anyone interested:

First off, it is said that every bank has a regulatory agency for handling consumer complaints within itself - It's own complaint processing department in otherwords. I wasn't able to find a link of any kind for such a department within Bank of America. By reading other complaints from unhappy Bank of America users, I came to the conclusion no one else has either, although I did come across this site:


Four federal agencies conduct CRA examinations and enforce CRA regulations. They are the Office of the Comptroller of the Currency, Federal Reserve Board of Governors, Federal Deposit Insurance Corp. and Office of Thrift Supervision.

The Office of the Comptroller of the Currency examines nationally chartered banks. These are typically the country's largest banks, such as Bank of America and Wells Fargo. Their names are usually followed by "N. A." or "N. T. & S. A." to signify a national charter.

In contrast, both the Federal Reserve System and the Federal Deposit Insurance Corp. examine state-chartered banks; their names usually include the word "State." These lenders receive their articles of incorporation from a state banking agency, as opposed to nationally chartered lenders, which have federal articles of incorporation.

The Office of Thrift Supervision examines savings banks and loan associations. Thrifts often have the word "Federal" and the initials "FSB" or "FA" in their names.

You can follow this link for an index of questions and contact information:


This is the link to the Office of the Comptroller of Currency (which regulates national banks like Bank of America as stated above):

http://www.occ. treas.gov/

Hopefully this information will help people with grievances against their banks. Make your voice heard!!!!
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Posted by madconsumer on 2008-12-09:
huh, it would be better for all involved if you found a local credit union.

in all my years, i have never had any issues with bank of america.
Posted by Anonymous on 2008-12-09:
I have read four business/money articles that say they are under investigation for multiple things. Perhaps you won't have to make a complaint, eh? As for credit unions, yeah, I recommend them because you will never be subjected to this kind of BS when you join one. My friend believes Satan runs BoA. I laugh every time she says it. She's another happy customer (insert sarcasm here)
Posted by tnchuck100 on 2008-12-10:
Bank of America has two distinct categories of customers:
Group 1 - those they have screwed.
Group 2 - those they are going to screw.

Group 2 can actually be split into three sub-categories:
Group 2A - those who make honest mistakes.
Group 2B - those who don't understand what the bank is doing.
Group 2C - the naive (ie: "I've never had any problem....")
Posted by katie kaboom on 2008-12-10:
I can attest to the above post. I definitely fall into group 1. Within 6 months BOA took $6,000 in fees from myself and my fiance. They have ruined my credit too. And i had impeccable credit this time last year.
Posted by Anonymous on 2008-12-10:
Chuck, half the households in the United States bank in some fashion with BoA. Are they all scheduled to be screwed? They're not evil, they are just a really bank which is in business to be profitable for their stockholders. By the way, if you have a mutual fund, or a 401k, or a pension, you are almost certainly one of the stockholders.
Posted by tnchuck100 on 2008-12-10:
Ken, yes. Is is my opinion that BofA has all of their clients scheduled to be screwed. They keep repositioning the traps to get another group of suckers. I am not saying they are doing anything illegal. They have the regulatory agencies in their pocket to avoid that. The major point is that BofA does everything within their power to extract as much fee revenue from those who can least afford it by their unscrupulous tactics.

"In a business to be profile..." is OK. Until it is done on backs of the working class as blood money through tactics that must be classified as legalized theft.

I have no 401k or mutual fund. My pension is from a government entity.
Posted by Anonymous on 2008-12-10:
Well said, Chuck! But, compared to the thugs in Congress, BoA is a model of ethics and good deeds.
Posted by madconsumer on 2008-12-10:
so i guess i am the only 1 of millions of bank of america customers who "has never been screwed".

as far as expecting to be screwed, if you expect it, you will be.
Posted by Anonymous on 2008-12-10:
"as far as expecting to be screwed, if you expect it, you will be."

If you see it coming,you are smart enough to avoid it. It's the loyal customers that they are messing about, the ones naive enough to believe it will never, ever happen to them and that because they have been loyal and good, the bank adores them. Yeah right. that I didn't owe them.
Posted by nobofa on 2008-12-10:
at the moment theyre not profitable for stockholders nor are their mutual fund investments making anything. my mother lost over 5000 just in the third quarter on an investment with banc of america (a branch of bank of america). their money markets pay around one and a half percent. i dont see them making anyone much money except themselves and their executives (ken lewis made 25 million last year in salary alone). stock analyst experts say they need to raise at least 15 billion just to have their stock level at 12 dollars. theyve been downgraded to underweight. so come again? lol
Posted by williamsc38 on 2010-12-24:
Wow I am so glad I found this and I am not the only one complaining about Bank of America's BS. I opened 4 accounts with Bank of America back in 2007 and one of them is a secured credit card. Needless to say that I am down to two and soon will be none. The only reason why I have not closed the credit card account is because I was told it could in turn hurt my credit rating, the checking account I only keep open to pay my credit card and they just over drafted on that one for almost a $100 because they took of my overdraft protection and according to them dont know how that happen. I asked them to waive my fees and needless to say they didn't. Also this secured credit card I have with them. When I open the account back in 2007 with a deposit of a $1,000 I was told that after a year of keeping the account in good standing they would refund my deposit and the account would go into an unsecured status, yeah well am still waiting, they have been charging me interest on my own money since 2007. When I questioned them about it they said is because you cant have any late payments withing six months, then I called back again and they said no late payments within 12 months, the story changes everytime I call. But I have only been late two times since 2007 which was back in November of 2009, well what happen to my account being in good standing from 2007 to 2009 and what happen to my account being in good standing for over a year now? I just called today and got the same story from them. The truth is they are makin more money if they leave my account as a secured credit card because they are making a profit on interest on money they never loaned out and plus they charge you for late payments if your late paying your own money back. They have the best of both worlds because it is not their money. Why would they change it when they can milk my money for as long as they want. I am glad we are all taking a stand and letting our voice be heard.
Posted by Y R Stout on 2011-11-08:
I paid my account in full -- some $1769.00 -- one check paid in full so I could rid myself of a company that decided they weren't making enough money off the backs of the working class. They wanted to charge me a $35 annual fee, I refused to pay it and cancelled my account -- regardless of how it will affect my credit rating. I wrote the check for the full amount owing and thought I was clear of this company. But no, today I got a new bill, with a new balance of $24 -- interest I was told accrued from the day they sent me the bill to the day I paid it in full. And while this company wrote off a similar balance over a year ago when I also paid it off in full. This time they refused too -- why? Because they have to get that last drop of blood from someone who has no more to give.
I will never do business with Bank of America again! EVER!
My wish is that the corporate CEO who gets my last $24 enjoys his bonus -- for there are none in hell!
Thank you for listening.
Posted by Bobby on 2011-12-11:
Bank of America Mortgage Servicing is a joke. They do not provide any loan modification help. They claim that they will assist and string you along for years with no help or assistance. They are in sensitive, and igorant about the programs featured prominently on their website. Do not deal with Barbara Doeser she is useless and Tiffany Monihan is another worthless unethical useless trashball that will never help you. Lots of lip service and NO ACTION
Posted by timothy rockford on 2012-11-26:
we have paid the 3 month trial period a couple of time we borrwed 12 00 from the welfare to and were still in the sam vote i am not happy with the bak of america at all
Posted by .Reginald Misquitta on 2013-05-27:
I have a credit card and an account with Bank Of America, In March /April 2013 they deducted the minimum charges without telling them to do so, thus
entailing high interest rates.
It was fortunate I discovered it in April and advised them to deduct the full amount from my bank ac.I have enough funds to cover the full amt.
Posted by George on 2013-07-06:
RE: I want to join or start a class action against BOA to get the absurd $59 "service fees
" refunded, with interest, they gouge me for
my two duh credit card acounts I have/had with them...

How do I join the existing class action or
start one here in SC and then go nationwide and globally against these crooks?
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Credit Card Rate Increase
Posted by Sunnyside up on 01/23/2006
I wish to air a complaint against Bank of America for a mid-cycle interest rate increase which they applied to my credit card account. Has anyone else encountered this? The relationship with Bank of America is over 12 years old and predates Bank of America to NationsBank. The customer service department transferred my call to the Credit Analysis department which claims to have a basis for an increase due to my credit score. I asked them when, why, and who had made this decision. They told me it is 100% automated. I asked them if there is anyone there who can view the record and override - and they told me no.

They provided me the name and number of the credit reporting agency. According to Transunion, I have a credit score of at least 736. According to my contacts at Fair Isaacs this is an above average credit score, Fair Isaacs being the company that created the FICO score. My FICO score, which I constantly monitor has not been below 720 and was recently 776. I have never been late on this account in the history of the relationship. When I called them on their decision they claim it is an automated system and they cannot override the system.

They are issuing the credit card department a license to steal. Nothing in my record, relationship or credit history warrants a 13% increase from their original 9% fixed rate. If they do this with one of their stronger borrowers and depositors, what will they do to those who don’t have the basis to protest? Since the unproductive conversation with their 800-Call Center, I have paid the $1800 balance in full (it is an $11,000 line of credit). Unfortunately, I currently have two checking accounts, a savings account and an additional Platinum card with no balance that is at 6%! So clearly it is just a direct attack to commit fraud which they count on consumers who cannot or will not read the fine print. They need to be publicly censured for unfair practices.
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Posted by miketech on 2006-01-23:
I think what happened to you is just what the credit card industry is doing to increase profits. It's an ugly world out there. 736 that's pretty strong credit.
Posted by NeveragainAmazon on 2006-01-23:
I also have a Bank of America credit card (for 7 yrs. now) and have also inquired because of the interest rate change only to get the same run around that you describe. However, I only use my credit card if I am able to pay the balance on the next billing cycle. I will not use that card again...Mike is right! What a scam!
Posted by tander on 2006-01-23:
I had a Capital One Card and they sent me a important letter, telling me they raised my interest rate after I closed my account.
Posted by miketech on 2006-01-23:

The above is a pretty good article on credit card tricks. :( criminal at best I think.
Posted by NeveragainAmazon on 2006-01-24:
Thanks for the info Mike....and I see that BofA has the highest interest rates around. Looks like Capitol One has the lowest. Thanks again for the info...
Posted by miketech on 2006-01-24:
Thanks, Never. Hope it helped. I woke up this morning and this was on MSN's front page


and in the article was a link to this


Looks like credit card companies have found a 00 license to steal. I'm currently having problems with several credit cards and I'll never use another. The scary thing is it's not the little shady credit card companies taking advantage of the unfortunate. It's most of them taking advantage of almost everyone. I don't know what to do but complain. The only solution I can see is don't charge more than you have in cash. If you do you will soon be p00ned.
Posted by NeveragainAmazon on 2006-01-24:
Hey Mike....Most of us have been there. T00 bad that credit is so easily accessible, and then the Company lowers the b00m. Good luck to you and keep me posted as to any new news regarding rates, etc. It is always interesting to know.
Posted by captbubba on 2006-03-23:
You are so right, Bank of America is one of the worst credit card companies I have ever delt with. At the first opportunity they will stick it to you. Even if you don't mess up they will create an excuse to slap you with fees and use that same reason to DOUBLE your interest rate! I was never late with my payment to them so after about 14 month of haveing the card they added the interest for that month on immediatly which took my balance over the limit. I had to call them 4 times and talk to a manager to explain that my limit is NOT 5k minus the interest rate for that month, it is 5K even. They finally agreed, refunded the fee and said they would reduce the 24.99 interest rate back to 11.9 rate when my statement cycles. When I complained that they raised my rate on false premises and now they were going to still charge me 24.99 interest for the month it took for the cycle to complete thay said the computer raised it automaticly and that any change they made would not take effect till it cycled again!!! This company is nothing but a low class bunch of thieves!! STAY AWAY FROM THEM AT ALL COST!
Posted by Tim9099 on 2008-02-22:
So, when the up the rates to the point that what were once good customers who pay on time and don;t go over their limits end up defaulting, how will that really end up helping them in the long run. B of A must be run by incredibly short-sighted and stupid individuals. Oh, and as far as customer service... they have no idea what it is.
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Please Read This Once Before You Apply for Bank of America Credit Card
Posted by Spatil3 on 07/10/2005

that's the advice I have for all our friends who are looking for new credit cards. This credit card has given me more pains that any other credit cards I have. I have cancelled this card now and wish to share my experience with you so that you don't make the same mistake.

1. The Customer Service:

First the customer service is not at all accommodate. These people are rude ( especially if you talk of cancelling their service). I expected them to be nice at least when I was about to cancel my credit card but they never did.

2. Partners in the game:

Bank Of America has many other small units working under its banner like " PRIVACY SOURCE" AUTO ADVANTAGE" . And these agencies have all the rights to access your credit card without your permission. These two companies had charged $ 99.89 and $79.99, each for no apparent reasons. When I called my credit cards company (Bank of America), I was told that they don't handle these charges and I have to talk to these companies myself. I was given toll-free numbers to call these guys ( the customer service is only on the weekdays, when we have no time to call), somehow I managed to call these guys. First, they wouldn't be able to find my account, after a lot of hassle when they did, they give me some bogus records of my registration. And guess what, I was registered and I was charged but I didn't know my account numbers. I felt helpless and was being robbed. After I told them the situation that I am not a registered member and please refund my amount. They agreed to do so in the next statement and never did. I had to call them up again to go through the same hassle. Even this didn't work. At the third time when I was really angry these people managed to refund me partial amount $54.99 and $ 62.99. It took couple of calls more to get my money bank.

3. The Big Brother ( Bank of America)

I would not have had cancelled the credit card and written this review if that was the end of the things. Bank of America had charged me the APR on these amounts and wanted to refund me that amount of APR. But they did not agree. And I got so upset that I cancelled my credit card (05/26/2005).

4. Still not the end of the tunnel:

After cancellation I asked them how I am going to make the payments? they said you will receive your statement and will pay it as your have been doing. But too my surprise I did not receive the statement for June, which I have received around 7 th or 8 the June 2005. So I called them on 26 the June to see what happened, just to find that I was charged $39.00 late payment fee charged to my account. I requested them to cancel my late fees ( since I pay my bills regularly, and this time since I had a partial fault of not calling up the company to find out how much my payment is?) and will pay the full amount immediately. At this time they said that since the statement was in fact mailed to me and its not their fault so I HAVE to pay the late fee.

5. It will not be worse than this:

Even after my repeated requested they didn't agree. I tried to discuss this issue for the second time with another supervisor and she told me that I am not entitled to receive paper statement. Now this was entirely opposite of what was I told previously. This was definitely a serious incidence of consumer being deprived and misdirected for the companies benefits. So I told them that I will make a complaint with Better Business Bureau (BBB), the supervisor to whom I was talking threatened me to give a negative credit report if I don't make the payment.

As of today I have paid the full amount, and filed a complaint to BBB and writing this review.

But I am really really angry with kind of bully credit cards company, I feeling that middle-class consumer like me always get this crap and the credit card companies always escape.
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Posted by vixensnewgirl2005 on 2005-08-22:
Wow, good thing I read your review!! I had my application and check already in the envelope to send to bank of america for a credit card!!!
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Bank of America suing now
Posted by Debs2005 on 09/07/2007
FLORIDA -- My hubby has an account with BOA. When they raised their minimum payments Double last year he ran into some difficulty and went to them before he was even delinquent to ask them to possibly lower their interest rates or give him a break on the payments for a few months. He had been a top of the line customer for years and ran into problems when our Home Insurance Tripled and then BOA and some others raised their minimum payments due... Anyway.. They wouldn't talk to him and told him to seek help from a credit and debt negotiation counselor. That is what he did. BOA didn't want to work with them either though... So a year has passed. A trust fund was set up with a credit counselor negotiation company to help pay the account. BOA ignored Cease in Desist orders and refused to deal with the Credit counselor. Their deal was.. You pay this amount in a week. .Sorry.. Can't do. They filed a law suit on my husband and now he will be filing chapter 13 bankruptcy. BOA is not a secured creditor... They will not be given priority in the bankruptcy. Their hope would have been for my hubby to ignore the lawsuit and them to get a default judgement... In actuality they will be getting less than half their money back by the end of the bankruptcy.. Much less than they would be getting if they had dealt with my husband or the Credit counselor all along.

WE may counter sue BOA for violation of fair debt collection practices law. They have several violations as do their subsequent collection attornies they chose to use for the case.

If you are thinking of getting a Credit card or taking a mortgage or opening a bank account with this bank.. DON'T.. They are ruthless and in my opinion stupid.
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Posted by trumania on 2007-09-07:
This comes down to the fact that, no matter what kind of customer you are, if you can't afford a product don't get it.

If you can't afford credit/mortgage payments the you should NOT have a credit card or mortgage.
Posted by Slimjim on 2007-09-07:
What reasoning did BOA give for not accepting a proposal from a credit counseling agency? It could have been just because the amount per month proposed was off a few dollars from their protocol. I would definitely get the reasoning from either the agency or BOA since they DID recommend using this method to help you. Also, C&D's are only applicable to 3rd party collectors. BOA can contact you regardless.
Posted by Anonymous on 2007-09-07:
You may need to read through the Fair Debt Collection Law. It applies to third party debt collectors and since BofA is the original debtor, it may not apply.

If I remember correctly, the regulations were changed just over a year ago to double the minimum payment amounts due to the fact that the percentage was so low that the card holder was never able to pay off the balance in any reasonable time frame.
Posted by Anonymous on 2007-09-07:
First of all, it wasn't BoA that doubled the payments, it was the federal government, and all credit cards had to do so.
Rob is right, the FDCL doesn't apply between you and the bank.
What reason did they give for not accepting a credit counselor? It may be that they were burned in the past by that counselor and won't do business with them. They may have been doing you a favor in that regard.
Posted by Debs2005 on 2007-09-07:
If you look at the complaints against BOA.. They speak for themselves. The payments were within range. BOA wouldn't deal.
Posted by Debs2005 on 2007-09-07:
Ken, this was a credit card not a mortgage or secured debt. All creditors have to follow the fair credit practices act and when they are asked repeatedly not to contact you becaue you have turned the account over to someone they told you to... they have to abide by your wishes. It is harassment. BOA has pages and pages of complaints on this site and others, including the BBB. They are BIG and they don't care about the little guy. AS far as minumums... Not all our creditors raised their minumums... Only the big Three... Chase, BOA and Citbank.
Posted by Debs2005 on 2007-09-07:
Alleys, WHAT???? They are... They are suing. Also this is an anonymous forum. The little people finally get a say.
Posted by Debs2005 on 2007-09-07:
Slimjim... C and Ds are for all creditors... If someone owed me money and I was harassing them after they told me not to and to contact the person the account was turned over to.... I would be breaking the law contacting them other than through the mail. I could not threaten on the phone and BOA and their subsequent collection attornies/agencies are clearly in violation of the fCPA. The Lawyer that we retained has already adviced us regarding these issues.
Posted by Kramb on 2007-09-14:
Your rights are protected possibly under the Fair Credit Billing ACt, if you formally disputed the Account, however the Fair Debt Collection Practices Act would apply to the Collection Agencise who had your account.
Posted by Anonymous on 2007-09-18:
If you want to complain about Bank of America, send a written letter via certified return receipt to: Office of the Comptroller of the Currency, Consumer Affairs Department, 1301 McKinney Street, Suite 3450, Houston, Texas, 77010-9050, Tel: 800-613-6743. Also, send a written complaint to your State Attorney Generals Office, Attn: Consumer Affairs.
Posted by Debs2005 on 2007-09-18:
Thank you Fed up. We have done some correspondence but are in the process right now of a chapt. 13. BOA will get a fraction of what they could have gotten through the Credit counselor/settlement firm. We got returned our Trust money which was utilized to retain legal help. I cannot understand why the heck a creditor would rather have a bankruptcy happen and get little or nothing as opposed to making a settlement with the creditor themsleves or an agent of theirs like we had, and getting much more in return. I guess the point is... BOA and other lenders are making profits whether customers pay or not. They had over 2000.00 in penalty and interest and have been the only one charging on that account for over a year now anyway.
Posted by fanery6 on 2011-06-07:
Hello,I use to owe 4thousand now they sue in me for 11..they are crazy and the worse part is that they going to my mom house leaving notes saying they will come back with court order to take stuff, which I live outside the country and they are sue in me in nj and I'm a florida resident. They wont take my 100 dollars a month because they want 500. I dislike them very much.
So no lawyer would help me because lawsue is in NJ, but NJ lawyers cant help me because I'm Florida resident. So I'm stuck in the middle, but I had a good advice from a lawyer,she said wait until you get back to the US,send them money even if they dont want the 100 dollars and keep records even if they dont want 100. Good thing me and my husband dont have the same last name because they would be bother him like they bothering my monther.
Posted by JB on 2013-02-09:
These crooks sold a credit card debt that I had settled over 4 years ago with B of A to two different credit collectors. Didn't they already get bailed out with our tax money anyway? What a bunch of slimers.
Posted by love on 2013-08-08:
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BOA is completely ruthless!
Posted by Denrgal on 07/20/2007
KNOXVILLE, TENNESSEE -- When Bank of America aquired MBNA, I felt sick. We have credit card accounts with them through my employer, and BOA has been ruthless, to say the least. I was upset enough when I found out my personal MBNA credit card was taken over by BOA that I started looking for another card so I could transfer my BOA balance and close that account, before they could rip me off. In the interim, I had a family emergency that took me out of state for several weeks. I accept full responsibility for the fact that making arrangements to pay my credit card bill was the last thing on my mind, and I ended up being late. I called my other credit card holder and explained my circumstances. They were very kind, and removed my late fee. When I called BOA, they removed my late fee.....and raised my 0% promotional rate to 19.99%. I ended up with a huge interest fee. I called back 2 more times to try to get them to work with me, but they just acted as if they had done me the world's biggest favor by dropping the late fee. The new interest rate stands. They wouldn't even consider coming off it a few points, despite the fact that I have had this card for years, and have been an excellent customer, with excellent credit. I was not allowed to speak with a supervisor. I told them that I, of course, was going to transfer my rather sizeable balance and close the card, and gave them one last opportunity to save an account. They absolutely did not care. What idiotic business practice! If they would have dropped my rate, they could have gone on making a nice profit from my account, but they prefer to shoot themselves in the foot, in my opinion. How greedy can one company be? Do yourself a favor, and do not get mixed up with these ruthless people!
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Posted by Slimjim on 2007-07-20:
did you actually transfer the balance and close the account?
Posted by steve101 on 2007-07-20:
Just about every credit card issuer will jack your rates up if you are late. They will even jack the rates up if you are late with a utility bill,mortgage payment, or another credit card.
Posted by voiceoff on 2007-07-22:
To them you are a person who may be untruthful so they treat you as though you are. They hike the rate so if you default (being late makes them suspect you may do so) , they have already gotten back the principal early on anyway. 19.99% used to be called usury, but that was when they did not foist cards and checks on people without knowing their ability to pay. So now they just get it all upfront. waiting for another 0% and transferring again makes sence and cents.
Posted by hvacrsteve on 2007-07-22:
They did the same to me without being late!
They said they were not making enough money on my account!
At least they didn't lie about it!
I however paid off the card and do not intend to ever
use it again. I will keep it active however, to cost them money, but I will not cancel the card!
Basically there is a reason they make so much money.
They don't mind telling people to ---- yourself!
Posted by denrgal on 2007-07-23:
I am happy to report that I have paid off this account, and was going to close it today. After ready your response, havcrsteve, I thought about just keeping it open as you did, but I think I want to totally wash my hands of BOA. I am forced to have a travel card with them at my place of employment, but they'll not get another dime of my personal funds. I could have understood their actions better if I had been a new, risky customer. I have had this credit card for almost 10 years, and have always been faithful in my payments. BOA's "too bad" attitude has turned me off for good! Perhaps unbelievably, I've had good experiences with the other banks I've had cards with. This experience has been an eye-opener for me. I believe BOA's practices will catch up with them at some point. I'm sorry others have had/are having bad experiences with them, too. Thank you all for your comments and advice!
Posted by Anonymous on 2007-08-03:
If you want to complain about Bank of America, send a written letter via certified return receipt to: Office of the Comptroller of the Currency, Consumer Affairs Department, 1301 McKinney Street, Suite 3450, Houston, Texas, 77010-9050. Also, send a written complaint to your State Attorney Generals Office, Attn: Consumer Affairs.
Posted by Charliegone on 2007-09-02:
Being a long time customer of BofA I applied for one of their credit cards and received an initial low rate of 11%. At first everything was fine, that was until BofA decided to raise my interests rates...and I'm not talking about like 3 or 4 percent more like a 10% increase (which in my opinion is complete ridiculous especially for someone who paid on time all the time (yes me!)..but that's not the worst of it...So you want to make those payments before their so called "cut off" date (or just plain early?) Well don't. They will rip you off totally. Unlike in my other card (from Chase) BofA does NOT take in early payments for the current amount due, instead they charge it for the last months due amount! Why would I want to do that? Apparently they don't care if you do try to pay them on time! Not only that! They do not tell you about until you have made the late payment! I called up why I was being charged for this if I paid it on time...and that's exactly what they told me "we cut off this date so we charge it for the last months due payment, sorry."...and guess what the lady told me? Apparently, this "happens all the time." WOW! Really lady? ..so ok, they took off the late charge (that's what they said) but when I look at my statement they took only half of it off!...ok...no problem I said...oh wait, the interest rate skyrocketed to 32 %!!!! Now I'm really angry...in all DO NOT get a BofA credit card...if they have chance to stick it to you they will DO IT! Trust me..So now I just transfered the balance from this credit card and have put it into a lower interest(8%) and introductory rate of 0.00% for the first 12 billing cycles and will cancel this sorry excuse of a credit card. Never again...now that I'm thinking about it..maybe I'll cancel my Checking account with them too.
Posted by calliope on 2008-07-20:
Promotional rates, such as an introductory rate of 0% are almost always easy to bounce for credit cards. Yes, all it takes is one late payment, and your APR is increased out of the promotional rate. It isn't surprising; it is typical credit card practices. Believe it or not, banks are in business to make money, and at 0% they aren't making any money. Perhaps, since you are a long term customer they should have been more understanding; I don't deny that.

Also, Charliegone, I've never heard of a credit card that didn't require a minimum payment to be made each billing cycle despite how much was paid in the previous billing cycle. The "cut off" date is the cycle date (or the date that they send out the statement) and is the beginning of the new cycle. Anything before that is part of the previous cycle.
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Fraud Bank of America /MBNA Credit card interest rate scam
Posted by JXG on 07/05/2007

I have a credit card that was issued by MBNA. I also have a 15 year home mortgage with Bank of America. I have been paying on this loan for 10 years. The reason for getting the card was to transfer some other debt I had on to this low fixed rate card. The credit card said the rate was fixed for life. The credit card became a Bank of America card when BOA took over MBNA. The interest rate I was issued was supposed to be 9.90% for the life of the balance. I have paid every payment early and online. The payment amount was also much more than the min payment. I did not use the card for extra activity since I was trying to pay down my debt. Everything was smooth for until 6/30/2007. I went online to make sure my payment was scheduled for next week. I saw that my min payment had more than doubled. The interest rate went from 9.90 to 23.99 percent from the last payment made which was 6/6/2007.

I figured this was a mistake since my credit rating is good. I also have had a Bank of America Mortgage for over ten years and I have never been late. I called the number and got the run around by a couple of people. The customer service person said I was sent a letter in late April saying if I wanted to keep the same rate I had to write them by mail telling them I did not want my rate raised and I would not be able to have any additional purchase charges added to my account. I told them I have had the same address for over thirty years and did not recieve any letter. I would have sent in the request to keep the same rate and no longer usethe card had I recived the letter. I was told that was too bad because if I had responded timely the rate would have been left alone. The person told me they would not lower my rate.

The thing I find funny here is the man Mark Schultz told me he could not help me with the present rate but was willing to send me to a person who could wrap the debt into a unsecured personal loan. Mark said this is my only option. I ask to speak to another person or his supervisor. Mark would not send me to anyone else. I called back later and told another person my story. On Monday 7/2/2007 I took some of these reports to the local Bank of America branch along with my credit card statement. The manager was very nice and acted shocked at this situation. The Manager Vice President Ms. Moneymaker (her real name)in Goose Creek SC was very concerned and wanted to try and help me. She sent the information to one of her contacts. I don't expect them to do the right thing and bring the rate down to the promised fixed rate. I have already made arrangements to pay this debt off.

The bottom line here is BOA is stealing money from people. They are cheats and gangsters. Please write your US Senator and have them promote senate bill S.1395 , the Stop Unfair Practices in Credit Cards Act intoduced on May 15, 2007.
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Posted by Anonymous on 2007-07-05:
They are all a scam JXG!
Posted by Anonymous on 2007-07-05:
People have to learn one thing about credit card companies. They are in this to MAKE MONEY. They are not your friend and you are just a number to them. Until there are federal law/mandate that define interest rate solely on a person's credit history and/or FICO score, credit company reserve the rights to charge whatever they like, within the legal interest rate limit (varies by state).

I have a FICO score over 800 from all 3 credit reporting agency but it does not mean my interest rate is lock at 2.9%. This is why I only charge what I can pay off at the end of the billing cycle.

If I cannot afford it, I DO NOT CHARGE IT on my credit card...
Posted by rhondam718732 on 2007-07-05:
Anyone with a credit card should be aware that ALL companies send this letter telling you to refuse the increase or else it will happen. We hear many post related to this and by now, the word should be spreading to people via internet, news, etc. PLUS, READ your statemements. They tuck it away but it's there.
Posted by Ponie on 2007-07-05:
rhondam, I don't quite agree that they tuck it away. I've always found it on a separate sheet or brochure. I think the problem is people don't read the fillers sent along with their statements, especially those titled 'changes to your account.'

I agree, HJB. I never charge anything unless I have the $ in my bank account to back up that purchase. If I don't have enough, that purchase is postponed until I've saved a bit.
Posted by jktshff1 on 2007-07-05:
HJB, good post.
Posted by granny26 on 2007-07-05:
Thank you for posting your dilema with BofA. For 3 years we have been disputing a $4500 transfer of a fraudulent loan from Regions Bank to a Bank of America card of my father. They still say there is no fraud and I must provide the verification for the bank transfer. How can I provide something that I do not have, it was not authorized by my father. Also, my mother has had Alzheimer for 8 years and at the same time a card was activated in her name, with the wrong birthdate and the wrong maiden name for my grandmother. It took me over a year to get that straight and then the balance (another 4800) was transferred to my father's account. I keep calling and they say they will look into it and call me back but they never call back. The balance is now over $8400 and I am not paying a debt that is not owed by my father. He has had 65 years of excellent credit and they are threatening to turn this over as a bad debt. I have sent certified letters that they signed for and I have the receipt, but they say they do not have any correspondence from me. I have also faxed the same letters to the fraud department twice and they still say they don't have any correspondence from me and my father is responsible for the balance on the account. I would like to know how to go about filing suit against them.
Posted by Cruncher628 on 2007-07-11:
You can also complain to the Better Business Bureau of Delaware (http://www.wilmington.bbb.org) - Bank of America (FIA) has over 3,500 better business bureau complaints in the last 3 years already.
Posted by voiceoff on 2007-07-22:
Have you gone to the banking commission? I agree that few people read all the enclosures and GUESS WHAT, the bank knows that. If they wanted everyone to refuse a higher rate ( and who wouldn't) they would make a huge advertisemant on TV with a famous actor singing about how you should write that important letter to keep your rate, rather than burying it in small print. It's to their advantage fiscally to have you ignore it. But what they don't know is that it takes a toll on the anxiety level of our society and everyone is affected when the environment is stressful. That is more costly to a society than can be measured.
Posted by hvacrsteve on 2007-07-22:
Say good bye to the bank, they are not your friend! I would go so far as to say they are much more your enemy, they are just waiting for you to mess up just one little bit to give them a good reason to say gotcha! Never let yourself be in this position again! A hard lesson learned, but I am sure
you will remember it! Find a local bank, they will care more about keeping you as a customer than a huge bank like you presently have!
Posted by Anonymous on 2007-08-03:
If you want to complain about Bank of America, send a written letter via certified return receipt to: Office of the Comptroller of the Currency, Consumer Affairs Department, 1301 McKinney Street, Suite 3450, Houston, Texas, 77010-9050. Also, send a written complaint to your State Attorney Generals Office, Attn: Consumer Affairs.
Posted by farfromfiction on 2008-09-18:
I have to say that I don't think you're giving us all of the information JXG. I work for a bank and I hear stories like this all the time. I never pay late, I have an 800 fico score, blah blah blah. When a bank sends you a JSN letter for you to refuse a rate increase, that means you are deemed risky. On a rare occassion the information that determines this is skewed and the bank will gladly re-evaluate that decision. But more times than not it's quite accurate. Today I had one client tell me he has an 800 FICO and it was 632, and another told me she had never been late and in the 4 years she's had her credit card she has been late 17 times. Banks the size of Bank of America or Citibank do not just jack your rate up for no reason because the bad press is not worth it. Not to mention they don't just consider your FICO, they also look at your income to debt ratio and how you are paying on your other accounts with other financial institutions. They must do this or else they will go under lending low interest money to people who default. If they didn't do this then everyone would be paying 17% interest rates. Ultimately the rate hike is meant to be a deterrent. Stop using the card, pay your balance off, and get your finances back in check. Then they'll reduce your rate. If none of this applies to you then you've got a problem on your credit report and you need to dispute it.
Posted by alohagal on 2008-10-16:
With homes half price in FL, I went to my B of A to get a mortgage to buy one. They sent me to their branch in another town. The man was SO nice, said it would be NO problem, gave me a pre-qual for $90,000 and told me to go house hunting.

Later when I emailed him to raise my limit a little, I was told that guy no longer works there. So I went to my bank to find out who took over the first guy's accounts. They gave me a name, so I emailed that new guy.

New guy demanded to know WHO told me to contact him and WHO told he was handling other guy's accounts.

I told him my local bank. I now wanted to add my Paypal income which I had not included in the original application, which would raise my mortgage limit.

He could NOT find my file, had NO idea where it was, was not ABOUT to contact first guy to find out where file was, etc. Hostile, curt emails.

I didn't think I should have to drive ALL the way back there to take him ALL the papers - again. Asked if I can send him proofs via email.

I sent some copies of bank records with Paypal income proof. No response.
I wrote again (I'm deaf - I can't all) asking if he got the attachments. He now wanted to know how much my total income is (it's on the original app), my age, my job, etc, etc (all of which is on original app). I told him but said they should investigate what happened to my file.

No respose. Weeks to go. I email again. Do you need more info or what? Now he says he can't accept the $800/mo income on a $55,000 mortgage I hold because it will only run 2 1/2 more yrs.

Me: right, and then I get the whole 55K to pay off the mortgage you give me.

I asked him to send me new app since bank lost old one. Said he would. That was weeks ago.

Not only are they disorganized, but liars. If they're not loaning money right now, they can just SAY so.

Why the silence?
Why this ridiculous imbecilic runaround??
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Scandalous Rate Hikes And Other Practices
Posted by SoCalConsulting on 02/13/2008
CALIFORNIA -- After being a loyal business and private customer of B of A for over 15 years, they finally did it one time too many. Try this - they closed all our business credit lines and credit cards after we complained about huge rate increases - to 28% or more from 12% or low teens. We paid the bills automatically through our B of A checking accounts. They said we had too much credit! Then - THIS IS THE GOOD PART - they "cannot lower the interest rates", even as we pay balances down, because it's "federal law that rates can't be changed after accounts are closed"!!! Clever - raise the rates real high, then close the accounts to lock the rate in indefinitely until paid off. As soon as we pay these balances off, or transfer them elsewhere, we will have nothing to do with B of A.

We would be so interested in joining or being part of a class action lawsuit that exposes their predatory and probably fraudulent practices.
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Posted by madconsumer on 2008-02-13:
it seems the banks are making people go back to paying cash and have no credit cards. give up the cards, or pay them off monthly.
Posted by tnchuck100 on 2008-02-13:
There will be no class action suit for raising the interest rates. Each customer agreed they could when the account was opened. No law has been broken. And as long as the banks keep paying the lobbyists well it's not going to change.
Posted by Anonymous on 2008-02-13:
Try transferring your balance to a lower interest card. Several banks have low interest offers for balance transfers. Be sure to read the small print - some offer the rate for a short period of time while others offer it until the balance is paid.
Posted by jktshff1 on 2008-02-13:
madc...the banks aren't making anyone do anything. That's the problem, everyone wants to blame it on someone else.

For an individual:live within your means.
For a business: You need to get a better accountant.
As a business, it's not a federal law, but in your agreement with the credit card company. If you close an account, it's at the interest rate when you close it unless you have negotiated differently AND have it in writing. That's a no brainer.
The banks, credit cards, loan sharks can do as they wish (within the law) as long as you agreed to their terms.
Posted by SoCalConsulting on 2008-02-13:
We didn't close our accounts - B of A arbitrarily raised our rates, and when we complained THEY closed the lines of credit and credit cards and thus locked in the new rates. Yes, they can do anything, but most businesses use credit as a financial tool with an implicit understanding of fair business practices - B of A is really all about Buyer Beware. So yes, don't expect anything other than the one-sided (bank wins only) small print terms & conditions, including phrases that in essence mean ... "we can change these terms & conditions to anything we want, whenever we want, but we will hold you accountable no matter what." That is not a mutually beneficial business agreement - so silly us for trusting a reputed upstanding big bank to have anything except their own greedy interests in mind. We HAVE learned our lesson - maybe others can learn from us. Assuming it's possible (often it is not because of the obtuse wording) read ALL the fine print, but definitely stay away from B of A.
Posted by jktshff1 on 2008-02-13:
SoCal...can't add anything to what you posted. VH!
Posted by Tigerone on 2008-02-14:
I send out my payment to B of A, formerly MBNA credit card on the same day every month. But in January, they changed the "closing date" for the billing cycle, making it later, which caused my payment to be credited as a second payment in the earlier cycle. Then, they expect me to make ANOTHER payment again for the next cycle, which I already made. It gets worse. Since I didn't know about this, they now say that my payment was LATE- even though their change made it one day EARLY, and now they have canceled my promotional rate of 2.9 % and jumped it to 17.9 %. Worse, because I have been such a good customer, they increased my limit to $ 44,00, and I have about 41,000 on there because the rate is better than on my HELOC. And they won't correct this.
Nobody can tell me it's not the bank's fault. This is a predatory lending practice. THEY changed the date on the billing cycle, and I made all my payments on time, and now I'm getting screwed.
Posted by Ponie on 2008-02-14:
Tiger, I'm sure you received notification of the change in date but probably missed it by tossing out the message or not looking on your statement. I don't understand your sending out your payment 'on the same day every month.' Do you have the account set up for auto-pay and for a specific amount? If so, how do you know if you're paying what is due? Don't you use your card between statements? I enter all my payments, not just CCs, individually online each month. In this way, I see both the closing date and due date each time.
Posted by Tigerone on 2008-02-14:
Ponie, there is no notification about the change in the closing date for that billing cycle, but it fluctuates, which I did not know. In February, it was actually on the 14th, so you have to send your payment in a "window" between the closing date of the previous statement and the due date, something like 2 weeks. The statement is not sent out until the cycle closes. Sure, I could have sent it later, but I was amazed that they would not credit me since I sent a payment every month. This is a card that I don't use- and you can't use it because the rate for purchases is higher and all payments will be applied to the balance with the lower rate first. You can't pay off the high rate purchases without paying off the low interest balance first, which is why I have the card to begin with. I set my payments to go automatically for all my bills, and sign up for level pay plans with utilities, so I only have to make sure that money is in the account. With CC's, the payment will be about the same, or a little less, unless you add another balance transfer or pay off a chunk of it.
Posted by TickedOffMajorly on 2008-02-15:
SoCal - as one of BofA's soon-to-be-former credit card holders, I NOW know what their slogan "Bank of Opportunity" REALLY means - they'll take any opportunity to screw you over!! Don't worry - once the widespread economic impact of consumers CLOSING THEIR WALLETS - because they're taking it up the tailpipe through these outrageous rate hikes - hits the economy - both "legislators" and banks - will be singing a different tune. Bold move - BofA - it remains to be seen if it was more bold than SMART. I'm betting on the average consumer to take the OPPORTUNITY to stop doing business with YOU!
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Beware... it can happen to you too
Posted by Ezyogi on 01/23/2008
TAMPA, FLORIDA -- After reading the comments, there were a few people that have the false notion that you did something wrong, and are therefore having to pay the penalty. I have been banking with BOA for over 10 years and paid off my Visa card twice and have an excellent record of paying my credit card with them. However, since my interest rate is at 22%, I made the assumption that I would be considered a "good customer" so I called to see if they might lower it, even a percent would be nice, but was flatly turned down.

Today, I just received a letter stating that my card is being raised to 27.99% after February 29th. The only explanation can be one of retaliation as I complained that I had never made a request for an interest reduction and was surprised to be turned down. Of course, when I called, I was put on hold for over 20 minutes, and finally gave up. I am going to opt to keep the 22% interest rate and no longer use this card and intend to pay it off in full and close all accounts with BOA. I will never again do business with an entity that utilizes spiteful and hateful means when dealing with customers! I am also in my 50's and have a great deal of business experience.

My assessment is that the outsourcing of business relationships has become a dirty scam and long gone are the days when you could walk into a bank and personally meet the president and sit down and discuss your needs.

It was a wonderful life then, but these days, every thing is a scam, no matter what the hype, don't believe it!
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Posted by Anonymous on 2008-01-23:
Check out a credit union - their fees & interest are much more reasonable. Perhaps you can transfer the balance from your BOA high interest card to a credit union charge account.
Posted by *Brenda* on 2008-01-23:
My Bank of America credit card's interest rate is 14% and I've never had an increase. I don't use it because 14% isn't that great but there must be something that is keeping your interest rate up. How do you define excellent paying history? Never late?
Posted by hello dolly on 2008-01-23:
Your payment on that particular card is not all that affects your interest rate. They use your payment history on all your revolving charges. It sticks but those who can least afford it are charged more and those with higher ratio's of debt to income also pay more. When you asked for your rate to be lowered it triggered a search to see if you qualified overall...soooo if you have other outstanding charges and have had late pays on any of them within the last 24 mos your rate got raised as per their terms.
Posted by FoggyOne on 2008-01-24:
"I am also in my 50's and have a great deal of business experience." I wonder about the business experience part if you think paying 22% interest on your balance is a good deal.
Posted by ellaina on 2008-01-25:
I've been a BofA card holder for years. I also bank with them. I too just received a notice that they want to increase my APR to 25.99% (doubled). I have never been late on *anything*, and my credit is in good shape. I was told by a rep the reason I was selected is because I have a high balance. Well, that is true, I utilize my line of credit and then pay it off, and my current balance is no higher than it has been before. The only thing that has changed recently? I bought a new car a couple months ago. In fact, I bought it just after BofA gave me yet another line increase on this very same card. Hmmm. Guess they don't trust my judgment that I can afford the car, even though this is my 5th auto purchase(4 others, all paid off and EARLY to boot)... Obviously, I'm rejecting the increase (write to them per the instructions in the notice) but won't be closing the card, will keep it open and unused (can't use it or the rate hike becomes effective even if rejected). I will be moving to a new bank for my checking/savings needs and telling as many people as possible :)
Posted by Tim9099 on 2008-01-28:
I got the same thing, of course I will reject the hike from 9.99 - 27.99%. No lates or defaults, they say too much credit utilized, funny, no where does it state what the ratio should be, in fact the person I talked to couldn't tell me. Credit Union, here I come.
Posted by freedoom writer on 2008-01-30:
I agree with you completely!! I remember when I would want to buy something and would call the bank and they would tell me go get what I wanted and just let them know how much I needed! And this was when I was only 18 years old. Does anyone know of a organzation that is speaking out about bank of asso's? I would love to spend my spare time just calling or sending our info about them
Posted by LuvToKnow on 2008-01-30:
BOA is raising the APR for every card holder that was with them before the aquisition of FIA/MBNA from Wachovia ... My best suggestion ... Contact Wachovia and apply for a card with them ... They have much better rates and offer 0% on balance transfers for the first 6 months ... Just beware, they do require excellent credit for competative rates!
Posted by chow on 2008-01-31:
At least you make a right decision this time, ezyogi.

Give yourself a credit for closing your account in BOA, you are off from continuing feeding this financial giant predatory
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Hardship program a joke?
Posted by J dog on 02/23/2010
I recently lost my employment in the housing industry as a direct result of the bad investment strategies of this countries leading financial institutions. I had a 7,000 dollar debt with Bank of America credit card and always made my payments on time. I called customer service after talking with a family member who had enrolled in their hardship program and got their interest rate lowered to 3% fixed for 5 years. This family member had the exact same circumstances as I do yet BoA refused to put me on the program telling me that because I could no longer afford to make my minimum payment that I didn't qualify for the program IF I COULD MAKE THE DAMN PAYMENT I WOULDNT NEED THE PROGRAM I would pay the payment as I always have. If these programs are not designed to help people who can't make their payments due to job loss (caused by the same banks) who are they for? I believe this is all a tactic used to raise peoples rates and rack up fees for customers who have fallen on financial hardship not to help them fulfill their obligations to the bank. I believe this because the representative I talked with told me that I should just pay what I could even if it dosnt meet the minimum due so I asked him how that would help me since it will only cause my balance to go up exponentially by way of late fees underpayment fees interest hikes and the like. The bottom *&#king line is that we the taxpaying public bailed out these a$$holes they took billions of dollars in TARP money from us at near 0% interest turned it over at about 4% profit by loaning it back to the government in the form of buying treasury bonds and selling the US gov. the risky investments they werent willing to keep and at a profit yet when its time for them to help their customers the same people whos money bailed them out they say *&^ck you. I have read the Fair Debt collection Act and understand that in my situation I have nothing for them to take from me to satisfy my debt so I considering defaulting on it totally I tried several times to work out a FAIR solution with them and settle my debt and they are unwilling to work with me in my opinion because they figure ill end up rackin up a bunch of fees and interest rate hikes and they will make a killing off of me but in reality what they are goin to get is absolutely nothing on top of wasting their own money trying to collect on this debt!If crap like this had happened at a different time in history these people would be dragged into the street and hung from a high tree for the whole town to see what happens to crooked people and I for one long for those good ole days!
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Posted by Anonymous on 2010-02-23:
BOA gave back the TARP money. Stop using that as a blanket for your argument. You probably did not qualify. The family member may have had better credit than you or more income to debt ratio. The bank is not required to change the terms of your loan just because you want them to.
Posted by goduke on 2010-02-23:
Isn't there a special group in BOA that deals with this program? I think I've heard before if you call the regular group they'll say "no," but if you get through to group that handles the program directly, they are more flexibile. Maybe it was in a mescal induced dream.
Posted by Slimjim on 2010-02-23:
I stopped reading after the whole TARP rant started. Not relevant to the problem or solution.
Dog, go online and find two or three credit counseling/debt management organizations and talk to them. These agencies offer a debt management plan that essentially the same thing as what you were trying to get with BOA on your own. The difference is the agencies have relationships with BOA and can usually qualify you as long as they are involved. I say talk to at least three so you can get the feel of what agency sounds best for you. Some of the newer breeds are more profit driven and less service oriented than the older Consumer Credit Counseling types, and they'll be easy to identify and avoid when comparing a few.
Posted by Anonymous on 2010-02-23:
Just because your family member was able to get in the program, doesn't mean *you* will. While it may seem your circumstatnces were the same, obviously there was something different as to why they would let her/him be on the program but not you.

You have to be able to make the minimum payment they set forth... otherwise, you do not qualify.
While the hardship program might sound like a good idea, on paper... keep in mind that credit card hardship programs have some potential downsides. There is no guarantee that you will be able to reduce your interest rates from 20% to 2%. Some lenders can lower your spending limit or even close your account. And enrolling in a hardship program will likely be indicated on your credit report and affect your credit score.

A credit card hardship program is similar to a loan workout, which helps borrowers restructure their debt and avoid defaulting. Basically, it is an agreement between a credit card company and a borrower. Under that agreement, you set up a payment plan, and the bank reduces your interest rates and sometimes your monthly payment to a level you can afford.

However, keep in mind that it is pretty unlikely that credit card issuers will reduce the amount you owe as a part of a hardship program.
Posted by Anonymous on 2010-02-24:
Bottom line is that you spent $7000 that you didn't have. Blame yourself.
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Unethical Practices by Bank of America (BOA)
Posted by Avoid BOA on 07/30/2008
First, I have perfect credit, always pay more than the minimums and never pay late. I also never bounce checks and/or use my credit cards for cash. BUT I do carry limits and apparently have failed drastically in closely reviewing my statements.

BUT...in 2006 I inadvertently used my BOA DEBIT CARD to pay a doctor bill vs. my VISA PLATINUM card. I had already paid my bills from my checking account, so when I realized this mistake, I knew it would result in me bouncing a check and being charged an insufficient funds fee. So immediately called BOA and asked if they would honor any checks until I could make a deposit. I am/have been a good customer and had banked with BOA for years. The customer service rep told me that they would NOT honor any insufficient funds, but I could cover the insufficient funds with my credit card. The total amount I needed was $70 bucks, so I agreed. Fast forward 2008, I am looking over my statement and I notice a "cash advance" for $250. The interest rate is 24.99%. I called the bank and they told me that when you make a cash advance there is always a higher interest rate assessed.

At first I didn't remember the 2006 incident because as I said, I never get cash advances on my credit card. I asserted myself and told the rep I wanted to pay that off immediately. She said NOPE. Until you pay off your balance - which is 4K+ you cannot touch that "cash advance balance." It will just grow and grow at the rate of 24.99%. I have since paid off the BOA Visa Card and closed the account as well as all of my accounts with BOA - I will never use them again. To hold someone hostage over a minor mistake is unethical. I should have let the check bounce and paid the $40 insufficient fee. It would have been way cheaper than the $70 cash advance that grew to $250 and would have continued to grow at 24.99%.

Other tricks they use are i) varying the due date just a day or two earlier so they can assess a late fee; ii) assessing a late fee if you don't pay by 5pm on the due date; iii) assessing over the limit fees if the finance charge makes you go over the limit; iv)charging a fee is you pay by phone; v) raising your rates if they feel you have too much credit even if you pay on time.

Consumers beware...there are all sorts of ways to trick you into fees when you fail to read the "Agreement."
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Posted by Anonymous on 2008-07-30:
It's not just BofA. All credit card issuers apply payments to the purchases first before the cash advances.
Posted by Anonymous on 2008-07-30:
Good info "Avoid BOA". It's people such as yourself sharing 'lessons learned' that enriches all of us. Thank you.
Posted by madconsumer on 2008-07-30:
wonderful! yet another bank of america user leaves. this makes it easier on me. i hav ebeen with abnk of america for many many years. i have of yet, to 'mis-understand' the user agreements.

most credit cards charge a different rate for cash advances.
Posted by calliope on 2008-07-30:
$250 at 24.99% for two years is about a $10.40, so it was still cheaper to do the cash advance.

Most of BoA's terms appear to be the industry standard.
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