Bank Of America Complaint - Small Business line of Credit rip-off at Bank Of America!
VISALIA, CALIFORNIA -- If you have a small business line of credit with Bank Of America get ready to change banks! My business has had a $50,000 line of credit tied to my business account since 1997. The annual fee for this line of credit has been $36.00. On October 14, 2011 I was notified by letter that January 25, 2012 that fee will be increased to $500.00 per year (1% of the commitment, not to exceed a $500.00 maximum). They advised me that my line of credit would be automatically renewed unless I called them and the $500.00 would be deducted from my account. When I called them they said that this was their new policy and that if I did not renew the line of credit they would send me a bill for the outstanding balance due on the line of credit.
This is a prime example of Bank Of America's total lack of concern for their customers and small businesses. First they try to add fees to consumers that use debit cards (and fail at that). Now they are shifting that greed on to their small business accounts. Isn't this one of the same banks that were bailed out by the federal government (we the taxpayers)? Isn't this the same federal government that is trying to keep small businesses hireing new employees to bring down the unemployment rate? With the current state of the economy, how many small business customer of BOA will be forced to default on their credit lines when they become due in January? Are we the taxpayers going to get stuck with this bill as well?
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