Bank Of America Complaint - Scandalous Rate Hikes And Other Practices
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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