Bank of America Complaint - Bank of America Raising Credit Card Interest Rate
FLORIDA -- I typed the following letter to BAC this morning after receiving notification from them that they would be changing my rate from a fixed 9.9% rate to a variable rate which is currently 15.75%. The only reason I can imagine them doing this is because I pay off my bill every month and I have a $22k limit. I believe BAC new policies are going to alienate a lot of people and I feel very fortunate today that I do not own any BAC stock...Just My 3 Cents!
To Whom It May Concern:
While it has been a pleasure doing business with Bank of America for the last several years, I feel it necessary to close my account at this time as I find the terms of my new contract to be unacceptable. Also, please note that I take personal offense to any bank that would raise rates during the current economic crisis and I will refrain from future business with BAC at all cost as a result and you may want to pass that piece of information on to your marketing section. Advise them that they have not only lost one account, but BAC is also due to lose my mortgage account as well as my other platinum account in the near future. It has been a pleasure doing business with BAC, but I feel the sudden escalation of rates by more than 5% is unethical “without cause” and immoral given the current state of the economy. BAC better realize it’s competing in a global economy where there are a lot of hungry lenders if it is to survive… JMHO
Please report my account closure to all third parties and credit reporting agencies with whom you do business. Thank you.
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