Bank of America Complaint - Bank provided false information on my account to lead me on
In December, I overdrew my credit limit on my Bank America account at Christmas by accident by $200. I caught it and sent in $200 to cover the overdraft in December. In January an automatic charge (I will never do that again) was posted and once again I was overdrawn by $200. The bank sent me a bill for $500 more than I automatically would pay as a 12% higher interest rate was applied. I was not prepared financially after Christmas so I called them, explained to them what had happened in good faith, and told them I could not pay that much in one month but could make it up later. They told me to send in what I could if I wanted to reverse the increase. Nothing was said to me about a permanent 12% raise in my interest rate if I did that. When I talked to their customer service later on 3 occasions, they told me my account would revert back to my old interest rate after 6 months if I paid on time which I did and even paid extra. It has been 6 months and I just received my bill and the rate is now 6% higher than my original rate. So they told me false information all along and are now in violation of the new laws.
Will someone please help us out there? The economy will never recover if these banks are allowed to do this and it causes us to lose faith in our government. I am ashamed to live in a country that allows these types of practices and abuses of customers - that is not the America I dream of and have loved. These banks need to be punished for misleading customers - I know there are laws to cover this.
I have suggestions for future practices: (1) allow each customer to specify whether they want the bank to allow charges above the credit limit including pending interst charges (I did not want that and thought the charges would be refused) (2) Allow the bank to charge a one time penalty for an overdraft based on the amount of the overdraft. I overdrew $200 and have paid almost $2000 so far in extra interest for that one mistake which is abusive. Just want to insert some sanity into credit card practices. The Congressional bill did not go far enough and was not applied fast enough.