Bank of America Informative - Cancelling strategy of B of A
If you are in good standing w/BoA & they want to cancel your card, but they can't because you have not given them a reason (late payment etc.)that is, you are in good standing, they will reduce your credit line to just over $200 of your balance. You call to inquire & they run an on-the-spot credit report on you, asking income etc.--much like a credit application. They put you on hold to run a credit check on you from Transunion, Experian etc., (about 30 seconds)They return and say they will reduce your limit (about $200 above the balance owed) and "freeze" your acct--you can not use it as they have blocked you out. They still "allow" you to pay on the card but after it is paid off, they cancel your card. Gues what, it goes against your credit history. If you cancel it yourself, it goes against your credit. Either way you lose. I have been a cust of BoA over 35 years, never been late & hardly use the card & would pay over the minimum amount due much before the due date. First they reduced my limit from $18k to $9k then locked my acct. Here you are folks, your tax dollars at work of the $ we gave to the financial institutions.
At where I am employed, if the public really knew of the credit card losses they endure---but as to what is causing their losses, then they would know why the interest rate is 29.99% on many card holders. Public Broadcasting did a story on the credit card industry 5 years ago before this financial mess occurred & wow what a revelation!! Check it out when you can. It's not all bankruptcy losses, but credit card fraud by certain people. A big percentage!!!
Incidently, if you aren't aware, the American Banker's Assoc is a lobbying group for the banking industry. They represent the banks and contribute to the congress/senate campaign bank election accts. (all "legal") It also seems that the elective officials need us (Joe/Jane public)to elect/re-elect them, but once they are in office, they kick the voters aside in favor of the lobbyists wishes who in this case are the banks. One person in My3cents put it right dead on at my3cents..she hopes BofA fails. I'll drink tot that. The banks should have failed as that is how the US economy works. Intervention benefits the banks..and as we have seen it benefits us little. The banks I believe got an interest free loan from the government too! As the mid-year relection comes in 2010, I intend to vote out the status quo people as they wasted our money....lots of fraud against the government that makes the Medicare fraud issue losses look like pennies compared to the financial bailout! Analysts back in 2008 during the new preseident's term said that if every taxpayer got $43,000- $50,000 one time from uncle sam, it would have done more to "stimulate" the ecomony as the $$ would be circulated in the economy & b\not to buy weaker banks etc.: pay down debt, buy items, vacation, even savings placed in the bank---etc--all would trickle down to everybody & not just the banks. Customer loyalty doesn't matter any more to B of A. I have been with them since 1972-fail away & I won't feel sorry for the employees either. They know the insides (financial condition, cancellation tactics, etc. of the bank & keep their traps shut. Congress and the banking committies--aren't you listening to the votors? Your priorities are way off.
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