Bank of America Complaint - How to legally steal billions
I guess that one time was not enough and they figured, since it worked so well the first time, why not try it again. This is almost identical to what happened to me several months ago on a different B of A credit card account. Fortunately for me, this time I caught it. Here's how B of A does it. In the previous month they use a billing cycle of 30 days. In the current month they use a billing cycle of 33 days. The interest due then goes up from $120 in the previous month to $131 in the current month. The payment due goes up from $248 in the previous month to $258 in the current month.
So if I paid them $250 last month (which I did) and set up to auto pay them $250 this month, thinking the payment couldn't be going up with a declining balance, I would be wrong. They would catch me being $8 short in my payment and charge me a $39 late fee and raise my interest rate by an obscene amount, which over the next several months would mean extra thousands of dollars in interest charges. That's all for being $8 short on a payment due to a momentary lapse of attention.
Think about it, if they only catch one out of a hundred customers that way, with the millions of credit card customers that they have, how many billions of dollars in extra revenue can they generate. They should all go to jail. They are the biggest thieves on this planet. They are using fine print, and sneaky manipulation of charges to create a default situation that results in grand theft made legal. The sad thing is that this is just one of several legal scams that they are using to generate billions in income.
I HATE BANK OF AMERICA. I have closed my checking account with them and have not charged anything on their credit cards for over a year. As soon as I can pay off my credit cards I will never do business (if that's what you want to call it) with them again. The CEO of B of A deserves to have his picture of a "Wanted Poster".
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