• Report: #564979

Complaint Review: Bank of America

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  • Submitted: Friday, February 05, 2010
  • Last Posting: Saturday, February 06, 2010
  • Reported By: HeyTrud — Ramona California United States of America
Bank of America
Main Street Ramona California 92065 United States of America

Bank of America BOA 36% Interest Rate on Credit Card-perfect payments too! Ramona, California

*Consumer Comment: *HeyTrud, YOUR RIPOFF REPORT BRINGS BACK MEMORIES OF....


1Author 1Consumer 0Employee/Owner

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BOA  rips off everyone. Perfect CREDIT RATING, PERFECT PAYMENTS, THEN ALL OF A SUDDEN I have a 36% interest rate on my credit card! surprise! Welcome to 2010!

This is called "Factoring." Factoring is  an old form of finace that is SURGING!WITH BANKS! THIS FORM OF FINANCE was mainly done in the garment industry, carpeting, most lately all business' even construction, etc. Let's say you make dresses, and you sell them to Taget.  Now you need money for payroll, materials, pay taxes, etc. So you go to a "Factor" and sell your invoices. You sell a $100.00 dress to Ta get. You get 75% or $75.00 of the face value of your customers invoice, WHICH IS TAGET IN THIS CASE. Then the "Factor" or BOA collects the money from your customer, Ta get.  You are selling your invoice to Bank of America.  You are giving the bank $25.00 for giving you $75.00. BOA collects from Ta get. (which is your customer) Now they want to take 36% of that invoice, so you never get your extra 25% or $25.00 from that invoice of your dresses to Ta get. For every $100.00 you owe on your credit card, you will pay $36.00 to Bank of America going forward. "Factoring"

 Business that have to sell on 90 day terms, like to Ta get need money from banks. Today banks are getting money at 0.5% from the Federal Govt. So, now the banks are charging customers 36% interest plus a another absurd fee on our credit cards.

BANKS ARE BECOMING FACTORS BECAUSE THEY HAVE RAISED OUR INTERST RATES SO HIGH! Bank of America, Citi Banks, chase, Capitol One, are now in the "whore" business like "Factors" and are getting away with it. Even though OUR tax payer dollars gave them money  to stay in business and then they gave themselves bonus' money and charge your personal checking accts. $35.00 for an unauthorized charges to your debit card, TWICE! So you can see that BOA is a real life "factor" or a whore

I am going to take all of my money out of the bank, cash our checks at the bank, because I just want to do this to them, (take away their money) go to the post office and get money orders to pay bills. Better than get charged for personal checks and their charging me 36% interest rates, now isn't it?

The only way to get back at them! Unless the laws change.

 

This report was posted on Ripoff Report on 2/5/2010 12:03:06 PM and is a permanent record located here: http://www.ripoffreport.com/banks/bank-of-america/bank-of-america-boa-36-intere-5d3bd.htm.

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#1 Consumer Comment

*HeyTrud, YOUR RIPOFF REPORT BRINGS BACK MEMORIES OF....

AUTHOR: Karl - Highlands Ranch (USA)

SUBMITTED: Saturday, February 06, 2010

Betty's Ripoff Report, which was posted in late August of 2007. I can recall how Betty stated that her interest rate on her GM credit card increased from 10.99% to 32.44% for no apparent reason.

But we all know that there are reasons for everything, correct? 

In the '1st Update' to her Ripoff Report someone actually predicted that the COLLAPSE OF THE U.S. ECONOMY WAS IN ITS INFANCY. And I believe that 'Update' was posted on 9-3-2007 when the Dow Jones was well over 13,000 points. The Dow Jones actually closed at its all-time high of 14,164 points on October 9th 2007, which was about 5 weeks after that prediction, right?

I'll tell you what I think. I think that the banks are going after as many consumers in the USA in order to generate profits to prevent another collapse of the U.S. economy. But who am I? I'm not an economist or a politician. I'm just an ordinary citizen, like you.

*Do you remember the line from that wonderful movie, "Catch Me If You Can", that went something like this- "I'm just a kid who's in love with your daughter." - Leonardo DiCaprio

That was a great movie, wasn't it? I think I'm going to rent that movie again tonight. 

Good luck to you.

P.S. You can read Betty's Ripoff Report by simply 'Googling' this- RIP OFF REPORT GM CREDIT CARD SERVICES, and it's the one about her credit card interest rate going from 10.99% to 32.44%.

The '1st Update' to her Ripoff Report is where the "COLLAPSE OF THE U.S. ECONOMY" was mentioned, okay? (That was almost as good as a Nostradamus prediction, huh?)

*****************************PIANO ALERT********************************

*Anyone can 'Google' this- YOUTUBE BILLY JOEL PIANOMAN, and watch it on the web, right?

Thank You.


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