Bank Of America, Chase Bank, Wells Fargo Bank of America Closed my card and raised interest rate to 102% Palatine, Illinois

If they closed the card out without notifying him, yes that could be bad customer service.  But it is not a RipOff, because it is the bank's money and the bank can remove that privilge at any time.  Oh and they don't need a "good" reason to close it.

As to the interest rate, I think there is more here.  They could be displaying the "effective" interest rate that takes into account things such as any fees that may have been added to the balance. Another possibility is that the balance is so low that the amount of interest assessed was below the minimum interest amount.

For example if the interest rate was 24% and they had a balance of $20.  Interest on that would only be $0.40.  If the card had a minimum interest charge of $2.00 on $20 that is in reality an "effective" rate of 120% a year.  

It would be good if the OP would give more detail as this part for the Interest Rate. 

policies' on its EMPLOYEES!!!

What is the truth? 

FIRST, If Chase had closed your credit card account you wouldn't have been able to use the card for any purchase, big or small. 

SECOND, 102% interest, Seriously. Do you really expect anyone to believe that? 

 

 

If BOA has 17 billion in life insurance on their employees they only collect it when an employee dies.  I guess all the BOA employees would have to die for the bank to get 17 billion.  Kind of a disgusting policy but they don't have that money.

What makes you think the card was used to make a purchase? It seems quite apparent to me that when the card was presented for a small purchase..it was declined...

Now I can't speak for the OP..but it seems by the complaint...and I quote...

"I did not use my card for about 3 months when one day I decided to use it for a small purchase.  This was when I found out that Chase had closed my account for no legitimate reason except that I did not use the card for a few months"


Now sure the BANK DEFENDERS are all over this one. Because regardless of how irresponsible the banks were...regardless of who they blamed for their losses...regardless of what tactics they use to fleece their most vulnerable customers during a horrible recession...and regardless of the fact they the banks are now ATTACKING customers with a good credit history...canceling credits card without notifying customers....placing their FICO scores in jeopardy.....using billions of dollars the taxpayers money to bail them out (TARP)...and hurting our economy by bilking the very people we need to be spending again and getting money back in circulation...

The bank defenders have the nerve to come to this site and tell us since the banks have a right to do this...so we should just accept it?

And Susan trying to belittle this customer with BULLSHIT....and accusing this customer of posting an inaccurate interest rate they were charged?

If the original poster is reading this..Kindly present evidence of the interest charge on the balance..it seems a vicious BANK DEFENDER is calling you a liar. I have no doubt of your word...but it is time to discredit this bank defender so shes goes away.

HOPING THAT MANY OF THEIR EMPLOYEES COVERED BY THESE 'SECRET LIFE INSURANCE POLICIES' DIE IN THE COMING MONTHS, wouldn't you agree?

Chase Bank DID close my credit card account wiithout informing me.  The only way this was found out was when I started to use it and the charge would not go through due to a closed account.   The letter stating this was mailed after that incident.  THE INTEREST RATE WAS 102%.  That is no mistake and I DO HAVE proof. 

For all those bank defenders, do some research.  Although many states(but not all) have a state law that caps interest rates you can be charged... there is no federal law preventing this.  This is why many headquarters for financial institutions are placed in areas like Delaware where there is no law preventing them from charging what they want.  My credit card rate was raised 3% by Wells Fargo and when I called and asked why, they stated it was because the President was passing something next year that would prevent this raise in interest rate, so they were raising rates accross the board for customers and it had NOTHING to do with my credit score.