• Report: #222847

Complaint Review: Bank Of America Formerly MBNA

  • Submitted: Wed, November 29, 2006
  • Updated: Thu, April 26, 2007

  • Reported By:Vineland New Jersey
Bank Of America Formerly MBNA
bankofamerica.com City Of Industry, California U.S.A.

Bank Of America Formerly MBNA Ripoff Deceptive, Conniving, Dishonest, Exaggerated Ballooned Credit Card Interest Rates City Of Industry California

*Consumer Comment: I truly am sorry

*Consumer Comment: Banks are in business to make money....

*Consumer Suggestion: Suggestion for James and Dana

*Consumer Suggestion: Suggestion for James and Dana

*Consumer Suggestion: Suggestion for James and Dana

*Consumer Suggestion: Suggestion for James and Dana

*Consumer Comment: Why doesn't anyone QUIT USING BANK OF AMERICA IF THEY ARE SO BAD?

*Consumer Comment: BOA Similar Problem

*Consumer Comment: Soldier

*Consumer Comment: Soldier

*Consumer Comment: Soldier

*Consumer Comment: Soldier

*Consumer Comment: Steve of Bradenton Florida

*Consumer Comment: You are not alone!!!!

*Consumer Comment: You are not alone!!!!

*Consumer Comment: You are not alone!!!!

*Consumer Comment: You are not alone!!!!

*UPDATE Employee: high risk

*Consumer Suggestion: Some insight for Arnel re BofA and MBNA

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I have fallen victim to overly inflated interest rates from 5.9% to 19.99% by MBNA aka Bank of America. I had been a member with MBNA since 2003 w/ a fixed interest rate of 5.9%. Just recently, MBNA merged w/ BOA and defaulted my interest rate to 19.99%. How is this possible??

I called and spoke to an account manager to reason and maybe come to a reasonable rate. Mind you, I have always maintained an excellent credit history especially with MBNA. The account manager and customer service was the worst I've ever came across and demanded my account be closed and that I WILL NEVER do business with BOA again.

All that became victim through the hands of BOA and there drastic credit card interest rate hike should come together and get the appropriate federal agencies involved and even file a class action suit.

BOA should not be able to get away with such a horrible crime. Many consumers may not be aware that such a thing was done, especially since the majority don't read the mail coming in and the fine print. BOA is corrupt and should be dealt accordingly.

Again, let stand together and put a stop to companies, especially BOA that take advantage of consumers.

Arnel
Vineland, New Jersey
U.S.A.

This report was posted on Ripoff Report on 11/29/2006 11:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America-Formerly-MBNA/City-Of-Industry-California/Bank-Of-America-Formerly-MBNA-Ripoff-Deceptive-Conniving-Dishonest-Exaggerated-Balloone-222847. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 19Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

I truly am sorry

AUTHOR: Dana - (U.S.A.)

Woah, Steve! Geez- My apologies!- when I looked back up I must've associated Mooky to your response.

As for the long-winded comment by the person with perfect credit, it is my hope that all of these people do find a way to leave bank of america and they fall on their face. But let's be serious - probably not going to happen.

[Although I am privately cheering on the Bank of Scotland to pull the rug out from under them on the LaSalle purchase.]

Anyway, it took me a while and though eventually I bit the bullet and accepted the fact that they had me by the ba**s so to speak, I paid them almost every last dime only to be jerked around and squeezed for that last dime too-so I am done with Bank of America and I wish everyone else the best of luck too. Being in the service industry myself it is a VERY hard bullet to bite.

So can't I come on here to complain?!?!?! Seriously, this is it. This is all I got. I can't afford to buy them, I can't hurt, dent, or take their money the way they did to me. It stings so bad because I work really hard to earn my money and they never earned me or a dime they got from me, they bought my account and never treated me like a 'customer' once. I hadn't felt those kinds of emotions since I was child on a playground. I actually posted my first reply at midnight after tossing and turning over a testing conversation with some snot at BoA just to vent.

So if you feel like a bigger person for complaining to complaining people about their complaining, look again.
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#2 Consumer Comment

Banks are in business to make money....

AUTHOR: Thomas - (U.S.A.)

They charge all manner of fees, interest on real estate loans, interest on other loans that are secured, and interest on unsecured CC balances.... and all of that income translates into profit for their bottom line which pays those fat CEO paychecks and incentive bonuses. Their offices tend to be pretty nice, too.

Your job as a credit card debtor to these banks is to pay your fair share of these bank expenses. You want to be proud of the wonderful job you are doing, don't you? So the more you pay, the better you should feel!

Now, I don't pay ANY fees and CC loan interest because I pay the card balances off every month. I even get 1% cash back! So you debtors who DO carry credit card balances must also help to pay my fair share.

I really do feel bad about this, but then I am retired and I will be on Medicare one of these days. So at my age, learning to be a credit card debtor would be very difficult! My old habits are simply hard to change.

So sorry am I.
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#3 Consumer Suggestion

Suggestion for James and Dana

AUTHOR: Steve - (U.S.A.)

If you two have read so many rebuttals of mine, you would know that I am NOT a BofA employee, nor do I work or have I worked in any bank.

I am a BofA customer for approx 16 years and have never had one problem.

However, I really do appreciate all of the irresponsible customers who cannot figure out how to balance a checkbook! This is how my checking remains FREE!

Yes, I do love BofA. I have had totally free checking for many years and have NEVER paid an NSF fee!

ps..My rebuttals have NEVER been posted as an employee. AND, BofA was the ONLY creditor that DID NOT play the interest rate hike game with me when I walked away from 34 creditors who did.
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#4 Consumer Suggestion

Suggestion for James and Dana

AUTHOR: Steve - (U.S.A.)

If you two have read so many rebuttals of mine, you would know that I am NOT a BofA employee, nor do I work or have I worked in any bank.

I am a BofA customer for approx 16 years and have never had one problem.

However, I really do appreciate all of the irresponsible customers who cannot figure out how to balance a checkbook! This is how my checking remains FREE!

Yes, I do love BofA. I have had totally free checking for many years and have NEVER paid an NSF fee!

ps..My rebuttals have NEVER been posted as an employee. AND, BofA was the ONLY creditor that DID NOT play the interest rate hike game with me when I walked away from 34 creditors who did.
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#5 Consumer Suggestion

Suggestion for James and Dana

AUTHOR: Steve - (U.S.A.)

If you two have read so many rebuttals of mine, you would know that I am NOT a BofA employee, nor do I work or have I worked in any bank.

I am a BofA customer for approx 16 years and have never had one problem.

However, I really do appreciate all of the irresponsible customers who cannot figure out how to balance a checkbook! This is how my checking remains FREE!

Yes, I do love BofA. I have had totally free checking for many years and have NEVER paid an NSF fee!

ps..My rebuttals have NEVER been posted as an employee. AND, BofA was the ONLY creditor that DID NOT play the interest rate hike game with me when I walked away from 34 creditors who did.
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#6 Consumer Suggestion

Suggestion for James and Dana

AUTHOR: Steve - (U.S.A.)

If you two have read so many rebuttals of mine, you would know that I am NOT a BofA employee, nor do I work or have I worked in any bank.

I am a BofA customer for approx 16 years and have never had one problem.

However, I really do appreciate all of the irresponsible customers who cannot figure out how to balance a checkbook! This is how my checking remains FREE!

Yes, I do love BofA. I have had totally free checking for many years and have NEVER paid an NSF fee!

ps..My rebuttals have NEVER been posted as an employee. AND, BofA was the ONLY creditor that DID NOT play the interest rate hike game with me when I walked away from 34 creditors who did.
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#7 Consumer Comment

Why doesn't anyone QUIT USING BANK OF AMERICA IF THEY ARE SO BAD?

AUTHOR: Juliet - (U.S.A.)

I can't recall the exact statistic but it goes something like for every unhappy customer that complains, there are 10 that AREN'T, but are just as unhappy.

There are tons of posts on here about Bank of America, in every fashion.

Why don't people LEAVE IT?

If they are charging such outrageous interest on credit cards, and you READ your mail, and are able to opt out, then do so, and don't use the card any more.

If you didn't read your mail and got locked into the interest rate, quit using the card, and pay it off, however long that may take.

If you can't get another credit card to use because of too much debt or bad credit report, maybe you should review your financial habits and see how you can change things so you don't have keep feeding a bloodsucking monster.

If you don't know what you're doing wrong that keeps you dependent on credit cards, there are consumer education classes that you can take to learn what you should've learned before you ever got a credit card. Hopefully, you may also know a responsible adult who manages their finances well, and they may be willing to help you. I have helped people, freely, but - if they won't live within their means, the best budget is worthless.

For the people who having checking and savings with Bank of America, is that the ONLY bank in your area? There are NO OTHER BANKS?

I have zero interest in what goes on at Bank of America, personally or professionally. I have never been where Bank of America had branches, and have never had one of their cards, although I don't have any reason for why I haven't had a credit card through them. Maybe I read the Terms and Conditions, didn't like what I read, so didn't apply?

I suspect that a lot of these Bank of America complaints would be Bank XYZ complaints, as well, even if the unhappy customers banked elsewhere. There isn't much difference between a whole lot of the credit card companies these days. They are all jacking up the rates, for any reason, more or less. Mergers, late payment on totally unrelated bills, any reason they can find, they're doing it.

I think the customers aren't reading their documentation BEFORE they open accounts with ANY bank. Or opening their mail, or reading emails sent if they have online billing only. Some banks do have email on their website that the customer needs to be aware of, and be reading, for exactly the reasons of interest rates increasing if not opted out of. I know my bank does.

I started reading all that fine-print crap when I first entered the world of an adult consumer BECAUSE I WAS SCARED TO DEATH. I knew enough to know that signing ANYTHING with a business is a contract, and I am liable for anything that contract says, whether I read it or not, or agreed or not. If I sign it - it's more than written in stone, it's written in LAW.

I am not an MBA, far from it nor am I Ralph Nader's daughter. I was SCARED so I made sure to KNOW what I was signing before I signed it.

All the stuff I didn't understand, I asked TRUSTED people to explain. As in parents, older adults, people at work, anybody who knew more than me, which was pretty much EVERYBODY.

If Bank of America is so bad that all these complaints can be multiplied by 10, then Bank of America should be out of business this year if all these people LEFT.

Why doesn't anyone QUIT USING BANK OF AMERICA IF THEY ARE SO BAD?
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#8 Consumer Comment

BOA Similar Problem

AUTHOR: Dave - (U.S.A.)

Steve is right they can change the rates whenever they want. I recently received a letter from BOA informing me that my rates were changing from 13.99% to 22.99%. This bill has never been paid late and always the minimum or more. My rate was changed due to statistics they use to rate customers.

I called customer service and was told that they couldn't help me I would have to accept the new rate, pay it off or "opt out", I opted out. I'm still paying a rate of 13.99% but I cannot use the card, if I do use the card, am late or don't pay the minimum the new rates will apply.

As Steve mentioned they send this notice and it doesn't appear to be anything important, I just happed to read that one! The notice was sent on 1/17, telling me that I had until 2/17 to notify them in writing or the new rates would take effect on 3/17. This does stink! The only thing that customer service could say was that they would review my account in August and that if I reduced the amount owed they may consider changing the rates to something lower.
They have us, if you don't read everything they send you they can just slip something by.

One funny thing is that they now are sending me cash advance checks, my god they must be hoping to catch someone. They offer a low rate say 3.99% but if I accepted the offer that would automatically revert my rates to the one they wanted to charge me. If I did use the cash advance checks the rate would be about 32%!

Isn't any part of this illegal? It appears that they are just attempting to extract as mush as possible from consumers.

Dave
Waterford, NY
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#9 Consumer Comment

Soldier

AUTHOR: Dana - (U.S.A.)

Steve is a soldier on the front lines of the Bank of America army. - It is listed as a rebuttal by an employee. There are a few employees posted all over the place. My questions now are: Are they paid to do this at work? Do they love their company so much or are they paid so well that they spend their personal time doing it?
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#10 Consumer Comment

Soldier

AUTHOR: Dana - (U.S.A.)

Steve is a soldier on the front lines of the Bank of America army. - It is listed as a rebuttal by an employee. There are a few employees posted all over the place. My questions now are: Are they paid to do this at work? Do they love their company so much or are they paid so well that they spend their personal time doing it?
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#11 Consumer Comment

Soldier

AUTHOR: Dana - (U.S.A.)

Steve is a soldier on the front lines of the Bank of America army. - It is listed as a rebuttal by an employee. There are a few employees posted all over the place. My questions now are: Are they paid to do this at work? Do they love their company so much or are they paid so well that they spend their personal time doing it?
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#12 Consumer Comment

Soldier

AUTHOR: Dana - (U.S.A.)

Steve is a soldier on the front lines of the Bank of America army. - It is listed as a rebuttal by an employee. There are a few employees posted all over the place. My questions now are: Are they paid to do this at work? Do they love their company so much or are they paid so well that they spend their personal time doing it?
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#13 Consumer Comment

Steve of Bradenton Florida

AUTHOR: James - (U.S.A.)

Are we allowed to ask what Steve's relationship with Bank of America is? He seems to respond to everything involving them.
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#14 Consumer Comment

You are not alone!!!!

AUTHOR: Dana - (U.S.A.)

I and several others that I've discovered through conversation, including my boss with his business card account, have fallen victim in exactly the same manner and have suffered the wrath of the 'Bank of America Army' disguised as 'Customer Service'. I've had more than one Bank of America soldier preach to me the mission of the company like a recording.

One even justified the 'everyone pays 19.99%' mission by blaming the prime rate and supporting the national industry average of 16.99%. I understand fully the current condition of the prime rate and it is for good purpose. It is intended to tighten spending. It is not the prime rate that I have a problem with - it is what they ADD to the prime rate that bothers me! Regular purchases are now being treated like cash advances! If that isn't the case I'd be floored by what they're charging for THAT service!

What does a company like Bank of America do? Charge people higher than the already-ridiculous national average and continue to lend money - even on riskier accounts so the riskless accounts suffer too, encourage people to spend money, make it easier for people to spend money, sell balance transfers by offering to take over your 'high interest rate' cards! What could possibly be higher than Bank of America?!?!?!?

If someone finds grounds to seek recovery I'll join your suit!
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#15 Consumer Comment

You are not alone!!!!

AUTHOR: Dana - (U.S.A.)

I and several others that I've discovered through conversation, including my boss with his business card account, have fallen victim in exactly the same manner and have suffered the wrath of the 'Bank of America Army' disguised as 'Customer Service'. I've had more than one Bank of America soldier preach to me the mission of the company like a recording.

One even justified the 'everyone pays 19.99%' mission by blaming the prime rate and supporting the national industry average of 16.99%. I understand fully the current condition of the prime rate and it is for good purpose. It is intended to tighten spending. It is not the prime rate that I have a problem with - it is what they ADD to the prime rate that bothers me! Regular purchases are now being treated like cash advances! If that isn't the case I'd be floored by what they're charging for THAT service!

What does a company like Bank of America do? Charge people higher than the already-ridiculous national average and continue to lend money - even on riskier accounts so the riskless accounts suffer too, encourage people to spend money, make it easier for people to spend money, sell balance transfers by offering to take over your 'high interest rate' cards! What could possibly be higher than Bank of America?!?!?!?

If someone finds grounds to seek recovery I'll join your suit!
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#16 Consumer Comment

You are not alone!!!!

AUTHOR: Dana - (U.S.A.)

I and several others that I've discovered through conversation, including my boss with his business card account, have fallen victim in exactly the same manner and have suffered the wrath of the 'Bank of America Army' disguised as 'Customer Service'. I've had more than one Bank of America soldier preach to me the mission of the company like a recording.

One even justified the 'everyone pays 19.99%' mission by blaming the prime rate and supporting the national industry average of 16.99%. I understand fully the current condition of the prime rate and it is for good purpose. It is intended to tighten spending. It is not the prime rate that I have a problem with - it is what they ADD to the prime rate that bothers me! Regular purchases are now being treated like cash advances! If that isn't the case I'd be floored by what they're charging for THAT service!

What does a company like Bank of America do? Charge people higher than the already-ridiculous national average and continue to lend money - even on riskier accounts so the riskless accounts suffer too, encourage people to spend money, make it easier for people to spend money, sell balance transfers by offering to take over your 'high interest rate' cards! What could possibly be higher than Bank of America?!?!?!?

If someone finds grounds to seek recovery I'll join your suit!
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#17 Consumer Comment

You are not alone!!!!

AUTHOR: Dana - (U.S.A.)

I and several others that I've discovered through conversation, including my boss with his business card account, have fallen victim in exactly the same manner and have suffered the wrath of the 'Bank of America Army' disguised as 'Customer Service'. I've had more than one Bank of America soldier preach to me the mission of the company like a recording.

One even justified the 'everyone pays 19.99%' mission by blaming the prime rate and supporting the national industry average of 16.99%. I understand fully the current condition of the prime rate and it is for good purpose. It is intended to tighten spending. It is not the prime rate that I have a problem with - it is what they ADD to the prime rate that bothers me! Regular purchases are now being treated like cash advances! If that isn't the case I'd be floored by what they're charging for THAT service!

What does a company like Bank of America do? Charge people higher than the already-ridiculous national average and continue to lend money - even on riskier accounts so the riskless accounts suffer too, encourage people to spend money, make it easier for people to spend money, sell balance transfers by offering to take over your 'high interest rate' cards! What could possibly be higher than Bank of America?!?!?!?

If someone finds grounds to seek recovery I'll join your suit!
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#18 UPDATE Employee

high risk

AUTHOR: Mooky - (U.S.A.)

You were prob what it called a high risk cardholder. Based on your fin overall sit boa calculated that there is a high risk that you were about to go delinquent on your ch so we raised your rate.....
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#19 Consumer Suggestion

Some insight for Arnel re BofA and MBNA

AUTHOR: Steve - (U.S.A.)

Arnel,

Bank of America was NOT formerly MBNA. And Bank of America did not merge with MBNA. MBNA was in financial trouble. Too many low rate cards I guess.

Bank of America PURCHASED MBNA.

Big difference.

Bank of America had no legal obligation to honor your rate with MBNA.

The law says they need to notify you 30 days prior to the date of the change. If you refuse the change, your account will be closed and you pay it off at your existing rate as long as you do not get delinquent.

I'm sure you got the notice with your billing, but most people never read this stuff.
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