• Report: #266292

Complaint Review: Bank Of America

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  • Submitted: Wed, August 08, 2007
  • Updated: Wed, August 08, 2007

  • Reported By:HOUSTON Texas
Bank Of America
PO BOX 15026 WILMINGTON, Delaware U.S.A.

Bank Of America Formerly MBNA Rip Off 38% Interest Rate Overly Inflated Deceptive Practices WILMINGTON Delaware

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I had a MBNA card for years and after they began charging over limit fees and late fees. Yes I have had the card so long over limit fees and late fees had NOT been invented yet, I am that old.

To get the card under control of a 36% variable interest rate and $78 in late fees and over limit fees monthly. I cut the card up never to be used again, and reached a settlement with MBNA that I would close the account and they would lower the interest to FIXED 19% with never paying an over limit fee nor late payment fee again no matter what.

Well the evil took over thru Bank of America everything stayed the same for a few months. Then suddenly they raised the interest rate to 38% variable for no reason. I am very upset, because I had an agreement they would hold back their evil 36% interest rate in exchange for me closing and paying off the account. I have been paying faithfully since then, but Bank of America did NOT keep the interest rate at a FIXED 19% per our settlement agreement.

I have filed a complaint with the BBB of Delaware, and hope for a good outcome, but I am not holding my breath. Bank of America is ripping me off big time with the 38% variable interest rate and late fees.

I am old school so I have never believed in online payments, but the technology in 2007 has improved so much. I have been making online payments and have my balance under the credit limit and making all payment on time for the last two years with no problems. Until I was hit the 38% interest rate from the 19% interest rate I was promised, now making payments are not so easy.

I wonder is it against the law for Bank of America to charge me 38% interest on my closed settled credit card? I feel taken advantage of because we had a written agreement and they have violated it and me.

If someone finds grounds to seek recovery I'll join your suit!

Dorcas
HOUSTON, Texas
U.S.A.

This report was posted on Ripoff Report on 08/08/2007 11:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America/WILMINGTON-Delaware-19850/Bank-Of-America-Formerly-MBNA-Rip-Off-38-Interest-Rate-Overly-Inflated-Deceptive-Practice-266292. 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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