For over a year I carried a credit card with a limited balance, to avoid a fluctuating APR, I was careful to pay it off. I was careful to avoid exceeding the limit to maintain a good credit standing.
The annual fee hit my credit account before the notification arrived at my house, which pushed my account over the limit. I transferred money immediately to cover the fees and the overage penalty while paying off the remaining balance. The following month, the next day into a new billing cycle, I was charged a late fee. This pushed my account once again over the limit. Although there was a $30 cushion, it went over, so I transferred money again. The following month, or billing cycle, the same thing. happened.
I wrote an e-mail about the delayed overage charges and my request to move my billing cycle to a different date. The other option was to close the account.The first response was to affirm the validity of the overage fees and to provide me with a phone number to close my account. My reply acknowledged the generic response and requested a contact name or e-mail to close my account, in order to keep back up paper work.
Their response was to honor my initial request and move my billing cycle to a day of my choice, all I had to do was reply. I was grateful and replied with the day of my choice. I received another reply that certain situations required a conversation with an account specialist and I had to call them. For everything else, I could e-mail them.
The next day I reluctantly phoned and spoke to an account specialist who said he could not honor my request, until I told him I had two e-mails confirming he could. Upon further research on his part, he un- authorized to move this cycle to a new date, because it had been moved prior. Never was I asked or gave authorization to change any dates on my credit card account. The man told me the dates moved four times to the 16,19,25,15 and right now, it was on the fifth of the month.
He said his supervisor could override the system and transferred me. The woman flat out said it was untrue that the dates could and whoever gave me this information was wrong. Once I informed her of the names, dates and the existence of the e-mails, she told me she would not do it because it was bad for their business. I asked her to repeat the statement, I requested to have the account closed immediately and her statement put in writing as the reason why.
The same afternoon I went to my branch and got the info for these supervisors Unit Manager to let them know about this person's irate behavior. I left several messages and eventually received a call from someone else. They apologized for the behavior of the supervisor yet made the same statements but chose different words. He freely admitted to this fact and said if this incident did not occur and if they would be willing to move the cycle if I would reconsider. He would even wave the upcoming overdraft fees. I told him sure, but I would like everything in writing after everything that just happened, he would get approval and call me back. Have not heard a word back.
While this was going on, I got on the internet and did research, about the banking giants and consumer rights. Our legislation is trying to present a bill before the house which prevents corporate giants from delayed billing which can unfairly (will) skyrocket your APR's and can ruin you. They actually had consumers write in their run in with credit institutions and considered the comments.
Next, you will be surprised how much power the corporate banks have over the individual consumer-the amount of money they make from charges is what keeps them in business. Start reading the finance-credit section on sites such as Yahoo, MSN, AOL, CNN, and MSNBC, etc.-there is a wealth of info. It may be overwhelming at first, but it will get your engine steaming soon and it will empower you. Did you know your credit card company could increase your APR, without having to inform you, based on how many hits you have against your credit? On the other hand, change it based on your purchases?
Finally, the name and address I have included, Ken Lewis, is the CEO of Bank of America. It may seem futile to some, I believe a well-stated letter might go along way; file a complaint with the agency overseeing BofA (not FDIC!)
Here is the moral of this experience, I have a letter stating my account is paid in full (with a positive balance-just in case), but they will keep sending me statements until my account is paid in full. Whatever that means, oh, the letter came from the supervisor. It was very tough and messy to get out of the hole nevertheless I am out.
Arroyo Grande, California
U.S.A. Click here to read other Rip Off Reports on Bank of America