- Report: #382774
Report - Rebuttal - Arbitrate
Complaint Review: Bank Of America - RCI Credit Card Accounts
Bank Of America - RCI Credit Card AccountsPO Box 15019 Wilmington, Delaware U.S.A.
Bank Of America - RCI Credit Card Accounts Payments posted during lag time before end of cycle date causing Late Fines and illegal interest levels. Wilmington, Bank Of America, PO Box 15019 Delaware
*Consumer Comment: I cant imagine.....
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The lag time can be from 3 to 5 days, and it is a trap. Other banks that I have dealt with just credit the payment received at such a lag time toward the next cycle, but B of A refused to do so. When I contacted them to complain, I was told it was my fault for having sent the next payment at that time of month.
The payment was still got credited toward the total balance, but not toward the minimum payment due. This allowed them to not only charge what they call a "late fee"(actually a FINE) of $39 toward the account, but it also gives them an excuse to jack up the interest to very high, and seemingly illegals levels(>23.99% to 29.99%).
This is usury, or loan sharking.
In effect my minimum payment went up thereafter to >$350, and then it just went up to $610/month. Before that the interest had been 11.99% and the minimum payments were more like $150/month. This situation has gotten so bad we have now had to resort to a credit consolidation/reduction company. On our 3 B of A credit cards and 2 others our minimum payments due are now in excess of $1,500/month. up from about $600/month/5 cards before the current increases in interest on these cards.
Grants, New Mexico
This report was posted on Ripoff Report on 10/19/2008 10:17 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America-RCI-Credit-Card-Accounts/Wilmington-Delaware-19886-5019/Bank-Of-America-RCI-Credit-Card-Accounts-Payments-posted-during-lag-time-before-end-of-c-382774. 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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