ED Magedson – Founder
BANK OF AMERICA lines of credit, loans, business loans, small business loans Internet / USA Internet / USA
STAY AWAY FROM BANK OF AMERICA SMALL BUSINESS LOAND AND LINES OF CREDIT!
5 years ago I applied for a business line of credit through Bank of America. I was never late on making any payments but every year they continued to raise my interest rate.
Last week I went to the bank and was told that I only owe $190. I went today to pay off my loan and was told that my balance is $295. They charged me over $100 interest in less than 1 week. This is highway robbery considering my payments were always on time. I asked to speak with a manager and supposedly they have raised my interest rate to over 35% over the past 5 years!
BANK OF AMERICA is a rip-off. I will NEVER do business with them again!
This report was posted on Ripoff Report on 07/08/2013 07:41 AM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america/internet/bank-of-america-lines-of-credit-loans-business-loans-small-business-loans-internet-u-1065162. 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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