Complaint Review: Bank Of America - Internet
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- Author Confirmed
- Bank Of America bankofamerica.com Internet U.S.A.
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- Category: Credit Card Processing Companies
Bank Of America Screwed by Bank of America...Raised interest rate. Bank Of America Internet
*Consumer Comment: What?
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I never applied for a Bank of America credit card. November 2005 I was looking at my credit and discovered I had this card with this huge limit on it (huge for me, $6,400). At the time I had just started living on my own and had no clue about credit or credit cards. So I called Bank of America and told them I needed a new card. They sent it right away. So I started using the card.
March of 2007 I received a letter in the mail that my account was being closed due to running a credit check on me. They felt that I wasn't good enough to keep using their card. Even though I had been making my monthly payments on time and had never been late on one payment. When I first started using the card I was doing so well at making huge payments that I was able to get my interest lowered to 7.9%. So I have continued to pay off this account and of coarse I racked up the card especially since I still had 2 weeks to use it after I was informed the account was being closed.
2 weeks ago on October 8th I logged on to their website to set up my payment due Oct. 11th. Not sure what happened but Oct. 15th I had noticed that my payment had not cleared from my checking account. So I log on to BOA to find out that the payment has not been made and shows no sign of me making the payment. I made the payment immediately and contacted BOA to see about getting the late fee removed. They were greatful enough to remove the late fee. So I'm like great everything is resolved, yeah right.
Oct. 19th I received my email letting me know my statement is ready to view and my next months payment is $160. My payments are normally $86/month. I contacted BOA to find that my apr was raised to 15.99% due to my late payment. BOA will not budge I argued with Senior Analyst, Jay forever about this. All he could say was I needed to contact debt management. I do not need my debt consolidated I only need my apr to go back to 7.9% so I can afford the payments and so BOA doesn't get 80 bucks/month from me in finance charges. Before the apr increase they were only getting around $35/month in finance charges. I refuse to pay this now. I was working on paying this off even though the account is closed and this was the only time I was late. BOA won't budge on this and I don't know what to do.
Larissa
Amarillo, Texas
U.S.A.
This report was posted on Ripoff Report on 10/22/2008 09:14 AM and is a permanent record located here: https://www.ripoffreport.com/reports/bank-of-america/internet/bank-of-america-screwed-by-bank-of-americaraised-interest-rate-bank-of-america-interne-383701. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
What?
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Wednesday, October 22, 2008
You notice a credit card you don't remember signing up for and instead of investigating where it came from, you just asked them to send you the card to start using it??? This action and your comments do make it appear that you not only did not know how credit cards work, but continue to not understand them fully.
Credit card companies are extending you credit. They are allowed to close your account out at any time and for any reason. This is happening with most major banks to some extent. They are raising the standards and any one who no longer meets the standards could have their limits reduced or the account closed. Also, because you were late it is in their agreement that they can remove any special rates and put you at a default rate.
"So I have continued to pay off this account and of coarse I racked up the card especially since I still had 2 weeks to use it after I was informed the account was being closed."
- Why did you feel the need to rack up the charges just because you had 2 weeks left?
"...I refuse to pay this now...."
- If you really don't pay it they will Charge-Off the account and turn you over to collections.
"...I was working on paying this off even though the account is closed.."
- Until the balance is 0 you are obligated to continue making at least minimum payments. You are still subject to the Interest rate, fees and terms at the time of closing. So if you think you are doing anything special because the account is closed, you are not.
If they won't lower the rate the best thing to do is find another Credit Card with a lower rate and do a balance transfer to pay off the BofA card.
For future reference if you ever see an account you don't recognize on your credit report don't have them send you the card. Investigate it and make sure you are not a victim of identity theft.
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