Complaint Review: FIA Card Services - Bank Of America - Wilmington Delaware
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- Author Confirmed
- FIA Card Services - Bank Of America P.O. Box 851001 Wilmington, Delaware U.S.A.
- Phone:
- Web:
- Category: Credit & Debt Services
FIA Card Services - Bank Of America predatory lending practices and incompetence Wilmington Delaware
*Consumer Comment: Please File A Report...
*Consumer Comment: WEAPONS OF MASS DESTRUCTION......
*Consumer Suggestion: Suggestion from another credit victim
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I have a credit card through Bank of America with a credit line of $50,000. Last year, Bank of America offered me a 2.9% promotional rate. I decided to use $47,000 of the line of credit to pay off expenses for remodeling a piece of rental property that we own. I knew the promotional rate was ending in January of 2009. What I did not know is that the regular rate that it would go to after January of 2009 was 24.99%.
When I received my January statement and learned of the new interest rate, I called and asked Bank of America if they would reduce it to a reasonable rate. They refused. I decided to pay it down as much as I could with other credit that I had available to me. On January 23, 2009, I sent Bank of America two checks, one for $15,000 from my First Credit Union line of credit and one for $10,000 from my Discover Card line of credit.
On March 5, 2009, I received a letter from Bank of America dated February 26, 2009 which stated that they rejected my payment because a cash advance check from this or another account issued by FIA Card Services was used to make the payment. The letter also stated that for my protection they had destroyed the check.
I Bank of America on March 5, 2009. I first received the automated system which told me that my outstanding balance was $47,000 meaning that they had not credited either of the two checks that I sent. I spoke to an account representative and a manager who told me that my First Credit Union credit card is issued by FIA Card Services and I can't use their money to pay them back. The manager also told me that since they never credited the Discover Card check, they probably destroyed it along with the First Credit Union check. He told me that I should not have put both checks in the same envelope; I should have sent them separately. I told him that was absurd and I should not be blamed for their incompetence. In addition, their rule that I can not use my First Credit Union line of credit, which is at 7% to pay off the Bank of America balance which is at 25% has no purpose other than to keep charging an outrageous percentage rate.
The promotional rate that Discover was offering for the $10,000 check was only available through the end of February. Thus, unless Discover sends me new checks and another offer, I can not replace the $10,000 check that Bank of America destroyed.
Bank of America is engaging in predatory lending practices in offering $50,000 at 2.9% without making it clear that the rate would change to 25% when the promotion expired. FIA Card services is engaging in predatory lending practices by refusing my payments toward my balance. Further, FIA or Bank of America literally threw away my tendered payment from my Discover Card credit line.
The manager refused to extend any courtesy to me whatsoever to address any of the issues caused by their actions.
Janet
Phoenix, Arizona
U.S.A.
This report was posted on Ripoff Report on 03/05/2009 07:58 PM and is a permanent record located here: https://www.ripoffreport.com/reports/fia-card-services-bank-of-america/wilmington-delaware-19850/fia-card-services-bank-of-america-predatory-lending-practices-and-incompetence-wilmingto-431275. 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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#3 Consumer Comment
Please File A Report...
AUTHOR: Bman - (United States of America)
SUBMITTED: Friday, September 17, 2010
#2 Consumer Comment
WEAPONS OF MASS DESTRUCTION......
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Wednesday, April 08, 2009
were not found in Iraq, but Americans are now finding out that the 'devil' is in the 'details' at the end of their contracts, & their agreements, that they received with their credit cards.
The TRUE 'Weapons of Mass Destruction' were, & still are right here, in America! They appear in the 'fine print' at the end of 'CREDIT CARD' agreements, 'MORTGAGES' for homes, 'CONTRACTS' for automobiles, and many other products that require BANK FINANCING, wouldn't you agree?
So, WHO wrote all of these 'details' for the many agreements, & contracts?
Answer: LAWYERS!
Please 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Ripoff Report, and then to the 'Update' entitled- 'Blame it on a Lawyer', and read what a Harvard Business Professor said to his class of EXECUTIVES back in late 2004!
Hmm, aren't most POLITICIANS also lawyers?
Don't almost ALL CEO's, COO's, CFO's, Executives, Politicians, & Lobbiests........, all have LAWYERS who will represent them, if needed?
Doesn't Joe Nacchio, former CEO of Qwest, have a LAWYER representing him right now, in his 'quest' to stay out of PRISON?
Didn't Warren Zevon write a song years ago that included the word 'LAWYERS' with two other things? Oh yes, I just remembered that song! It went like this-
'Send LAWYERS, GUNS, & MONEY......the sh*t has hit the fan...huh......da da da-da da da da-da.....da da da-da da....I'm an innocent by-stander......& somehow I got stuck..........'
'Only a PAWN in their GAME!' - Dylan
Coming soon- MADONNA POEM
#1 Consumer Suggestion
Suggestion from another credit victim
AUTHOR: Robins99 - (U.S.A.)
SUBMITTED: Tuesday, April 07, 2009
I have a good credit history and have used the balance transfer options in the past with success (after failure). Unfortunately, as was MY first experience, this sounds like a Live and Learn experience.
'Devil is in the Details': In the fine print is where the information usually resides about- increasing APR, what happens if you pay late/miss payments and what the upfront cost is to process your request (usually a percentage of the balance), etc. If the fine print is not carefully taken into account, it can come back to haunt. Banks hold the power to increase the limit to the maximum percentage sounds like 24.99% in this case. Competition for business between banks helps alleviate this in the market in general.
Note on the company rejecting the checks mailed... If you have a credit card with a company and then try to use a balance transfer from the same company, they won't honor it. So, if you have a Citi card and receive a promo offer of 0% interest from Citi, they won't allow it. I'm not sure but this sounds like what may have happened with one of the your checks.
Here is the main question I ask myself (truthfully) when it comes to balance transfers: **Can I get 90-100% of the balance I am asking for paid off in the time given?** For example if you balance transfer 3000.00 and have a 12 month period, then you should be expecting to pay between $220 and $250 a month so that when the time is up, 90-100% of the debt is paid off and you are not stuck trying to go find another option.
I hope this helps. I feel your pain.
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