My First USA Visa card had a finace charge of 9.9% then several months ago they changed my rate, increasing it several percentage points. When I noticed the increase in my first statemant, I called the bank at which time the stated i had been notified as to the change in terms, and that the rate was increased for everyone.
I told them I did not recieve any notice and I did not want the increased rate. They told me that I had been notified and the time limit to reject the new terms had expired, therefore I was stuck with the higher rate even though I hadnt used the card after the rate changed.
They said they would send me a copy of the notice which they never did even after several calls, and on each occasion when i tried to talk to someone, they gave a different explanation for the change in terms, none of which were factual. I did not recieve any notice from them until such time as I sent them a letter in which I informed them that I would report them to the BBB if they didnt respond, after which I recieved a copy of the change in terms.
I never again used the card and I paid ny balance off in full at which time I was charged an additional finance charge of aprox $45. I called the bank and asked them why I was being charged a finance charge when I paid off my blance.
They stated that it was what they call a residual finance charge, and that i was notified in my November statement. I then explained to the rep that I objected to the last change in terms, and I havent even used the card since the first change therefore why would I accept this change. It was a result of the first change in terms that cuased me to pay off my card. End result is I recieved no satisfaction. I think the practice is deceptive and the bank should be investigated.
Robert
Lynnfield, Massachusetts
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