Bank Of America
Promised 7 percent card rate billed at 8.5 percent after takeover

I have been going to same bank branch since I was child. It was most recently taken over my Bank of America. I had several issues.

First, my credit card was at 5% and had been that for some time. Several months after BOA took over, I noticed on my bill that the rate suddenly was 14.5%. I had to call customer service many times to get this resolved. Finally I was told that they sent me a letter explaining the 5% had been introductory rate. I threatened to cancel the card altogether and I was quoted 7% rate if I kept the card. A month later I noticed on a bill that my rate was 8.5%. I never got 7%. It is still 8.5%.

Second, incident occurred on my mother's checking account. She is senior citizen and had this account forever. She never paid fee for the checking account. In the last month, she was being charged $12.00. I called to find out why and they said that she did not maintain a minimum balance on the interest checking. Apparently, BOA automatically instituted this fee to interest checking accounts. They claimed they sent her a letter, which we never received. I was told she could change her account to non-interest bearing and no fee would be charged.

My credit card was about to expire. I received a new card from BOA and they changed the account number. I've never in my life had to change my card number when a new card was issued. There was no explanation from BOA as to why this was done although they had a case where they lost millions of records of customer financial and personal information so I wonder if this is part of the resolution of this problem for them. But then at least inform the public that is what you are doing than cause the inconvenience of changing the number. I also think consumers have a right to know what risk prevention methods the bank has undertaken to mitigate risk for their customers. I never heard anything about this from BOA but I read about this in the newspaper.

The cases I've listed here are similar to what others have reported. BOA takes over a branch or bank and change the rules and then claim they sent a letter informing of the change which they apparently are not doing. Or you are promised one thing on the phone and something else when you receive your statement. This behavior seems consistent in my experience and that of what others have reported and needs to be investigated.

Company: Bank Of America
Country: USA
State: New Jersey
City: Teaneck
Site: bankofamerica.com

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