Beware that Bank of America is delaying processing of new client credit card applications for their 0% lines of credit for up to 2 weeks. This is not in the fine print on the promotional letter that they send in the mail. What is on the letter is that they then can take up to an additional 2 weeks to process your balance transfers after account opening, which means your prior creditors are remaining unpaid during that additional undisclosed period of time and you receive yet another bill with additional finance charges on them.
When you call customer service, they say that they can take up to 30 days to process your credit application, even though they state on the phone that you are approved and that your balance transfers are in process. They do not at any time inform you that your account has not been "opened" at that time. For example, my friend applied via phone Friday 7/20. He was told to allow 3 to 6 business days for his balance transfers to be processed. When he called Bank of America today, they told him that in fact his account wasn't "opened" until 8/10 and that the balance transfer checks won't go out until Saturday 8/18. I told my friend that he should be grateful that they didn't delay the mailing of the balance transfer checks until 8/24. Now he faces a dilemma that if he doesn't pay additonal monthly payments to his prior creditors, he will incur late charges and more finance charges! I truly don't understand how Bank of America can expect new clients to determine the proper amount of money to transfer to the creditors for their existing balances if they don't disclose the actual time frame in which the transfers will be made? I question the legality of this and have no doubt that something about this must be less than proper business practice. It seems somewhat of a bait and switch, possible Robinson-Pactman violation? And what in the world were they doing with his open credit line from 7/20 to 8/10?
I consider this to be fraudulent activity and when my friend requested that they take responsibility for the additional finance charges incurred from his prior creditors, Bank of America refused to make any amends. He plans to transfer this balance to a reputable bank at his earliest convenience. They should not be allowed to call themselves the Bank of America. We strenuously object.
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