I was pre-authorized to receive a $25,000.00 line of credit from Bank Of America in association with my colleges Alumni Association. I took this opportunity because of its association with my college and on the basis of the information provided me by the phone agent.
I was told that I would have $25,000.00 transfered into my bank account and that my repayment schedule would be $588.00 per month for 96 months. I was fine with this agreement.
I just got my first billing statement and the minimum amount due is for $838.84. I have been charge for, believe it or not, $750.00 for the transaction fee to my bank as well as a so called Credit Protection Plan cost of $246.84 or $. 95/$100.00 borrowed.
As I have just found out, this Credit Protection Plan is a monthly cost above and beyond the regular charge of $588.00. There was also a little note at the bottom of the statement saying the Annual Percentage Rate for this billing period is 57.04%.
As far as I am concerned this is nothing but blatant, outright robbery. Are there no laws anymore about Bait and Switch tactics which this is clearly a case. This kind of business practice must cease immediately. And the Government wonders why we are about to head into another recession or depression.
This must stop. I am willing to meet my monthly obligation as discussed with the agent representing Bank Of America, but this I will not put up with.
Anyone else who has a similar issue, please let me know at (ROR removed for security purposes) Its time for an old fashioned class action suit against banks such as this.
It is time to take a stand against these tactics and make a statement - "I'm mad as hell and I'm not going to take it anymore." If it costs me my last breath Bank Of America and my Universities Alumni Association will feel what it is like to be broke!
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