I have been enrolled in a automatic payment program with Bank of America (BoA) for several years and paid down $17000.00 to just under $3000.00.
BoA has suddenly decided to almost double my interest rat from 8.99% to 16.74%.
This is the THANKS I get for never missing a payment for over 2 years!
When I called BoA for an explaination I was informed that because my AUTOMATIC payment program takes only the minimum, BoA has decided to penalize me for not missing any payments.
I suppose that taking/making 9 percent on my money/loan isn't good enough for BoA for a ON TIME NEVER MISSING A PAYMENT customer!
I will personally never do business with BoA in the future and I intend to pay this note in less than two weeks. I will also do my best to let EVERYONE I know, know how BoA treats a non-delinquent paying customer.
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