Bank Of America
Abusive rate increases Nationwide

After receiving my October B of A AMEX statement, I became aware of a sudden increase in interest rate from a variable rate of lately between 14% and 15% to an abusive 27.99%. I have no recent changes to my credit report, other than a correction not yet updated by Wells Fargo on my Experian report relative to a lost payment in April (error by Wells Fargo; corrected by both other credit agencies). I have never been late.

Upon contacting Bank of America's credit analyst, I was informed that the rate change was initiated by a credit check by them several months ago that placed me in a "high risk" category. I was informed that notices for said increase were mailed out in August; I somehow missed mine (probably because I do my banking and bill paying online).

My new rate, apparently, was based on my overall debt load; not my scores or payment history. My debt load is not unusual for these times, so I am flabbergasted. I was told that the higher rate was effective if I wanted to continue using my card, but that my rate could be locked in at my previous rate if I did not use my card. That done, I was also advised that any new charges on this card would result in the interest rate defaulting to the higher rate. I was even advised to discontinue my $12.99 automatic payment to Bank of America for their privacy assist service as a precaution.

I feel this action to be abusive use of power on their part, particularly given the times we are in, and the probabability of B of A partaking in the recent government action to prop up the banking industry. Outrageous!

Company: Bank Of America
Country: USA
State: Delaware
City: Wilmington
Address: PO Box 15019 Wilmington, DE 19886-5019
Phone: 8009006651

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