I have a credit card with Bank of America, in fact, I also have my checking, savings and mortgage accounts with them as well. I received my credit card statement in the mail and it showed that my interest rate was increased from 7.99% to 21.99%. I have never been late on my credit card payments and could not understand why the drastic increase.
I called BofA customer service and I was transferred to their credit department. After inquiring with the credit manager I was told that I came up for a "credit review" and that due to the high balances on my credit card, my interest rate was reevaluated and it was determined that I was a credit risk. Keep in mind that I have NEVER been late for a payment nor have I ever gone over the credit limit.
After taking a deep breath and explaining to the credit manager that I do most of my banking with their bank and I am perplexed as to why they would treat a customer in good standing this way. I was then asked if I would like to have my credit evaluated again and was subjected to questions about my employment, income, expenses etc. I was then put on hold (the absolutely longest, most painful "holds" I've ever sat through. The credit manager came back on the phone and informed me that my interest rate would be brought back to the initial rate of 7.99%.
My payment has been approximately $350.00 a month. As per the credit card statement the the "fees" increased my payment to $574.00. I must state that I am a San Francisco city employee making well over $80K a year and have been employed by in this capacity for 10 years and 5 months.
I asked the credit manager for an address to write a letter to BofA and then I googled the address. This is how I found usacomplaints.com. I decided to chronicle these events here before writing a letter to BofA. Although getting a decent mortgage from another bank is virtually impossible with the state of the nation's economy, I can assure you that I will be looking into getting a loan from my credit union to pay off those cards and will be moving the rest of my business out of BofA.
Finally, with the $700 billion bailout plan by the federal government I am appalled that BofA would treat a customer in good standing this way. My nerves are frayed and I'm drinking a beer. I am about to start my letter to BofA and will also filing a complaint Comptroller of the Currency Administrator of National Banks-US Department of the Treasury.
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