Like a lot of you on this Post, I have become a victim of the predators known as Bank of America. Last week when I received my latest statement for my
B of A American Express account I about had a heart attack when I saw my interest rate raised from 8.4 % to 21.99%. I immediately called B of A to find out what the deal was and was told that a few months back I had opted out of an interest increase (Well Duh!) and since I made a recent purchase they increased me to a higher rate. I patiently explained that I certainly was not told that if I made a purchase that they would jack up the interest rate to this ridicously high rate.
After arguing about that and getting nowhere I was referred to a "Credit Analysist". I complained to the "Analysist" that this increase certainly was not justified. I have never in my life been late with a payment to any of my accounts, have an "Excellent" credit rating and always pay well in access of the minimum payment due. The new payment they were trying to extort was over $100.00 higher a month then the old payment and I informed the "Analysist" that it really creates a hardship as I am self-employed and business usually slows down in the winter time.
I was then informed that they would reduce the rate to 5% for the next 5 years and that I would have to pay $180.00 a month. I thought that that would be exceptable and as we were getting ready to finalize things they come back on the phone and said they would have to do that with my Platinum Visa Account also (I've had the account for 18 years.) I said no, I did not want them screwing with that account as I'm entering my forth year of rebates being credited to the account and still had six more years of credits that they owed to the account. That several thousand dollars were owed to me in rebates. Then they got really nasty and said I could either pay the interest rate or close the accounts. I stated I did not want the accounts closed as that puts a "black mark" on your credit and I have had "Excellent" credit my whole adult life. (I'm 49) and I did not want anything negative going on my report. He said take it or leave it and before I could respond I was hung up on by the "Helpful Credit Anaylsist".
A couple of days later I pulled up my Visa account on line and saw that it was "Closed". I hit the roof and immediately placed a call to "FIA Card Services" demanding to know what right they had to close that account. The Customer Service Rep. Stated that it was closed do to to inactivity on the account. I informed her that payments and rebates were crediting to the account each month that I was not charging anything on it because I was paying it down not trying to run up the balance more and to please connect me with a Supervisor.
After sitting on hold for over 40 minutes I was finally connected with a "Credit Analysist" who said she understood there was an "issue" with the account and that a "Senior Supervisor was suppose to call me and discuss the "issue"at the beginning of this week. I told her I was off on Monday and to please have this person call me before noon.
After I go off the phone I pulled up my credit report and two out of the three Credit Reporting agencies showed that the two accounts had been closed "by Consumer". I was furious.
After sitting around all day yesterday, no call from B of A. So I called this morning and spoke to a "Senior Supervisor" who informed me that it was their policy to close all credit accounts to anbody that decides to utilize the "Payment Option Program". I told her I did not agree to the "Program" when they decided to put my "Visa Rebate" account in to the mix and not one person said anything about closing the accounts. I demanded that they be reopened, that these were accounts in good standing, no late payments etc. Then she launched in to the how much do you earn, etc. Etc., put on hold then she came back on and asked where the $7500 payment I made to the American Express account this morning came from. I told her I transferred it to another account with a 5% interest rate. Put on hold again, then was told my debt to credit ratio was a little high and that they could not re-open the accounts. I then told her that if that was the case than they needed to credit my Visa account with the few thousand dollars that were owed for the rebate program. That I kept up my end of the bargain, that they needed to uphold theirs and pay the rebates owed. Was told that was not going to happen.
I asked for her full name and title and informed her that I would sue B of A for the rebate monies owed and the damage to my credit report and she would be named as a co-defendant as well as the "Anaylist" who closed the accounts on 12/23/08.
She told me to have a nice day and hung up.
Read a few posts on here than decided to call FIA again. Spoke to a Customer Service Rep.informed her I wished to speak to a Senior Supervisor about the rebates owed to my account. Gave her a quick explanation of what had transpired earlier. Was put on hold and a few minutes later she came back on and I was told that they were re-opening the account and was then given a Confirmation number that the account was being re-opened and would show up tonight when the accounts are updated.
So apparently they are afraid of being sued by the very taxpayers that are paying to bail them out. Bad publicity and all I would say.
I'm still be very cautious concerning B of A. I would encourage all of you that are having problems with them to either keep trying and talk to somone in charge or go into your local branch where you bank and speak directly with a manager to try and resolve the problems. If that doesn't work write or call the Executive Consumer Department that oversees banks and file a complaint.
These predatory practices must be stopped.
Linda
Mount Airy, Maryland
U.S.A.
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