This is certainly not the first report on Bank of America, and it most certainly will not be the last. The last few will still come after BofA is closed for good. My situation is not unique, and I offer no special advice to assist others in the same predicament, but writing about my experience at least helps me to vent some of my frustrations.
Like many consumers recently, I too have witnessed my available credit limits decreased until they are at points just above the current balances. That's fine; I can live with that reality even if I do not like it. Banks are limiting their risk and hoarding their capital, even as they hold out their hand for our tax bailout money. He world isn't fair, but karma will return to get them all come July. But that should not allow banks like BofA to charge fees resulting from their decision to lower credit limits!
My BofA Visa account was recently lowered to a limit very near the balance. At the same time, BofA raised my APR to 27.99% on the account. (I wish I could get returns that good on my investments!) When the monthly interest was calculated, the resulting charge took my balance above the limit by $4.07 which then prompted the automated overlimit fee machine to kick in and add an additional $39.00 to my balance.
I called BofA and told them what had happened, and the CSR very politely told me that the $39.00 overlimit charge was valid and that he could not reverse it, even when I pointed out that it was the interest calculation - not any new charges made by me - that put the balance over the limit! He went on to tell me that to avoid this occurring in the future I would need to make sure I had enough credit available to cover the pending interest when it posts to my account? Finally, he assured me that BofA is happy to have me as a customer! Gee, I wonder why?
So how does one protect oneself from these overlimit fees when BofA reduces your available credit to a point close to your balance? You pay off the balance completely or transfer to a different bank. It is unfortunate that consumers - good, honest, responsible, paying consumers - are made victims by unchecked greed that our own government rewards by giving BofA more than $40,000, 000,000 of our tax dollars. Where does it end?
And here is a recent article about how BofA just won a class action law suit on APRs, because our U.S. Judicial system likes to reward BofA just like our Executive and Legislative branches do:
Http://www.reuters.com/article/newsOne/idUSTRE52I5WQ20090319
Relatively small political campaign donations really do go far, don't they?
0 comments