Consumers beware of BofA. I contacted the bank yesterday about a personal loan as part of my benefits package offered by the National Education Association (NEA) for the expressed purpose of paying off a higher percentage rate loan. The credit specialist sounded nice on the phone or least I thought so. To determine my eligibility for the loan I was told that they had to check my credit report. They asked the usual questions, such as income, assets saving and etc and I was placed on hold for an extended period of time.
Finally, she came back online and told me that I qualified for the loan. I inquired about the details of the loan, even asking her if she had given me all of details of the loan as required by the federal truth and lending laws. She did not elaborate other to state that this loan was like the other loan that I had obtained from BofA. I asked if details of the loan were going to be sent to me by email. I was told that I would receive the documents in the mail in about four weeks. I terminated the call thinking that I had made a wise decision to pay off my higher interest loan.
Today, I visited my eye doctor for my check-up. I pulled out my credit card for payment, it was declined, it was run again and was declined. I contacted FIA card services the holder of my card, a BofA affiliate, which I did not know at the time, while at the reception desk of my eye doctor. I was transferred to a credit specialist named Patrick who reviewed my account eventually telling me that my credit card limit had been cut by $9000 and that my current available balance was *$40.00*. Mind you, I am standing in the waiting room of a doctor's office surrounded by a number of people. Patrick offered to increase my limit to accommodate my doctor's fee. How nice of him. Patrick also told me that my credit card available balance had been cut to accommodate my loan of $4500.00. He also provided at my insistence might I add, the name of Dan Charles, 1 800 386-6262 x 88190, the Banks Resolution manager. I contacted the number, it was a voice mail box asking me to leave my information and promising me a contact within 5 business days.
I am not a patient person, so I contacted FIA card services at home and was eventually transferred to the division which handles the NEA benefits Gold options plans where I was able to speak to a manager claiming to be a VP. I was offered an apology for the miss communication of the credit specialist. I reiterated that I had asked the specialist numerous questions including truth and lending requirements as required by the feds. He admitted no guilt stating that she had met the requirements of the law by mailing me out a letter. My rebuttal to this comment, She was negligent and should be fired for failing to provide me with the proper information I requested. He stated once again, she met the legal requirements. He kept saying he was privy to the conversation, so he really couldn't address what she said but he would address my concerns with the specialist. He finally admitted that she should have told me that the money for the loan was being taken from my credit card balance. As, for the other $4500, we reviewed your credit report and have decided to reduce your limit. Your income to debt ratio is too high. "We are working hard to reduce our risks"
I asked him to terminate the requested loan and to close my credit card account of 5 years with no late payments double or more the minimum. Now my credit score has been ruined, I am without a credit card and I have to continue paying the high interest loan.
What did I learn from this experience?
1. It does not always pay to do the right thing
2. Get the names of every person you speak with, record the conversation (remember to tell them you are doing this.)
3. Write down all the questions you are going ask. Bear in mind, even if you ask the right questions, they may withhold or even outright lie to you, but as long as they mail you a copy of the loan details they are legal.
0 comments