My argument with Bank of America (formerly MBNA) is over their Quantum Platinum Mastercard and the use of variable "Closing Dates" and billing period days. For those that do not know what I am talking about, take two statements from consecutive months. Take the later statement and you will find a "closing date". Subtract from that date the number of "Billing Period Days" and you will arrive at the prior month's closing date. What that tells you is the period of time being covered by the statement in hand. Why they set these dates to be covered only subsequently and not tell you what the future period will be is odd and a bit misleading, but that is not my argument. At any rate I have recalculated all of my statements back to June and this has worked save one.
Rather, my argument is that on my October statement I have a closing date of 10/5. On my November statement I have a closing date of November 2 with 30 billing period days on the statement. Take a moment and subtract 30 days from November 2nd. You come up with 10/3. Please note, that in over a year of statements I have gone through this is the only time this mistake has been made by BoA. My past 4 payments (their posting date) and applicable due dates are as follows:
8/07 - $500 Due 8/24
9/9 - $500 Due 9/30
10/5 - $500 Due 11/1 (A Sunday)
11/2 - $400 Due 12/1
The problem is with the payment made 10/5. It was posted with my 9/9 payment even though it was past the due date and past what the correct 10/3 date should have been. I received a letter 11/6 dated 11/2 (not bad for a company that advises 5-7 business days from the other side of the country) stating that my rate would be moving to 26.99% from 9.99%.
Normally I'm a "deadbeat" (pay of balance each month) with a flawless history of payment since 1/97, but foolishly thought they would stick to the fixed rate when I took a $25K cash advance from them to make investments early this year which was at 0% interest until... October! (Yes I made it a specific conversation point in taking the money, no BoA will not release the tape of the 12-12-08 conversation even though it is referenced right in their statement)
At any rate, they now want loan shark interest on my remaining debt (I've made no other purchases) of $17,402.22. I'm very interested to see how they come up with finance charges on this bill going forward. Also, why can they seemingly with no rhyme or reason alternate the Billing Period Days between 29-34?
Finally, they overcharged interest (which they weren't supposed to... 0% remember) on my June bill, which they credited in July... But then recharged. Also, between my July and August statements, the history doesn't "rollforward", magically. 02 in their favor appeared. Easy to spot when the interest rate is 0%, but it will be much harder when they start charging a rate.
Just my note to beware. The BoA execs/crooks are nibbling on the accountants' ears to take money where they can't earn more. I'd love for it to go further, but I doubt it will.
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