Bank of America
Change in Interest Rates Without Opt Out

Business & Finance

Several years ago, to pay for home improvements, I took out an unsecured Line of Credit with MBNA America, later bought by Bank of America. The loan had a fixed rate, and payment terms calculated on a 7 year plan. Whenever a charge was made, everything was reset.

Everything was going smoothly, and I've been slowly paying off the line.

I received a letter from Bank of America informing me that my fixed rate line is being adjusted to a variable rate, but my rate itself didn't change. As a result, as soon as the Fed raises rates (since they can't lower them), my rate will start going up.

I called Bank of America to opt out of this change, which they refused. They told me that they have to notify me of changes, but they will not let me opt out. They weasel out of it saying "my rate won't change, " so I don't have the right to opt out, they just gave me a future rate increase that I can't do anything about.

I have several accounts with Bank of America, and I'm looking to figure out how to migrate away from them.


Company: Bank of America
Country: USA
State: North Carolina
City: Charlotte
Address: 100 North Tryon Street
Phone: 8008621111
Site: bankofamerica.com
  <     >  

RELATED COMPLAINTS

Fleet Credit Card Services
When Bank of America took over Fleet they changed the terms of my agreement without notifying me They raised my interest rate and falsely claimed terms had always been variable

MBNA Aka Bank Of America
Interest Rate Raised From 9.99 to 24.7 Percent After Takeover

Bank Of America
Fixed Credit Card Rate Changed To Variable On Existing Balance

Bank Of America - Mbna Credit Card
Bank of america raises rates from 10.99 fixed to 20.89 variable with no reason what so ever!

Bank Of America
Business Credit Card Rate Raised Without Individual Cause

MBNA America
MNBA America ripoff tremendous interest rate increase on fixed balance transfe

Bank Of America
Interest rate raised to 38 percent despite agreed fixed 19 percent

Bank Of America
Credit Card Rate Raised From 15.99 to 19.99 Percent Without Reason

Bank Of America
Fixed Credit Card Rate Replaced With High Variable Rate After Promise

Mbna America
Cheap excuses to reduce credit line and increase interest rate on card., DE