Bank of America
Credit card Practices

Dear Bank of America

My daughter was an account holder at B of A (Acct# 4888 9401 3040 7014; Name is Jillian D. Zosh and her last four are 1472). She has been out of school (college graduate) for over one year now and here biggest financial dilemma was dealing with your bank’s unscrupulous and underhanded business practices. Although I was extremely hesitant to do so and the fact that my daughter is strongly independent, I regrettably finally paid off her balance (she is paying me back monthly at zero interest rate) and she closed her accounts with BAC (cheers!!!) on 11/01/10. The main reason I took this path after my daughter asked for help is because she was under so much stress worrying about her ever increasing debt.

Background: Several years ago, Jillian started an account with BofA at a zero rate interest, only seeing it grow to 19.24%. She never got any help from BofA and never realized she could get into so much trouble in such a quick period of time. She had no idea that the rate and penalties would stack up like they did and still no help from BofA, her bank offered no help and conditions continued to grow worse.By the time she asked for help from me, her account balance grew to over $5,000.00. I know that doesn’t seem like much to your bank, but to a young college grad in a very tough economy, it’s all the money in the world. She was trying to make minimum payments and had to sacrifice her eating habits. She was beginning to lose sleep a night and this situation affected her health. Can you see what your bait and switch, loan sharking business practices are doing to these young people, my daughter is a good example. She finally gave up living on her own for now and is back home and asking for help and I’m glad she did.

I truly believe that what you did to my daughter is criminal. Although she didn’t completely understand (I pity the less educated people you must attack) what was happening on her account and the reason it was getting hit with constant penalties (the penalties made her account go over the positive balance which then caused even more penalties) and high interest rates. Her minimum payments kept going up even though she was trying to bring this under control at several points. Again, she asked for help from your bank reps but they probably were laughing as she walked out the door, saying “another patsy”, hahaha!

When we finally got to a point where the lesson learned was far over, I called BofA to negotiate a payoff amount and talked to a manager (I have names, but I will not mention them as I believe your managers are only pawns in BofA’s corporate practices to lure people into trouble), but to absolutely no avail. Even though BofA took more money from my daughter than she actually got loaned out to her, no one wanted to give her any consideration at all with a small discount to say thank you for paying off your bill, not even $50.00, pathetic. (I was attempting to teach my daughter about the strength of negotiating, but she was so disillusioned with BofA, that she just wanted to get far away from anything at all to do with your bank and I do not blame her).
So in the end, we are not looking to get any compensation from BofA so please do not offer any, we are well beyond that point. What I do want you to know is that we are not going to lie down and take this, we will fight a good battle and initiate a strong campaign to tell the world about the lousy and uncaring bank practices of BofA. We have already begun this campaign and I hope it affects your business very negatively. Yes, 99.9% of the people you unjustly steal from will do nothing about it, but you messed with the wrong customers this time.

Regards
Daniel A. Zosh

Company: Bank of America
Country: USA

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