Complaint / Review
Bank One
Ripoff Unconscionable Interest Rates for Good Customers

I am the unfortunate holder of TWO Bank One accounts through company mergers. Was I ever shocked to open two little mailings that looked like privacy notices that said in small print that each account was going to have the interest raised to a MINIMUM of 24.99% in April. I have always paid on time and have had these accounts many years. I called to see if this was a mistake, but it wasn't. They weren't earning enough off of my balances at 12%??? I calculated that if I did not close the accounts, my entire payment would be going to interest. If they really feared default, why raise the interest rate and make default more likely???

My next statements came in and looked llike always— nothing in them about the pending rate increase. So I called again, but the rep apologetically confirmed the rate increase but said she could do nothing.

So I have sent the required letter to close both accounts. Obviously, I will never be a willing Bank One customer ever again.