Bank of America
Line of Credit Cancelled and Annual Fee Raised From $50 to $500
- 09-06-2012
- 162
As Bank of America bought Countrywide Loans, our loan was transferred to Bank of America, and we continued to pay Bank of America our current home loan payments. Also, our business had a $50,000 line of credit with Bank of America in addition to a $75,000 line of credit with Advanta Bank Corporation, which we had yet to use.
When we attempted to activate our line of credit with Advanta Bank Corporation due to difficult times for our business, we were told the company was purchased by Bank of America. Bank of America would later tell us that this line of credit we had been saving has been cancelled. As we needed money, we used our $50,000 Bank of America line of credit. After 10 years of paying $50/year annual fee to keep this credit line available, Bank of America raised their annual fee from $50/year to $500/year after we had already taken out ~$30,000 in loans!
At this point, Bank of America expects us to pay for our home loans, while at the same time not helping our business! This is how Bank of America treats small businesses after receiving billions of dollars from President Bush and President Obama in relief money.
Please beware of the type of bank you are dealing with.
Company: Bank of America
Country: USA