For several months I've been receiving charges on my Bank of America credit card accounts for late fees, overdrafts, return checks, etc. When the accounts were not late or overdrawn. Each time I called to dispute these charges, they were found at fault, and the money was refunded back to my account. After realizing that I was being very consistently charged these types of fees I went back through all of my statements and realized there were many prior months that this had occurred.
On one occasion I paid them on time, the money was debited from my account, with a confirmation number, and I started to receive calls from them saying the payment was never made. I then disputed this, showed them the confirmation and the withdrawl from my account. A few days later the money was retuned to my checking account, leaving the creditor unpaid for unknown reasons. This incurred a late charge, a default on my credit, and a return check fee. Although most of the charges were reversed, my interest rates were still left at the usery rate of 36% and 29%. The bank refuses to acknowledge that despite the records of the returned money and obvious records that the accounts have in fact been paid on time each month, they are responsible for lowering the interest. Which in turn left me with hundreds of dollars in interest charges a month.
Aside from this, one of my accounts is attached to my bank account ie overdraft protection. On April second 2008 the bank closed all of these accounts without prior notice. Leaving my bank account to over draw by twenty dollars. Which incurring fees is now over drawn by 200 dollars. When I contacted them to find out why the accounts had been closed. They told me they felt I was a risk based upon my income, despite the fact that all of my payments were current and have been for several months. They told me that the bank has the right to close any of your accounts for any reason without notice. But they assure me that I will still be billed monthly despite not having any access to my accounts.
I am in a low-income bracket due to medical bills and a recent move. I have made every effort to keep my credit clean and for all intensive purposes it should be. This company is a predator, and they have ruined my credit leaving me unable to transfer these debts to a low interest loan. I believe this is a tactic that they commonly use to suck money out of the low-income population. I have bank statements and credit card statements for every month in question to support that everything I've stated is factual. I have reported them to the better business bureau, the ftc, and the office of the controller of currency. And I would like to pursue legal action against Bank of America. Any information you can provide me in this matter would be very helpful, and greatly appreciated. Thank you
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