I opened a credit card account with Bank of America a couple of years ago before all of the problems with debit credit swaps started. At the time, Bank of America guaranteed me zero percent on balance transfers. I read the fine print as thoroughly as possible to make sure this was not a scam or quick promotion. I found nothing to indicate this and when I contacted them I was told that as long as the money in the account was from a balance transfer then my interest rate would remain zero percent. This allowed me to consolidate my credit card debt and I transferred twenty thousand to the credit card account.
At this point I began to pay off my other credit cards that had interest rates of 8.9% and 7.6%. I have had good credit and needed to pay off my debt to keep my rating good and to prepare for retirement.
The first problem was my health. I am now on long term disability. I have now accelerated my debt pay-offs. This is when I discovered the problem. During the last year Bank of America has been sending me email notifications that my bill was ready for viewing. They have never sent me a statement or letter. Since I am paying more than the payment due, we had no reason to check our bill. I never expected that a bank could do this so went on as usual payinng double my payment.
By chance my wife and I were re-examining our debt and reading all of our statements when we came across our statement from Bank of America. Unlike our other two credit cards, Bank of America had increased our rates on some of the debt from zero to 1.9%, then to 9.9%, and now to 19.9%. Immediately I contacted the bank. The statement said I could call and opt out of this increase. That sounded fishy right off. When I was transferred to an account analyst he began to ask me questions as if I were asking for a new credit card. I interrupted him and told him that I just wanted to opt out of the interest increase. He said the deadline for this opportunity was July 23rd and I was calling on the 24th so the rate could not be changed. After I explained about my disability, my surgeries, and my lack of notification, the person suggested debt consolidation.
I called debt consolidation and they explained how, for 15%, they would reduce my unsecured debt by up to 70%. They suggested that I try to call the bank to have my rate reduced. I tried this and for forty-five minutes learned just how bad I am as a person and that Bank of America could not change my rates even for health reasons and my missing their deadline by one day. I asked why they would rather have a third party work for me and do the same thing I was doing already. That meaning reduce my rates and pay-off my debts as quickly as possible. I explained my three year plan to pay-off my debts and if they would just leave the rate at 9.9% then I would be able to do this without debt consolidation. Again he preached to me that the Bank paid these third parties to consolidate the debt and that they would prefer this to working with me.
It is difficult to put this experience into words. I can only summarize by saying that this is a perfect example of how banks have total control over the consumer. They rewrote my terms and increased my interest rate for no good reason. They failed to contact me or try to work the situaiton out with any type of consideration for a consumer's honest attempt to pay what they owe.
This person who accused me of poor management works for a bank that over-leveraged itself into debt and committed far worse management than any honest consumer.
Bank of America is receiving zero percent money from our government and charging us ourrageous interest rates to offset their loss which is about to increase as the consumer credit problems become public.
The consumer has no choice but to stay out of this type of bank. Please note that my local credit union and the AARP have not attempted any such action. I am paying double my monthly payment and will have my debt paiid off in three years.
President Obama tried to stop this type of control the banks have over the consumer. And how the banks include fine print that requires a high paid lawyer to understand which is used by the banks to allow them this type of control over the consumer.
People of America beware of banks such as Bank of America. My family and I will close this account somehow and stay with our local banks where trust, integrity, and concern for the consumer's well-being remains alive and well.
Randy
Athens, Alabama
U.S.A.
0 comments