BOA rips off everyone. Perfect CREDIT RATING, PERFECT PAYMENTS, THEN ALL OF A SUDDEN I have a 36% interest rate on my credit card! Surprise! Welcome to 2010!
This is called "Factoring." Factoring is an old form of finace that is SURGING! With banks! THIS FORM OF FINANCE was mainly done in the garment industry, carpeting, most lately all business' even construction, etc. Let's say you make dresses, and you sell them to Taget. Now you need money for payroll, materials, pay taxes, etc. So you go to a "Factor" and sell your invoices. You sell a $100.00 dress to Ta get. You get 75% or $75.00 of the face value of your customers invoice, WHICH IS TAGET IN THIS CASE. Then the "Factor" or BOA collects the money from your customer, Ta get. You are selling your invoice to Bank of America. You are giving the bank $25.00 for giving you $75.00. BOA collects from Ta get. (which is your customer) Now they want to take 36% of that invoice, so you never get your extra 25% or $25.00 from that invoice of your dresses to Ta get. For every $100.00 you owe on your credit card, you will pay $36.00 to Bank of America going forward. "Factoring"
Business that have to sell on 90 day terms, like to Ta get need money from banks. Today banks are getting money at 0.5% from the Federal Govt. So, now the banks are charging customers 36% interest plus a another absurd fee on our credit cards.
BANKS ARE BECOMING FACTORS BECAUSE THEY HAVE RAISED OUR INTERST RATES SO HIGH! Bank of America, Citi Banks, chase, Capitol One, are now in the "whore" business like "Factors" and are getting away with it. Even though OUR tax payer dollars gave them money to stay in business and then they gave themselves bonus' money and charge your personal checking accts. $35.00 for an unauthorized charges to your debit card, TWICE! So you can see that BOA is a real life "factor" or a whore
I am going to take all of my money out of the bank, cash our checks at the bank, because I just want to do this to them, (take away their money) go to the post office and get money orders to pay bills. Better than get charged for personal checks and their charging me 36% interest rates, now isn't it?
The only way to get back at them! Unless the laws change.
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