On Wednesday, February 03, a credit analyst left me a voice message in reference to an account I had with Bank of America (B of A). They gave me instruction to call 877-798 as soon as possible.initially, I thought this was a fraudulent call as I have been receiving calls from an entity claiming to be Bank of America for sometime now. However, I realized the call was real as I received another one week later. On Friday, February 12, I received a second call from Bank of America requesting I call the previously mentioned number as soon as possible.
To be on the safe side, I called B of As customer service line @ 1.800.732.9194 (obtained from their website). They informed me the call was legit and transferred me to a credit analyst. When I got on the phone with the analyst, they informed me B of A periodically reviews accounts to ensure customer satisfaction and my account came up for review. She requested I provide her with personal finance information to ensure I was in the correct account. Being familiar with credit card practices, I immediately realized they were trying to re-evaluate or limit my credit.
My account is in good standing, I pay well over the minimum balance, and I rarely (emergencies only) utilize the account. Therefore, I did not understand why I needed to provide personal finance info. I asked the analyst what would happen to my account if I refused to provide my personal finance information, and then the analyst stated my credit limit would be decreased by 30%!
I was upset as I had been a customer of Bank of America for significant amount of time and always maintained good credit history. I immediately asked to speak with a supervisor as I was not happy with the decision of the analyst. I was transferred over to a supervisor and through much conversation and grief, I was able to keep my limit the same.
Although the situation turned out in my favor, I believe Bank of America has shady business practices brought on by the new legislation regarding credit which appeals to consumers. Bank of America and other big banks are trying to nickel and dime their customers with fees or are reducing balances which will help benefit their bottom lime. They are forgetting about customer satisfaction and fostering ongoing relationships with their customers to save a little money.
It is my hope that others read this and fight back:
- Speak to managers
- Do not take No for an answer
- If need be, end your relationship with the institution which has shady practices
Good luck to you all and please see the following website for more info: http://news. Yahoo.com/s/ap0222/ap_on_bi_ge/us_credit_cards_new_law
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