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Recently I saw a lady from Red Bluff, Ca, named Ann Minch on U Tube who had received a notice that Bank of America was raising her interest rate thirty percent. I was amazed that they would do that since she was making her payments on time.
Well guess what? I just received a notice from Bank of America that due to my credit history they are going to charge me an annual fee of Forty Nine Dollars to service my account. It reminds me of the time when almost all credit card companies charged a fee for their cards.
Now I have been a customer in good standing for almost twenty years. I pay off my credit card in full every month and I guess they don't like that. Bank of America only makes money off of the purchases I make from the charges they make to the various retail outlets. My understanding is that the amount they charge the retailers is nothing to sneeze at.
Like the lady on U Tube, Bank of America has made a believer out of me and I agree that greed is a great motto for Bank of America. This is just one more way Bank of America says thank you ever so much for bailing us out Mr. and Mrs. Taxpayer.
I hope that this article adds to all of the bad press Bank of America is receiving as of late.
Linda, I am sorry to hear about this incident. Have you looked into getting a card with reward points so there is no money out of your pocket for carrying the card?
» left by Linda DeWitt from Ca. (35 days 13 hours ago.)
Thank you for reading and responding. I closed the account and I just had my husband to add me to his account because I rarely need to use don't a credit card.
» left by Linda DeWitt from Ca. (35 days 13 hours ago.)
I just could not say anything. Obviously Bank of America is out to hurt the people who can't afford to pay their credit cards off. Thanks for reading and commenting.
Oi, I used to like Bank of America. But now, it's like every little thing is a way for them to make money. Recently they held a check I cashed for one week. They could have distributed it sooner, but it was their way of raking in interest. Also, I keep paying the monthly credit card bill, but for some reason the principle never goes down! What the hey? Greed, indeed.
Linda, we got a notice yesterday that the bank that issues our credit card is raising rates...by a LOT. I called because the letter said it was not due to our payment history or credit report so I wondered why. We pay off the credit card twice each month so we will not have to pay interest charges. The woman I spoke to said since we never have a balance over 20 days, we would not be affected. I told her that wasn't the point and asked about the law that is to keep rates low. She had it hasn't been signed into law yet. I asked if they were trying to beat the new law, she said it was an across the board rate hike. I usually ignore those offers in the mail, but I will start looking now. We are rather loyal people and hate to switch, but it is time to look out for our own interests....no pun intended. I'm sure many readers have similar stories.
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