OT: Who helps the little guy?, Against bastards like Bank Of America Options

[bondo]

Back story:

A few years ago I had a high rate credit card, and got an offer from fleet/fusion for a credit card with a promotion of a low rate on balance transfers, and the rate on the interest of the balance transfer was good for the life of tha balance, as long as stayed within the limit, kept the account open, and made payments on time.

It seemed like a good deal, so I applied and got a $8000 limit, which I filled with a balance transfer from a higher rate card. All was good, and it's saved me plenty of money.

A couple years later, I get a notice from B of A saying they bought fleet/fusion. They also sent me a bunch of "terms and agreements", but of course it gave no choice. It was "Agree or close the account". I couldn't close the account because I didn't have $7000. I didn't really "Agree" any more than a mugee agrees to hand over his wallet to a mugger. One of the things they change was my purchase intrest rate, which went from around 18% to 29.24%. It was pretty obvious that they didn't really want me as a customer, but I came with the package from fleet/fusion. I didn't use the card for purchases, so the change in rate didn't affect me.

Fast forward to last month:

The due date (to bank of america) was 9/20. I sent the payment on 9/15. They say it posted to my account on 9/27. They charged me a $39 late fee, and said starting next month the rate on my promotional balance would revert from 8.25% to my regular purchase APR of 29.24%. My balance has been paid down to about $6k at this point.

(IMG:style_emoticons/default/blowup.gif)

Of course I call to complain. They happily remove the late fee. They won't budge on the killing of the promotional rate. I did the standard "let me talk to your supervisor" bit. They say that in their terms and agreements they have up to 7 business days to process the payment, not including usps transit time. I went on to promise them I will do everything I can to fight this, and that they would be much better off having me as a happy customer than an unhappy ex-customer. That was met with silence, and then a "Is there anything else I can help you with"?

So I'd like to do whatever I can to make B of A hurt as much as possible. (Within the law of course) I'm tempted to file bankruptcy, just so I wouldn't have to give them any more money. Heck, it may come to that because of this highway robbery intrest rate jump. It just went from being my lowest rate card to being my highest. Getting another loan/card isn't really an option as my debt to income ratio is terrible right now.

There are so many experts in so many fields here on this non-club-club-LLC, I'm hoping somebody will have some advice for me. I also of course want to get the word out to AVOID BANK OF AMERICA at all costs!

[Joe Bob]

I closed an account at a bank (Security Pacific) that BofA bought out....they would have to improve to suck.

When they burned the bank in Isla Vista (UCSB) back in the day....I applauded.

Get a lawyer....sue the fuckers.

[Lou W]

Apply for amother credit card offering a balance transfer, and transfer the balance. It may not be enough to pay the BofA account down, but transfer no more than 50% of the available credit to the new card. Wait a month or so and do it again with the balance of the BofA....I would not close the account until all the balance has been transfered, if at all. It shouldn't cost you anything to keep this account open. By keeping the account open but not used, could help your score to go up.

Don't do anything that will hurt yourself...play it to your advantage, that's what they do.

[blitZ]

I've had similar problems with them, BoA is the devil. (IMG:style_emoticons/default/devil.gif)

They gave my credit card info to one of their affilates, kept raising fees on my business account. Service is horrible, call to complain, no one cares.

[riverman]

A friend of mine did something once that 'sort of' screwed the credit card company and the bank at the same time. I don't know if it will work in your case, but I thought it was kind of neat.

He had his pay-check automatically deposited onto his credit card and carried a positive balance on his card at all times. He did all his purchasing and bill payments on his credit card, plus they had free checking so he wrote all of his checks on his credit card as well. He paid zero bank fees plus the credit card company had to pay him 3 percent interest on positive balances. I have no idea what your agreement says, but it may be worth looking into.

[JeffBowlsby]

Going BK for a puny 6K is not a good idea. You may think they are the ones who will hurt because of that, but you will hurt more in the long run Royce...Get the $$$ from somewhere and get away from CC debt.

[TROJANMAN]

i had a similar situation recently with n AMEX card. They nixed my promotional rate. Worse, they did it without me knowing. I had no idea my payment was a few days late. For 10 months i was paying them "extra".
The trick is, you kepp calling until you get an acct rep sympathetic to you, and sound apologetic on the phone. " i had no idea...it's not like me to be late on a payment....it won't ever happen again....etc." Play dumb, too. "is there anything you can do to help me....this iwill cause a real burden......." use all the good lines. it always works.
I had AMEX reverse the interest rate to what it used to be, but not until after I had made 3 or 4 phone calls.

[dmenche914]

I avoid credit card charges completey, never charge more than I can pay off at the end of the month, never let a balance ride, the interst is a rip off rate. If you had a B of A saving account, you would be lucky to earn 3% (and it is taxable as income)

i know that once your in a hole with a credit card it is difficult to pay off, but you need to do it, and then rip up the card for good. Take a second job, mow lawns, change oil for friends, coworkers, walk there dogs, house sit etc.. if you can take one day each weekend and earn $100 (say mow 10 lawns at $10 each on the weekend, or do oil changes, clean windows etc.. you can have it paid off in about a year.


The only reason i use a credit card is mine pays 5% cash back on gas an grocery purchases, and 2% on every thing else. they just sent me a $200 check for cash back! i never had to pay interest. They must hate me.

A credit card is not good even for an emergency because of the high rates. Unless you pay it all off every month you are getting screwed. Avoid them like the plague.

personnal loan , maybe secured by your car, or other items might be a better bet to get you out of debt. cancel cable , internet (use the library for free internet for your 914 club fix). Cook at home, don't eat out. Do these things until it is paid off. You want to rid yourself of debt at these outragous rates.

Contact your State credit comsumer protection organization, and complain. Come up with a plan for them on how you will pay it off, but insist you want the original terms. The state agency might have some pull, it could well be that they have to honor the original agreement, be sure you read the original agreement, and understand it , they may or may not have a right to change the terms. (yeah it sucks, some time the terms are that the terms can be changed, that sucks!!)

find out what your State law is and fight it, but what ever you do pay that blood sucking high rate loan off ASAP.

best of luck on this.

[Katmanken]

Wow.....

Talk about timely, BofEvil.... errrr... BofA is coming to my place of employment twice during the month with officers on hand to make loans or offer advice on their fabulous new plans.....

Even offered $51 in a new checking account if I open a new one... (IMG:style_emoticons/default/biggrin.gif)

And Pizza..... (IMG:style_emoticons/default/drunk.gif)

Heck, I can even see their building from my window at work.

I'm bringing holy water to sprinkle on them.

Ken

[gregrobbins]

i had a similar situation recently with n AMEX card. They nixed my promotional rate. Worse, they did it without me knowing. I had no idea my payment was a few days late. For 10 months i was paying them "extra".
The trick is, you kepp calling until you get an acct rep sympathetic to you, and sound apologetic on the phone. " i had no idea...it's not like me to be late on a payment....it won't ever happen again....etc." Play dumb, too. "is there anything you can do to help me....this iwill cause a real burden......." use all the good lines. it always works.
I had AMEX reverse the interest rate to what it used to be, but not until after I had made 3 or 4 phone calls.

What he said.

I work for Chase and while we issue lots of credit cards, it is best to pay them off like Jeff said. Don't do a BK for 6K, it will mess you up credit wise for the better part of a decade. If you own a home, look into a refinancing to consolidate debt and take advantage of the equity you have built over time. Or look into a Home Equity Line of Credit as a way to pay off credit card debt. Most HELOCs are somewhere around the Prime Rate. In most cases the interest will be deductable, but check with your tax person.

Another option is to borrow against your 401K if you have one. Then you will be making payments back to yourself.

If you are a member of a Credit Union, they will have a signature loan program that may work for you as well.

Oh, 6K isn't much credit debt, well below the national average. My record is that I once did a loan for some folks that had credit card debt in excess of $145,000.

[Al Meredith]

In the business section of the thursday 10/12/06 Atlanta Journal Constitution There is a story about Clark Howard, he has a consumer talk show which is syndicated all over the country. He is being sued by Bank of America for advising his listners to close all accounts at BofA. Try to search for AJC.com and get the article or the writer is mbraykovich@ajc.com . Funny this should come up today because I just told Wichovia Bank " see ya" for not removing a $5 interest charge for a bill payed on time. al

[dmenche914]

Sisters young 20 something friend bought a brand new car. She liked the car, sister asked how she could afford such a nice expensive new car. She said she only had to make a small down payment. sister asked what the payments were, her reply was that she didn't know, asked her the term of the loan, agian didn't know, but she did know that she put the car on her credit card!!!! She eventually looked up the credit card terms, she could just make the minimal payment, and interst rate was sky high. we figured she would be paying for that car decades after it rusted away, and end up paying many times over the selling price.

needless to say she got rid of the car in a matter of months.

She took years to pay the depreciation of the car off the card. bad deal for her, good for the credit card guys.

i know folks that have been working for ten years to pay off a card, most (ie way over half) of the money they owe is interest! They try to stay ahead by shopping for good balance transfer rates, at least they can do that because they have managed (through much sacrifice) to make minimal payments, and still have a decent credit rating. if they had defaulted on the cards, they probably wouldn't be able to get as good transfer rates.

Whats the original agreement say for if the card company is bought out??? Two different banks have bought my home loan, and they can not change the terms. Check you contract, and confirm with a state agency. could be B of A is trieing to pull a fast one on you. If you accept their terms, then they got you (ie it would be a mutually agreed change.) if you hold out (and keep paying at least the minimal, you might find that state law does not allow them to change th terms unless you both agree to it or you defualt. what efer you do, do not defualt, else you may loose any claim to stay with the original terms. put your objections in writing, telling them you are going to continue to fulfil you part of the original agreement, tell them that if they want otherwise, that they must show you the law that allows them to do it. Send letter via registered, mail that the addresse must sign for. keep a copy for you, and a copy for the state agency. that is the best way to keep your rights intact. deafualt or ignore them at your own risk. you need to fight them this way, keeping you eye on preservation of your rights by communicating too them that you intend to honor the original agreement. Do not add any more charges to that card. alos docutment any phone calls, with number called, persons id you speak with, notes ont he conversation etc.. ask them to speak slowly, and repat as needed, let them know you are taking notes. But best bet is to get it in writing with proff of recipt via mail, if they protest, send copies of your letter, and phone notes to the state. You should be able to fight this me thinks the card company is just hoping you break your part of the agreement, bacause that will likey get them off the hook. They hope you ignore them, instead face them head on, apply directly to the forehead. don't let them get you rattled, stick to your guns, and uphold your end of the deal.

[JB 914]

I will never do business with B of A. In fact, i get stuff from them every month which i shred and mail back to them in their self addressed stampted envelope.

I can not even tell you how good it feels to have no credit card debt. i have AMEX and a Visa. i never carry a balance. that hasn't always been true (IMG:style_emoticons/default/sad.gif) I would have loved to only have 6K to pay off at the time.

Good luck

[campbellcj]

My experience with and feelings about BofA are pretty similar to the above. Years ago I closed my checking account after they bought Security Pacific. They also just recnetly bought MBNA so I am seriously thinking about dumping my MBNA Visa before they completely hose things up.

Life is too short to deal with a bank that treats you like dirt!

[jimtab]

Well, I guess I'm in the minority, as usual, I have been with BofA for over 40 years, and I have had a few disagreements with specific stuff they have done...and every time the situation was resolved with no hurt feelings on my part...some were my error, most were bank errors or oversights. I personally don't feel any bank is "out to get you" they dont need to be. Banks own most political entities, with the insurance industry. Learn to play the game or get out of the game. Carring credit card debt is the absolute worst way to use credit. The interest rates are sky high and it's difficult to stay afloat by making minimum or near minimum payments. If you can't pay off a credit card virtually every month....don't charge on it. If it gets tough, use it as a stop gap and then do whatever you have to do to pay it off. You've gotten a lot of good advice from the ones who posted ahead of me...and some bad....Don't try to screw BofA or any bank...believe me, they hold the cards. It's your debt, you were the one who ran it up...it's your responsibility to pay it off. Don't like the rates, switch cards or get a loan to pay the card off and don't get another one. Find a way to get out from under this and learn from it...then move on. I can promise you one thing...no bank is any "nicer" than any other. The best you can do is have a relationship with someone in your local branch who can go to bat for you if there is a problem. This has been my "secret." A bank is a monolith, people are people, and people that work at banks have dealt with the same crap you're going thru. If you know some one to see at the branch, I say try that approach....but deal with the problem...not the symptoms. I wish you good luck. When I got in your spot just out of college and newly married I did the same thing...lots of full cards. I was lucky to have a mentor who knew the ropes and gave me great advice. You can do this, anyone who can put up with owning a 914 has a thick skin and is rescourceful....ya have to be.....

[Lou W]

Well, I guess I'm in the minority, as usual, I have been with BofA for over 40 years, and I have had a few disagreements with specific stuff they have done...and every time the situation was resolved with no hurt feelings on my part...some were my error, most were bank errors or oversights. I personally don't feel any bank is "out to get you" they dont need to be. Banks own most political entities, with the insurance industry. Learn to play the game or get out of the game. Carring credit card debt is the absolute worst way to use credit. The interest rates are sky high and it's difficult to stay afloat by making minimum or near minimum payments. If you can't pay off a credit card virtually every month....don't charge on it. If it gets tough, use it as a stop gap and then do whatever you have to do to pay it off. You've gotten a lot of good advice from the ones who posted ahead of me...and some bad....Don't try to screw BofA or any bank...believe me, they hold the cards. It's your debt, you were the one who ran it up...it's your responsibility to pay it off. Don't like the rates, switch cards or get a loan to pay the card off and don't get another one. Find a way to get out from under this and learn from it...then move on. I can promise you one thing...no bank is any "nicer" than any other. The best you can do is have a relationship with someone in your local branch who can go to bat for you if there is a problem. This has been my "secret." A bank is a monolith, people are people, and people that work at banks have dealt with the same crap you're going thru. If you know some one to see at the branch, I say try that approach....but deal with the problem...not the symptoms. I wish you good luck. When I got in your spot just out of college and newly married I did the same thing...lots of full cards. I was lucky to have a mentor who knew the ropes and gave me great advice. You can do this, anyone who can put up with owning a 914 has a thick skin and is rescourceful....ya have to be.....

(IMG:style_emoticons/default/agree.gif) Work within the system, trying to buck it will just drive you nuts. Like I said before, transfer the balances to another card at zero percent interest and knock it out that way. Don't touch your retirement, equity or savings, that's your nest egg. I've done alot of loans for people who borrow against their equity, which I think is insane, and three years later they are back in the same boat.

[highways]

All I gotta say is when I go to withdraw money from my BofA ATM- I can't help but notice the manufacturer; Diebold. Gives me the creeps. Now I know where they make their money to go sprinkle shiny new voting machines all over the countryside. (IMG:style_emoticons/default/zorro.gif)

Things that make you go 'hmmmmmmmm'.

[D1A3]

Some interesting info on BofA at the top of this website...

On the bright side, you have not gone to jail and Clark Howard has orchestrated ~$38M to be pulled out of BofA's coffers.

Clark Howard Show (see top of webpage)

--Jason

[Air_Cooled_Nut]

I used BofA when I was in college. Man they sucked! And that was in the early '90s. I dropped them fast and never plan on going back. They suck. Good luck and STICK it too 'em, I say!

I agree with Jim that you should use the local branch to aire your complaints. Over the phone is easier but every call you make will be to someone else -- sucks for consistency...if they even take decent notes. In person has more impact, especially if it's an open office where customers can HEAR the anger in your voice and SEE the pain of your situation (IMG:style_emoticons/default/wink.gif)

BTW, lost my job (Intel decided to help the India economy and gave my job to TWO people over there) and I had a combined credit card debt around $10k at the time. That's scary. I immediately cut up all my cards. I was able to get rid of it and I canceled all accounts once they were paid off. All I have now is a debit card, no more credit accounts. If I don't have the $$$, I don't buy it. Granted, this assumes ubber large purchases aren't included in the credit scenario like a car or, in my case, a house. Sometimes you gotta use credit, it's just about how you manage it. Like driving, most people can't (from the sounds of the above stories).

[JPB]

A friend of mine did something once that 'sort of' screwed the credit card company and the bank at the same time. I don't know if it will work in your case, but I thought it was kind of neat.

He had his pay-check automatically deposited onto his credit card and carried a positive balance on his card at all times. He did all his purchasing and bill payments on his credit card, plus they had free checking so he wrote all of his checks on his credit card as well. He paid zero bank fees plus the credit card company had to pay him 3 percent interest on positive balances. I have no idea what your agreement says, but it may be worth looking into.

Cool crap my brotha from tha cold country!! This is a must look into situation which will build up my FICA score rate sky high ASAP!!

(IMG:style_emoticons/default/beer.gif) Molson Canadian, keeps on tasting great!! Ya.

As for bankruptcy on your card, I don't think you can do it anymore, on credit cards, and thats not enough to go bankrupt on anyways. I think the minimum is like 20K. Get a lone from someone else to pay this thing of at a lower interest rate.

CREDIT CARDS ARE A NEW FORM OF SLAVERY AND A SCAM WHICH ARE SUCKING OUR COUNTRY AND IT"S CITIZENS DRY. A debit card with money in that account is a wise way to manage spending. If you are late on any kind of bill not related to your CC allows the CC company to charge YOU the maximum interest rate they can with no cap on interest rate increases they will charge you. The government do not want to take any action against this kind of theft and won't let you go bankrupt if things get out of hand since you willfully allowed yourself to sign the CC contract and have full responsibility over your spending habits. If anyone needs to go bankrupt, ITS THE SCAMING CC COMPANIES.