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Bank Of America Credit Cardbalance transfer fee scam


I recently applied for a Bank of America credit card. The offer that was mailed to me specifically stated, in at least 3 different places, "No Balance Transfer Fee". It was stated on the front of the offer as well as the back. I wanted to consolidate my debts so I transferred 4 balances totaling a little over $19,000 to the card. Now they are fighting me tooth & nail over the Balance Transfer Fees that they are trying to charge me. This bank has the worst customer service I have ever seen. Some seem nice on the phone, tell me to fax them the offer and that they will call me back, and they never do. I just got off the phone with the sixth customer service rep I've spoken to, and this woman was as nasty as they come telling me that my credit will be ruined if I don't pay.

Quite honestly I don't know where the confusion is. The offer states "No Balance Transfer Fee" all over it!!


  • Tx
    Txbandit Oct 19, 2009

    I've been a member with them for 16 years. Never missed a payment. Never even ever been late. I call in to simply transfer a balance from another credit card. I get transferred to another depart. This other department tells me they're updating my profile; since it hasn't been updated in 11 they say. BofA asked me every question under the sun. past residences, base salary, commissions receipts, bonuses, any alimony, wanted to know about my stock portfolio. I finally stopped the guy and asked him all I want to do is simply transfer my balance from another credit card to my existing bofa credit card. I have the available balance and I've done this a hundred times since 1998. He finally tells me I can't. I called earlier this year when I found out they raised my interest rate. This is killing people. I hope Congress sticks it to the banks.

    0 Votes
  • Bo
    Bob Marley Sep 15, 2007
    This comment was posted by
    a verified customer
    Verified customer

    It seems to me, a IT professional that they have some kind of a program in place that holds back filing overlimit charges until you get close enough to the limit so the charges themselves put you over again... I.E. recuring income for them, this time around they waited almost six weeks.. After they put me over last time I transefered money over and swore not to touch it so that when the $35 went of eventualy there would be enough to cover the charge.. ha ha the funny thing it seem I only had 34.82 available when they decided to bill me for the previos time they put me over the limit!! there should be a law that stops banking from putting an personal account over the limit with charges!!!! and then charging an overlimit FEE for THAT action! Nice scam though! Last word! If I go over my limit- charge me! teach me.. But putting me over the limit with charges.... hmmm I dont know man :) I'm over with 0.18c so they'll be keeping an eye on my balance i suppose untill they can put me over the limit aggain!! I have news for them though!! I'm getting out while I'm young!!

    0 Votes
  • Gr
    grandmacheese'quackers Aug 27, 2007

    My interest rate jumper over 20%, my credit rating is excellent and all bills are paid on time, paid $500 to these pirates last month and thought the bill would be lower, however, they tacked on "purchase and adjustments.$185.41... card has been cut up and not used..where are the purchases? Finance charge of $256.12... minimum payment is $396.00... after sending them $500.00 5 days ahead of due date..this notation was on my statement...Your account is overlimit (geez... I wonder why?)

    We must receive a conforming payment,that brings and keeps your balance below the credit line... within 20 days of the above statement. Needless to say, I was boiling and tried calling these idiots to try and lower the finance charges, I no longer use the card and had used it to consulate other bills quite awhile ago... huge mistake!

    Now... I agree with other complaints on this site, but what can you do?
    See a lawyer and do a bankruptcy?... No. I worked to hard for my excellent credit just venting my frustrations and cursing the day I signed up for a Bank of America credit card!

    0 Votes
  • Ro
    Robert Johnson Aug 27, 2007
    This comment was posted by
    a verified customer
    Verified customer

    I have the B of A Alaska Airlines Business Card, and you would think at least business customers would get decent service. It's not the case. I got the card for three reasons: 1. consolidate accounts to a single vendor; 2. Alsaska Airlines Miles; 3. No Fee Transfer.

    The first statement came with a $450 transfer fee, which on the first call (when I could get a human) I was shaken down like a criminal for trying to get my money back. I called back and got another human and warned them I wasn't going to be very pleasant and that if they would prefer getting a manager I would be ok with that. The rep decided to take a flier on me and agreed there shouldn't be a fee and would remove it. When it didn't get removed by the next statement I had to call again (and was lucky enough to get another human) where the person actually got the fee removed. Meanwhile I've spent more than $450 in time and agony.

    Now I am trying to resolve another issue that deals with another card on this account, and I think they have pegged my number because I can't even get close to a human there.

    Long story short I think I will move my business back to the previous card where at least I could always get my issues resolved quickly. The only thing I didn't like about them was I couldn't access the corporate card online. Bank of America is tarnishing Alaska Airlines good name.

    0 Votes
  • Li
    Linda E Adams Aug 21, 2007
    This comment was posted by
    a verified customer
    Verified customer

    Same thing happened to us. We purchased a new home, and haven't liquidated the old one yet Credit report went from 802 to 780 not like it even dropped out of excellent, we haven't missed any payments have paid ahead but the interest on card jumped from 9 to 21%. We opted to pay off the card and to cease doing all business with BOA, but that may not be an option for everyone. This kind of predatory lending seems to be a pattern with certain lenders of which BOA is one, and it has significantly increased profits for shareholds.

    There are two things you might consider.

    Option 1. Buy a share of stock, you can even charge it to your card, as a shareholder you can attend the sharehold meetings, which means you will have to attend this meeting to effect any changes, large shareholds rarely attend meetings they send in proxys however shareholds have the power set or reject policies, if all card and mortgage holders were also shareholds they could band together to change any policy.

    However if you are waiting for the good fairy to come along and wave her magic wand you might want to opt for option 2.

    2. Write your congressman and support and vote for the guy that actually doses something about this. There was a bill introduced by Sen Dodd, D Banking (the one running for president), about actually setting rules for predatory lenders, however it has been my observation there can be unintended side affects to this sort of legislation.

    I actually did both so see you at the next sharehold meeting.

    All the best,

    0 Votes
  • Mi
    michael begyn Jul 25, 2007
    This comment was posted by
    a verified customer
    Verified customer

    Bank of america is having record profits because they are ripping us off, changed my interest from 12 to 24.99%. Now they wont drop it because the balance is to high, how the hell can you get ahead paying that kind of interest, i should just quit paying and the hell with it.

    0 Votes
  • Su
    Susan Adams Jul 20, 2007
    This comment was posted by
    a verified customer
    Verified customer

    We have had a Bank of America Credit Card (AAA Auto) credit card since 2005 with an ARP of 7.9%. All payments have been on time. Suddenly the rate went to 21.99%. The first person I talked to said maybe it had something to do with our credit report. All our payments are on time, and we have not had any recent changes but I checked it anyway, and it was fine. The second person I talked to said it had nothing to do with the credit report, but we did not use the card enough. He said he did not have the authority to lower the rate. Can the percentage rate be raised just because you don't charge enough on the card? Is there any action that can be taken against the company.

    Thank you!

    0 Votes

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