Bank of Americaunethical business practices

This review was posted by
a verified customer
Verified customer

After myself and my other half Thomas White being customers of Bank Of America for 20 years, Bank Of America's customer advocate Sharon Tabor, suspended our credit card and closed our account without our knowledge or consent. This was done after we made a formal complaint to the federal authorities regarding Bank Of America continually increasing our rate to 32% after being late on two bills. We had always paid our bill on time, but were late twice. Both times we called Bank Of America to let them know the bill was going to be late due to being in a financial crunch. They told us there was no problem, they would be more than happy to work with us. After that, the slapped us with a $39 late fee each time, but we had that credited back to us reluctantly. Then they started increasing our rate.

After some time of being on time with our bill and also paying more then the minimum payment when we could, we inquired about the rate being lowered. We were told "NO". Then Sharon Tabor called us, gave us a rate of $15.99% but never told us that our account had to be closed. She only told us after doing what she did. Bank of America told us that they can close anyones account at any time for any reason and they dont have to let the person know. They said because we had a high balance, that it was determined that our account had to be closed. Well we had payed our account down to "0" twice, both times in one lump sum. We have recently paid it down again. Bank Of America had examined our account before and never took any kind of action until we made a formal complaint to the Office Of The Comptroller of The Currency. We believe they took the action they did in direct retaliation for our complaint. In so examining our account as many times as they have, it has compromised Mr. Whites credit score. Before Ms. Tabor closed our account, A week or two prior to this, Mr. White made a purchase for a $1, 300 computer. He made this purchase in good faith. Ms. Tabor stood in the way of this purchase being authorized making the arrogant comment that this was an unnecessary purchase. That if the money had been for food or for utility bills, she could authorize that. Where does Bank Of America get off telling someone what they can and cannot purchase with their card, and how much they can or cannot spend. Bank Of America clearly violated their own credit card agreement when they closed our account. It states in the agreement, that Bank Of America has to give a person 15 days notice before closing anyones account, it also states that if a person is delinquent on their account or over their limit, which we were not, that the 15 day window does not apply but they still have to give a person proper notice. We were "NEVER" given any notice about this. Ms. Tabor took it upon herself to take this action.

This has caused us unnecessary pain and suffering, and alot of anxiety. It has also been hard on us financially. It has set us back a bit. We feel we are entitled to compensation for what Bank Of America has put us through. Bank Of America needs to be held accountable for their unethical business practices.


  • Ch
    chritom Oct 01, 2010

    This bank is absolutely worthless I dont know how they got Stimulus money from the Government because they are not working with the people or realtors to help keep people in their homes. There equator system is the pitts and no-one except them seems to work it. Remodification is a joke they are certainly not working with any of my clients. The Vps were all over 3 years ago when they were making so much money doing these 100% loans - try finding one now that knows anything they are useless - they need to go to the unemployment office and find qualified workers who want to help rather than make a very upsetting matter worse.

    0 Votes
  • Je
    Jennifer Jul 21, 2008
    This comment was posted by
    a verified customer
    Verified customer

    It is common (and is probably in your cardholder agreement) that credit cards increase your apr to a delinquency rate when your payment becomes past due.

    Also, at no point is a credit company required to continue issuing credit. Their business is to lend money, but they are not required to lend money. Which means at any point they can close your account. However, it sounds like you may have entered into a hardship agreement with them if they lowered your APR and closed the account at the same time. Companies offer hardship programs for their cardholders to assist them during periods of financial difficulty. When they do this they close the account because they are assisting when you are unable to abide by the terms (pay the higher apr) by changing the terms.

    Of course, I don't know the full story, but this is what I can surmise from what you've written here.

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