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Bank Of America / terrible bank

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Bank Of America
I recently received a letter from Bank of America stating that my previous credit limit on my business Visa credit card had been reduced from $17, 000 to $13, 500. I had been paying the card regularly, on time, and more than the minimum payment. I was down to around $12, 500. They also increased my finance charge rate to 27% from 15%. This had the effect of lowering my credit score and crippling my ability to buy inventory for my business. Credit scores, in part, are based on the debt to credit available ratio.

There is currently no regulation that prevents the banks from charging whatever amount they want in finance charges and reducing the credit limit to whatever they want, and they don't have to give you a reason. The only option you have is to write a letter to the 3 credit bureaus stating that the bank took this action an their own, with no reasons. This letter will then be in your file, and anyone requesting your credit report will see it.

I propose the following action to wake up the Congress into drafting legislation that would cap the finance charges and preventing the bank from destroying not only credit scores, but the ability to ever pay off the debt:

Let's choose a date in the next 2 or 3 months and in every community where there is a Bank of America, let's hold a demonstration with signs declaring we are not going to stand for this kind of behavior any longer. If everyone who has ever been ripped off by Bank of America participates, think of the changes we could initiate!


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N  14th of Oct, 2008 by 
Agree Disagree 0 Votes
I am 74 years of age and my health failed. I am handicapped and unable to work. I owned 8 bank credit card a and notified the banks that I could no longer make any payments on their cards. I had never been late or missed a payment. 6 of the banks were cooperative the 7th where i had 2 cards was not. The first of the cards had a big balance and my wife who still works said she would take it over since she had used it the most. We filed the necessary papers and she makes the payments. The 2nd card which carried a much smaller balance is the problem. The bank claims she is a co-applicant on the card and I advised them she is and was not. I requested physical proof that she signed on as a co-applicant and they said they would send it. We have received nothing but the run around and this is now in its 4th month. They finally admitted that the application was done on the phone and that because they have her SS # and D.O.B. that makes her a co-applicant.

They also send statements with the correct account number on it and their collection letters list a different account number. We questioned it and the reply was 'we changed the number for security purposes and sent you a letter and new cards'. We said we never received either and contacted their archive department and have received 4 letters that this changed number does not and has never existed. Now they say that they inadvertently did not mail the letter or the card, but the numbers are the same.

My wife offered to settle with them on at least 8 times and asked only for proof that she was a co-applicant. They tapped danced the subject and refused to put a supervisor on the phone. They have canceled the card in question and her other card which was in good standing and they have also advised the credit bureaus that the cards are canceled for non payment.

The attorney general of florida can do nothing because this bank is NA which is not under any state control. I am sure they have disregarded some truth in lending law. Do they have to furnish proof that she was a co-applicant?

I am sure that she was a authorized user on the account which means she is not responsible for the debt.
N  4th of Jan, 2009 by 
Agree Disagree 0 Votes
The software application that is provided by Bank of America for downloading to cell phones that allows access to account balances, presents the account data in a manner that is misleading when compared to the same data available through their On-Line Banking function when viewed by computer. The misleading data generates a revenue stream from the overdraft charges it creates.

When contacted about the misleading information their Executive Customer Service representative rudely made it clear that Bank Of America does not accept information regarding the accuracy or functionality of their On-Line applications from their customers. He also rudely made it clear that Bank of America is in business for making a profit and that I should be using pencil and paper for tracking my account data instead of trusting the accuracy of their On-Line applications.
N  9th of Feb, 2009 by 
Agree Disagree 0 Votes
We will be switching banks completely due to the rude and unprofessional service that we have repeatedly received at the Conshohocken branch on Fayette St.

The employees are unwilling to explain the terms and conditions even when asked direct questions regarding accounts. They have continually mishandled our accounts, given us incorrect information, and refused to follow up on problems brought to their attention.

They have resorted to name calling customers and yelling in front of other customers and have revealed incidents and information regarding our accounts to members of the local public while consuming alcohol at local establishments.

Completely unprofessional, both inside and outside the office. Not the type of company or people that you want to have access to your financial information.
N  19th of Mar, 2009 by 
Agree Disagree 0 Votes
i use to be customer service for boa lemme give ya a few clues o the inside

1 we have less than4 minuts to get you off our phones if we spend more than that we get penalized aka threatened with actions including termination

2 we are Forced now to Sell credit cards if not action will be taken
no matter if we want to sell or not

3 if you see an 888888 on ur account means some kinda fruad has happened and u will get the runnaround to figure it out cusotmer service cannot help you we must give u a different number to call

4 there are some people who are habitial overdrafters who deserve what they get but there are a great many who do not we cannot
refund these overdraft fees due to we will have actions taken against us upto termination for stealing from the company

i did not work in a bank i was a csr call center i personally dont like boa practices they have made working for them a hostile enviroment
N  31st of Mar, 2009 by 
Agree Disagree 0 Votes
I have an account in good standing with Bank of America for a line of credit. I received a letter in the mail essentially removing all of my available credit with a statement that is due for my past charges that were not even due yet. I had recently used this line of credit account 2 days earlier and cashed a check at my local bank with a Bank of America Line of Credit check.

I was totally unaware they had removed all of my available credit. Sure enough I go online to check my bank statement with my local bank and they withdrew the funds from the Bank of America check I had written 2 days prior leaving my bank balance in the red because Bank of America would not honor the line of credit check. The funds that were in my local bank account were to be used for an automatic withdrawal to pay my home mortgage.

So what happened is my mortgage payment did not get paid and I had to beg and borrow money to cover this payment. This was all due to Bank of America removing available credit to me without my knowledge. I had never missed a payment or never been late on a payment. To think they can do this to the people legally and get away with it makes my blood boil.

These are the same people that are working and paying their taxes so Bank of America can get billions of dollars in bail out money. There is something wrong with this whole picture. Bank of America should not be allowed to use the word 'America' to name their business. They behave like loan sharks and get away with it.

N  28th of Apr, 2009 by 
Agree Disagree 0 Votes
We are casting a documentary about unfair bank policies. Looking for stories with complaints about banks. If you are cast we will pay you. If interested contact bellmartel@sbcglobal.net for more information. Casting needs to be concluded by May 1st, 2009.
N  18th of Jul, 2009 by 
Agree Disagree 0 Votes
I discovered that when Bank of America sends out a payment from your Bill Pay on-line payment facility through a hard check they debt your account when the check is issued not when it is cashed by the recipient. I discovered this when one of my note holders sent back two checks issued through Bill Pay by BOA. In essence, BOA debits your account when the check is cut and then has use of your funds, in their account, until the check clears. This is reverse check kiting. The check states that the funds will not be available if the check is not cashed in 90 day’s; however, it is unlikely that the funds will be re-deposited in your account anytime soon thereafter or at all unless you notify BOA; presupposing you have knowledge of the discrepancy.

When you pay a bill on-line through Bill Pay, you assume that the Bank will debit your account when the check clears this is not the case. BOA employees told me they wait five days after the check is issued from BOA before they debit your account, however, the funds were disbursed from my account the same day they issued the check. In my case, they used my money for over two months without having to reconcile the difference. No doubt BOA encourages account holders to use Bill Pay…the service is free!
N  27th of Jul, 2009 by 
Agree Disagree 0 Votes
It's simple,
Bank Of America is nothing more than crooks. They charged me 39.00 dollars for a late fee then had the nerve to charge me 15.oo dollars to pay the bill by telephone. The truth is, they make more money on fees than on there regular intrest. I called them and they said there is nothing they could do. I called them a bunch of crooks over the phone, which ment nothing to the girl who was maiking minum wage. I told them after I pay my balance off, they are history and they will get nothing but bad press from me.
N  29th of Jul, 2009 by 
Agree Disagree 0 Votes
I have items pending in my account I went to deposit additional funds because i notice they had put a automatic debit through earlier this money then the previous months so to cover all charges I made the deposit how about they accessed me with an overdraft fee of $35 I called them and was told their wasn't enought funds in my account when items were purchased I informed them there was BOA put my autimatic draft through early this month and I wanted to know why, well there was really no real answer so I will be closing this account that I have had for over 17 years when they where Barrnett Bank how sad in these days who can be losing money... Beware of the Banks in America.
N  29th of Jul, 2009 by 
Agree Disagree 0 Votes
Keep a check register. Write everything down. That way, you'll avoid getting charged overdraft fees. Don't spend more than you have.
N  14th of Aug, 2009 by 
Agree Disagree 0 Votes
Supervisor: Neftali, said he would refund me $70 dollars to my personal account. He said his name was Gabe and unit number: 11712. He lied about everything. BofA will not give me his last name and unit number.

BofA is now not siding on my case of the refund.

What does an individual consumer like myself suppose to do with employees who aren't professional and in fact are negligent and deceitful?
A  11th of Sep, 2009 by 
Agree Disagree 0 Votes
I've had constant problems with BofA.

I filed complaints with the BBB and the Office of the comptroller of currency.

I doubt that will help but at least I'm doing something about now.

I also filed a complaint through AFFIL. Check them out. You can contact your Congressman through them about this.

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Bank of America Corporation Logo Bank of America Corporation
Customer Service
100 N Tryon St.
North Carolina
United States - 28255-0001
+1 800 432 1000
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