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Bank Of America / terrible experience!

1 United States Review updated:

I had opened a Bank of America credit card with an APR of 13.99%. In April 2007, the APR had increased to 27.99%. When I called to find out why, they told me that because I had been making minimum payments, the increased my APR. What kind of logic is that??!? By increasing the APR, they are making MORE money off of me and less of my payment is going to the balance. I am trying to get it lowered and so far nothing. However an article written Dec 4, 2007 quotes Bank of America spokeman stating that customers have a right to say no to an increase YET I was given no warning and I certainly didn't give permission.

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Comments

  • Va
      13th of Dec, 2007
    0 Votes

    This is more out of general wondering than anything else. My wife and I opened a joint checking account in early November. I have direct deposit, however, at this point in time, she does not. I have been with Bank of America since 2001. In the past year at least, I have been depositing her paychecks via ATM into my personal checking account. As long as I deposited it before the cut off (it was 6 PM, now it is 8 PM), the check was posted/cleared and funds were available at 12:01 AM the next day. However, my wife deposited her paycheck on a Tuesday morning. The date of the check had the date of the deposit on it. She used a deposit slip and went into the branch. The check posted at 12:01 AM Wed. morning, but the funds were not available (actually, 100 bucks were available).

    I have been going back and forth on mail w/BoA and they said it says on the receipt that the funds won't be available till 2 days after the deposit was made, and after 5 PM. My wife said that the receipt does state the date, but no time. Is this legal to do with a payroll check? This has never happened before, and I am wondering what people think is the real issue. I can't find anything in the agreement we got as a welcome package that mentions holds. I always thought it depended on the amount (the amount is under 4 figures).

  • Ju
      7th of Jan, 2008
    0 Votes

    I had never heard of holding payroll checks for days after depositing them until now. We opened our account with them in October 2007. They never give us credit for the full amount until the check clears. My husband deposited his check on Friday and it is now Tuesday am and none of it has been posted. I'm about sick of BofA. I called them on Monday morning and was told it would be posted Monday evening. So far it is not showing up. I would like to be able to pay my bills but they are causing me to be late paying them.

  • Sc
      23rd of Jan, 2008
    0 Votes

    Bank of America/FIA Card Services is doing the exact same thing to me beginning at the end of Feb. 2008. I did recieve a notice letter, on the back of the letter they state that info contained in a credit report recieved from TransUnion was the basis for the increase. So I ordered a report from TransUnion to find out exactly what is the reason for this. According to my local bank which I do all my checking and loanings with says my credit is excellent. I think BOA/FIACS is doing a blanket interest rate increase and are just using any excuse to justify it to raise their profit margins for the next quarterly report. What I wonder if there is anything we can possibly do to stop this under the law, it seems from what I have been reading is national banks are pretty much untouchable. I used to think insurance companies were ###, but now these big national banks have won that title. They are starting to remind me of the old mobster style loan sharks.

  • Do
      23rd of Jan, 2008
    0 Votes

    I have had a lot of trouble with Bank of America in the past. I was charged for some thing I did not receive and they would do nothing to help me, I went to the BBB and filed a complaint and then they said that I never contacted them about this matter, they lie so much it isn't funny. I will never do any bussiness with them again, even if they are the last Bank on Earth

  • Jo
      29th of Jan, 2008
    0 Votes

    My accounts were with MBNA and I didn't mind that BOA had purchased them because I have all of my accounts with BOA. I like the Web Banking and it is the best in this area. I looked at my statement and saw a 10% increase in my rate. when I called them to get it lowered, second time they did this to me, they said there was a letter sent to me in October 07 stating that there was going to be an increase and that if I didn't want it I had to call them. i feel they are sneaky by putting yet one more piece of paper in my statement. I pay all of my bills on line and transfer my payment from checking to Credit Cards within BOA. They told me there was nothing they could do because I wasn't paying more then the minimum and it wasn't that kind of account. Well, so much for maintaining a banking relationship: 2 personal DDA'a, 2 SAV, 1 business DDA, HELOC and until recently a BOA retirement account. BOA sucks!!

  • Ed
      19th of Jul, 2008
    0 Votes

    i had a simple slush fund direct deposit of 200.00 per pay check to cover cell phones, my car insurance, my meals on duty and incidentals. my wife wanted me to remove my money from the credit union where i was paying about 20.00 per month in atm charges and move it to Bank of America to save 20.00 .
    WHAT A MISTAKE !
    They hold some checks, not others, don't immediately show cashiers checks as cash, have a nightmarish amount of online hoop jumping and have to be closely monitored or they'll bang you with fees.
    While the local check holds, you think you have money so you use the debit card that STILL WORKS !
    By the time your direct deposit goes in, they have it gobbled up in fines. Meanwhile you know you just put 200.00 in by direct deposit so you buy a few burgers and a few coffees and then you find out that ALL your money got eaten by their fines and you actually owe them more money just to be at a zero balance to close the account. In my 41 years of life, I never had a financial boomslang like i got in less than 1 year with Bank of America. Back to the credit union that honored local checks and if a hold was on a check, the card would stop working when I was out of money.
    It was my fault to not check the balance BUT
    that is the gimmick. They know that regular working people don't have the surplus of time to always navigate their terrible website so a certain percentage of customers are going to generate revenue through fines.

  • Bu
      17th of Jul, 2009
    0 Votes

    Same thing happened to me - someone needs to sue theses greedy ###. I paid my credit card bill on time every time. They raised my rate to 25.99 % and I was not making minimum payments. I called them and they said the same crap about a latter sent out to me . I told them I did not get it so they say we will send you another. So I waited and when the letter arrives I call them and say I want to opt out- Sorry the deadline is past. My bills were about 50.00 dollars a month and I was paying 100 or more now they are 130 or more and I can only afford that. Crooks of the best kind they will take your last dime and watch you starve.

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