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Fia Card Services/bank Of America / Fake Agreement Terms

1 Columbus, OH, United States Review updated:

In order to protect my excellent payment record, I called Bank of America to explain to them I was experiencing financial difficulties and asked if I could make special payment arrangements. The customer service representative took some information from me and explained that I may be eligible for their emergency relief program which would reduce my monthly payments if I agree to close my account with them. I was interested in hearing more, therefore, I was transferred to that particular department. The next representative took down all of my current monthly expenses information and stated there should be no problem with being accepted into the program. I stated that I had a payment coming due which I had difficulty making. He guaranteed me that it would be fine to CANCEL the upcoming payment as a new payment amount would be approved prior to the date the regular payment was due. However, he'd get back to me the following day with a verbal approval. The following day I received a call stating I had been approved. While on the phone with this representative, I logged on to my bank account, VERIFIED with the representative that it was definitely OK to CANCEL the payment that was due and NOT schedule another payment until I received the paperwork for the new arrangements as I was fearful about this step. He GUARANTEED ME that no payment was due at this time until I received the new payment arrangements and I was good to go with cancelling the upcoming payment. Therefore, I cancelled the payment. I received the paperwork for the new arrangements, scheduled the new payment according to the terms outlined, and immediately began paying according to the terms outlined in the new paperwork. I received my first statement according to the new terms. LOW AND BEHOLD I WAS A MONTH PAST DUE!!! I immediately called and was told I should have made the payment I was told was ok to cancel! Many phone calls were made by me to rectify this situation. Of course, I'm told I'm in the wrong and owe this payment. I refuse to pay that payment as I was instructed to cancel that payment. Now I'm continually being harrassed because of this one missed payment. All other payments have been made according to the due dates and according to the agreement. Bank of America has not lived up to THEIR END OF THE AGREEMENT. I will pay my debt I incurred. I will pay it according to the terms presented to me. It's time Bank of America steps up to their end of the agreement. I know they won't because they feel they don't have to; however, I will. Bank of America will cower behind Big Corporation and harrass me over a meager amount of money. I will pay them what I owe and prove I'm morally better then they are by standing up to my part of the agreement.

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Comments

  • Bo
      14th of May, 2009
    0 Votes

    Hi!

    Let me start by saying that I work for these sleaze bags and I hate them. Not because they treat associates like crap but because of the non-existence of training and the "let's try this new rule out today and see if the customer will bite" attitude they have.

    Anyway- It sounds to me like the reduced payment program. I think your rep screwed you just to get his programs for the month. We must have at least 5 approved programs with a 75% accuracy to receive goal.

    This is what the rep should have said (please keep in mind that I know these programs inside out!)

    In order to get on this program, the account must be at least 1 payment past due. If the account is not, the rep will wait until it is. (This is the reason the rep asked that you cancel the payment). The account balance must not be below $1000. The account must be open at least 9 months in order to qualify. The "reduced payment" program as they have us convey it to you is where we take note of your finances and then we are able to assess what you can afford and how much disposable income you have. If you happen to get a nice rep (we are far and few), they will work it out no matter what to help you on the program and they will discuss with you the following-

    How much the new payment amount will be.

    That you will need to have made a payment in the last 30 days in order for the program to submitted. (the rep cannot send in the program for you until we have this payment. So for all of you reading this that made the agreement, and did not follow through with that payment, that is the reason why your payments never changed. The rep was unable to submit the form).

    That the account is guaranteed to be paid off in 60 months (5 years) if all payments are made on time.

    NEW RULE AS OF YESTERDAY 5/13/2009 (when the info was passed to us peons)

    IF YOU FAIL TO MAKE A PAYMENT IN THE FIRST 90 DAYS OF THE AGREEMENT OR IF YOU HAVE A 90 DAY GAP IN PAYMENTS AT ANY TIME DURING THE LIFE OF THE AGREEMENT, THEY HAVE THE RIGHT AND WILL CHARGE OFF YOUR ACCOUNT. From the card holder I spoke to today, NO ONE has received any notification of this. Basically, the only default of this program is CHARGE OFF.

    It will probably still affect your credit negatively. (We are not allowed to tell you this)

    There should be no fees of any kind whether it is giving payment by phone, late fees or over the limit fees. They are all to stop.

    The only fee that will accrue is a returned check fee in the event of a NSF.

    If your check is returned they may rerun it. (I have seen a pmt that has been returned run at least 3x)

    There is no renegotiation of the program once the terms are agreed to. If you have additional hardship, they will not rework your payment or make them lower for you. (We cannot tell you this unless you are calling in and specifically ask us to do it).

    As long as there is one payment made a month, the account is fine. There is no due date. Some tell the card holder that there will be additional call but never why. Some tell the card holder nothing at all on this. In actuality, the account DOES keep it's due date. It also keeps it's cycle date. You do not incur any fees but we will call and annoy you ever day or 2. If you do not answer, we will not leave a message (so we can call you again as leaving a message is considered contact), we will always say your account is past due.

    After 4 months, we are suppose to "reage" your account. We can only do this is you have not had one before nor in the last 5 years. When a reage occurs, the bank removes your past due amount and this in turn brings the account up to date. This is suppose to be guaranteed but their system sucks so not every account is checked for this. The majority of the work is done by hand and human error is rampant.

    If you sporadically miss payments, there may be a balloon payment at the end of your 60 month program. (We are not allowed to tell you this)

    My advice to you is to either bring the account up to date. If not, try to make arrangements to pay over the minimum amount each month until the past due amount is paid. In essence, after there is a missed payment, any payment made thereafter is applied to the payment that was missed first then to the current payment and then to the principal if any is left over. If you cannot do this, make 4 payments in a row and call B of A to ask for a reage. This will ensure your past due amount is wiped.

    Please keep in mind that the bank only removes the past due amount from showing on your account. I does not mean that you will not be paying it. The past due amount was already calculated within you program so you will be paying it anyway.

    I hope this helps you and others!


    I would disclose who I am but I would probably be fired on the spot for giving you this info. They terrorize us daily at that place. My only way to cope is to educate as many people as possible of their unethical business practice.

  • Sa
      15th of Jul, 2009
    0 Votes

    The same has happened to me, they said one thing and did another. Apparently I have a card through AAA, owned by Bank of America and adminstered by FIA Card Services. I was told that the terms of my credit card are that the interest rate can NEVER be lowered - rubbish! - 5 days later I get a letter stating my credit limit has been reduced by nearly 50% thus adversely affecting my credi6.

    I have reported this incident to my Atterney General's office, The BBB and FCI. I have also challenged the credit report showing that my credit high is now above my credit limit, as it appears I have spent over my credit limit when in fact I have always stayed a good way below the limit.

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