Do not use Bank of America. What can I do about this?

Question

I have been a cardholder since 2001 with MBNA. Bank of America purchased MBNA and since then the customer service level has declined for many reasons. Most recently I received a change in terms to my account because I went over the limit in March of 2007. I chose to reject the change to the account that would take place that would change the 11.99% interest rate that I have had on the account since 2001 to a new rate of around 26%. In the amendment it stated that if I used the card, went over the limit again, or made a late payment, the default rate would apply.This month I went to make a payment today at 8:00 and was told there was no possible way that the payment could be credited today. They told me the default rate would be applied to my account for the payment being 3 hours after the posting time frame even though it was the same day. Has anyone else had this problem when they treat you like a dead-beat customer when you have great credit?

I took the card out of my wallet and made payments well above the minimum payment each month. I paid around 2,500 dollars off the total balance from April-November. During this time I did not use the card and BOA raised my limit an additional 2,000 dollars (a strong indication of good credit). The customer service representative informed me that this is standard policy to issue a default rate on a card member even if the payment is one day late. He said that he understood I have been a customer in good standing for seven years and they might be able to take that under consideration in 3-6 months to lower my interest rate back to the original rate but there was nothing he could do right now. I do not understand how this could be legal, I made the payment when it was due.

"No I haven't played with the deadline or limits so no problem. Credit cards aren't a good way to finance things, pay it off ASAP.Why is this the bank's fault?"
The problem is that this seems to be a consistent theme with Bank of America. I am far away from the limit and have excellent credit. It is unfair that they are treating a good customer with good credit this way. I could see if I was always late. I let the balance get too high and I took responsibility and paid it down. I made a plan to pay it off in another 6 months and was trying to avoid a balance transfer. I was not playing with anything. I made an honest mistake and most companies would correct the problem. I was trying to pay the payment the day it was due, not six months late. I made a payment 1 week late 2 years ago and other then that I have been a great customer. I am a store manager and would never treat a customer this way. Please go post some where else if you do not want to help.

Answer 1

I've never had a problem with BOA, but I rarely carry a monthly balance. Like Shipre said, it's not the banks problem that you
you are going over your limit.

Answer 2

It's not like out of all their millions of accounts they picked you out individually to pick on. Payments have to be made by 5 PM in order for them to post to your account as a same day payment. That is standard and applies to everyone. This will be stated if you look in your terms and agreement.
Have some accountability, you didn't make your payment on time. Take this as a lesson on why you shouldn't wait until the last minute to pay your bills.
In any event, if you have been a great customer then they are more willing to work with you. Make sure that you are nice to the customer service rep, they will be more helpful if your not yelling at them or start off with an attitude. Good Luck!

Answer 3

BOA does su#$
At any rate - try to call again. If you were only late ONE time - someone there will be able to help you.

When youc all explain that you have never been late and are asking them to rmeove the high rate - if they do not tell them fine - you want to close the account.., they may transfer you to someone who will begin the process but if you have been a long time customer with no previous issues - they will fight to keep you

Do not put up with BOA bull - they will charge you for every little damn thing -

I had 3 accounts with them that I closed for reasons regarding their outragious fees

If the first person doesn't help - you could try to speak to a manager

ALso if the payment posts the day after it is due - YES they can do that. It is in writing with your credit terms.

I pay all my bills the day I get the bill - not anywhere near the due date to avoid any of those issues. For future referance I suggest you try the same. Credit card companies are not playing nice anymore and will hit you hard any way they can.

Answer 4

When a credit card company starts to play games, it's time to move on to another company. If you are in good standing, take advantage of credit card offers you receive in the mail. Pay the debt off before interest rates rise at the end of a specified period, or move it to another card. There are many people who move credit card debt to a new card with zero interest before the old card free interest expires. Also, it's advantageous to make your payments prior to the due date.

Answer 5

Somewhere in all that microscopic legaleze paperwork it speficially spells out out the dates and even times payment must be due for accounts. I agree with you that it is petty for them to change the interest rate over such a tiny technicality, but the payment didn't meet their schedule as agreed and they are perfectly legal in a rate change. Your best "revenge" is to get another card as a reasonable rate and transfer the balance off of this one - then they will get no more of your money in interest.

Answer 6

Just tell BOA that you will have to cancel the card since their 26% interest rate is outrageous.
They might decide to lower the interest rate rather than loose you as a customer.

Answer 7

No I haven't played with the deadline or limits so no problem. Credit cards aren't a good way to finance things, pay it off ASAP.
Why is this the bank's fault?

Answer 8

$330 in expenses in a single week. I in basic terms make $one thousand a month! this is a 0.33 of my monthy earnings. I spoke to my community branch and referred to as customer ideas and became informed that "no one has authority to override those expenses". A economic organisation as super as BofA and no one has authority. i could no longer communicate along with her supervisor or everyone else. i flow to open a clean account at a economic organisation like California economic organisation and have confidence and deliver a foul letter and a chopped up B of A debit card to the President of the organisation.

Answer 9

Do a balance transfer into a National City account. 3 months no interest. I can hook you up, brother.

Answer 10

As soon as BofA took over MBNA, I terminated my (formerly) MBNA accounts. Do NOT bank with BofA.