Bank of America has gone crazy

[Mary123]

Last month, Skank of America lowered my credit limit $3000.00 LOWER than my balance.
And of course, charging me $39.00 overlimit fee now.

AND . . . they just raised my promotional 3.9% offer that was suppose
to be good until December 2009 to 27.24% !!!!

And they raised the minimun payment to $700.00.

I can't pay this. These banks are going nuts.

[AngelinaCatHub]

That does not even sound legal. How can they do a 'retroactive' penalty? Only Clinton can tax retro.

I would tell them what to do with their credit card and write directly to the C.E.O. with the card cut into very small pieces taped to a piece of paper. 'Hub

[LuciluS]

If you saved the pamphlet or whatever piece of paper received when the promo was given, you will find in very small print BOA is allowed to increase their rates at any time.

They did this to us last Sept. Mounting medical bills and BOA are the reason we are filing BK.

I read in the paper or online, just this last week, where the Credit Score rating system will possibly change sometime next year. Hoping a major credit card will not be a factor in determining one's credit score. If it plays a role, then we will get a prepaid card that reports your payment and possibly a gas card. We plan on staying current with our mortgage payments and truck payments.

[KenInNY]

The credit card companies are doing whatever they can now
before the "Credit Card Accountability" act takes effect.
They have 225 days left.
Capital One did the same thing to me too last month.
Well I was going to plan on stop paying them in Sept. but
now, the hell with it, I'm stopping now.

[music12]

you can also write to your congressperson or attorney general to complain. maybe they'll at least make the cc accountability act effective immediately.

[TeacherMomma]

This is EXACTLY what caused us to file BK, and not really feel bad for the creditors! Chase did the same thing to us, we had a 25,000 limit, with a 3000 balance, and they lowered it to 2900 when we bought our house and took away the promo. They payment TRIPLED! So basically they lowered it 100 less than the balance! And yep....over the limit fees and all. Ugh.
I SAVED the original paperwork from when we opened the account, we had opened the account on a balance transfer because I was late (1 day!) on a B of A payment and they yanked my promo rate, so I knew to keep it on this new account and the only reason listed for taking away the promo rate was if I was LATE!
We went round and round with them, how it could not be legal - and they said "since you kept your paperwork you will also see that the terms can change ay anytime at our discretion".
I swear I have never wanted to injur someone like I did then!! So I don't feel bad ONE bit if mty debt to them gets discharged!

[Mary123]

And the government keeps bailing these damn banks out too.

Bill Maher says it all when he compares the banks to
"making loan sharks legal", about 5 minutes in:

http://www.youtube.com/watch?v=V-gyGu1hDos

[OhioFiler]

The credit card companies are doing whatever they can now before the "Credit Card Accountability" act takes effect.They have 225 days left.
Capital One did the same thing to me too last month.
Well I was going to plan on stop paying them in Sept. but
now, the hell with it, I'm stopping now.

So once again we have the opposite effect of the intended consequence of a law put together by our "friends" in Washington.

[AngelinaCatHub]

So once again we have the opposite effect of the intended consequence of a law put together by our "friends" in Washington.

Watch who you pick as "friends". You have a feeding frenzy of spendaholics in D.C. right now, and while a few are getting rich (Unions, Lobbyists, payback to friends) we will ALL get much poorer when inflation makes our printing press money devalue. If China stops using our money, even the employer of last resort, Walmart, may just fail. 'Hub

[frogger]

BOA lowered my limit, but only to $100.00 above my current balance. Guess I should feel special!

[grassisgreen]

BOA took a 15K business credit line, and a 25K credit card (both with 0 balances) and closed them with out even sending me a letter. My auto payments that went off my credit card each month were denied and BOA just said sorry. Again these were 4 year old accounts with 0 balances, never a late fee... on the personal side I have a 25K limit dropped to 18K with a 14K balance... just waiting for the day I log in and that card has been cut off. I am working as hard as I can to get everything together for my chapter 7!!

[falken]

Last month, Skank of America lowered my credit limit $3000.00 LOWER than my balance.
And of course, charging me $39.00 overlimit fee now.

AND . . . they just raised my promotional 3.9% offer that was suppose
to be good until December 2009 to 27.24% !!!!

And they raised the minimun payment to $700.00.

I can't pay this. These banks are going nuts.

If they do that to 10 people with comparable balances and two of them pay, they come out ahead.

10 people paying 4% on $5000 for 5 years = $10k
2 people saying 28% on $5000 for 5 years = $14k

See the reasoning now? Not to mention they get to write off the other 8 people as bad debts for a tax reduction. win! win!

[Itsbel62]

Last month, Skank of America lowered my credit limit $3000.00 LOWER than my balance.
And of course, charging me $39.00 overlimit fee now.

AND . . . they just raised my promotional 3.9% offer that was suppose
to be good until December 2009 to 27.24% !!!!

And they raised the minimun payment to $700.00.

I can't pay this. These banks are going nuts.

This is exactly what caused our domino effect. First, BOA, then the other cards did the same. This started when the housing market tanked and the banks had to look elsewhere to make up for their mortgage losses. After a couple more payments, we said "enough" and stopped paying them all. Did I mention we had great credit too?

[Migal]

BoA did it to me, I"m just waiting for Chase. I'm not paying them at all starting then end of this month when the BoA is due. This move took away 99% of my guilty feelings. Scr*w Em! I was trying, but not anymore!

[OhioFiler]

BoA did it to me, I"m just waiting for Chase. I'm not paying them at all starting then end of this month when the BoA is due. This move took away 99% of my guilty feelings. Scr*w Em! I was trying, but not anymore!

You should never have felt guilty not sending your $100 payment to a multi-billion dollar bank!