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| Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt |
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08-28-2009, 12:01 PM
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Embarassed, Angry, not Devastated
I allowed Bank of America to screw me good.
Back in late May I got an offer for a 0% balance transfer on my BoA Visa. That month, I had about $22k balance on my Amex that I was going to pay off anyways, but hey, 0% thru May 2010 sounded pretty good - even with a 3% fee. So why not? So I went online, click, click, click, enter my Amex account - done. In a few days, checked my account online, it says payment due of $398. So cool, it's gonna be about $400 a month, so I go to my BoA checking account and set up bill pay to give them $500 a month, done. Now comes the screwing part. I never checked my paper statements. If I had, I would have learned that the transfer was made at 24%, not 0%! I found out because a few days ago I got a call from this nice young man at BoA asking why I was late on my Visa card. So after numberous phone calls (of course, BoA never returns a call), explainations and threats I don't get very far. They agree to forego 2 months interest charges - that's it and the card to continue at 24%. This is a $30k limit card that I've had a perfect history since 1992. I have business and checking accounts in which hundreds of thousands of dollars pass each year. Plus a mortgage with them. Doesn't matter. They don't care if I close all my accounts. They don't see the potential long term lost profits - only the short term gain they think they can get on this card. So I paid off the card yesterday. Actually I left it with a 1 penny negative balance so they can keep sending my those nice statements each month. I'll probably wind down my checking accounts - there are no minimums required - to a low balance so they can continue to send those nice statements. In the end, they've cheated me out of $1100 for 3 month's use of a balance transfer. Yes, it was my stupidity and greed. I can afford to make mistakes - lots of people can't - and it does make me very angry though. Short of writing a bunch of letters and filing complaints and posting to blogs, there isn't much I can do. Last edited by wincrasher : 08-28-2009 at 12:04 PM. 
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09-01-2009, 07:02 AM
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yea man... all the credit card companies are screwing people over... I'm done with them all... never again.
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09-01-2009, 07:17 AM
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Get Rid of BoA! I just closed my accounts with them. Only reason I had them was they swallowed up MBNA. They are crooks. I just heard they are paying back just enough (20+ BILLION) TARP money so they won't be a special case and not subject to Congressional oversight and pay limits. Where did they get so much money if they were in such trouble? Screwing their customers, that's how!
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09-01-2009, 07:40 AM
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Don't really know why it was put in at 24%. They insist I must have clicked on the wrong thing/ not chosen the promotion, etc.
And its too late to change it. Only one person I talked to at the bank acknowleged that no sane person would willingly accept that rate over a 0% offer - so there are some human beings at BoA - very few though, the rest are idiots and criminals (in my view  ).That first month I checked my account online, the payment amount stated included about 1/2 month's worth of intersted because of when the transaction was completed. The following month's interest was alot more, so the payment went up. Of course, since I thought I was paying 0%, I assumed the payment amount was correct. Since I had already set billpay up for $500, it didn't cover the required minimum of $722. So I was late. There is some good news though - I got a buyer for my old house. That will allow me to close that BoA mortgage. So that will take about $4000 a year in interst from them, plus the $5000 or so they will loose in debit card fees from my business account each year. Plus of course the accumulated balances in my accounts. So what I've learned - ALWAYS read your paper statements, baby.
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09-01-2009, 10:20 AM
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Can't you go into a branch and talk to a real person... that's the route I'd take.
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09-01-2009, 11:13 AM
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Wow, that's terrible--and you're very fortunate to be able to pay your way out of it, most people can't.
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09-01-2009, 11:31 AM
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Quote:
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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09-01-2009, 12:26 PM
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I might make one more play if I close my business account. I may have the most leverage there.
BTW, called for the payoff balance on my mortgage. They want $10 to give me the number! I just laughed and hung up.
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09-01-2009, 01:58 PM
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I would, without question, head into my home branch and get that fixed. It's worth the hours time...
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09-01-2009, 02:19 PM
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Quote:
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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09-02-2009, 09:17 AM
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Well,
A day off of work is worth $1015 to me. So maybe not. R
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09-02-2009, 09:53 AM
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Quote:
go in on saturday... and if you are making 275K/year then write it off and move on i guess... Last edited by arthurb999 : 09-02-2009 at 12:52 PM.
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