Embarassed, Angry, not Devastated

wincrasher · #1 (**permalink**) 08-28-2009, 11:01 AM

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.

boosami · #2 (**permalink**) 09-01-2009, 06:02 AM

Why was the rate at 24% instead of the 0% promotion? If you set up an automatic payment, why were they calling you saying the payment was late?

arthurb999 · #3 (**permalink**) 09-01-2009, 06:02 AM

yea man... all the credit card companies are screwing people over... I'm done with them all... never again.

EEinNJ · #4 (**permalink**) 09-01-2009, 06:17 AM

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!

wincrasher · #5 (**permalink**) 09-01-2009, 06:40 AM

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.

arthurb999 · #6 (**permalink**) 09-01-2009, 09:20 AM

Can't you go into a branch and talk to a real person... that's the route I'd take.

buildmybudget · #7 (**permalink**) 09-01-2009, 10:13 AM

Wow, that's terrible--and you're very fortunate to be able to pay your way out of it, most people can't.

disneysteve · #8 (**permalink**) 09-01-2009, 10:31 AM

Quote:

Originally Posted by arthurb999

Can't you go into a branch and talk to a real person... that's the route I'd take.

Same here. I wouldn't just eat an $1,100 bank error. I would make 100% sure that this got corrected. I'd also make sure that no negative reports ended up on my credit report as a result of their error.

wincrasher · #9 (**permalink**) 09-01-2009, 11:26 AM

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.

arthurb999 · #10 (**permalink**) 09-01-2009, 12:58 PM

I would, without question, head into my home branch and get that fixed. It's worth the hours time...

disneysteve · #11 (**permalink**) 09-01-2009, 01:19 PM

Quote:

Originally Posted by arthurb999

It's worth the hours time...

Heck, for $1,100 it is worth it if you have to sit there for a couple of days.

wincrasher · #12 (**permalink**) 09-02-2009, 08:17 AM

Well,

A day off of work is worth $1015 to me. So maybe not.

R

arthurb999 · #13 (**permalink**) 09-02-2009, 08:53 AM

Quote:

Originally Posted by wincrasher

Well,

A day off of work is worth $1015 to me. So maybe not.

R

go in on saturday...

and if you are making 275K/year then write it off and move on i guess...