The nerve of BoA!

[Scanner]

I have my business accounts through BoA and I can't say I have ever had a problem.

I have learned that certain banks cater to certain kinds of customers . . .maybe BoA's forte is not personal accounts.

I realized this when I applied for a business line of credit through First Union (forget who bought them out - Wachovia?). I was turned down because they only specialized in large loans and all I wanted was $25,000. It was hardly worth the application process to them. Furthermore, they specialized in short term, large loans, like $100,000 or more for like farmers who pay it back when crops come in. The term was like 1 year. Well, golly gee, George, how am I going to pay you back in a year? If I could pay you back in a year, I wouldn't be asking for the money, now would I?

I then approached Summit (who was bought out by Fleet Bank and then BoA) and they issued me a small business loan, no questions asked. I only filled out one page.

I do have to say they jacked up my line of credit pretty quickly last year though. I was paying about 8.75% and it went up to 10.25%. I aggressively paid it down, thinking it was more tied to the prime than anything but maybe they just jacked it up to jack it.

I maybe should shop around but truthfully the service there has been so good, inertia prevents me. Plus they got a good number of branches around me.

Anyway, don't take it personally - just find a bank who specializes more in personal accounts.

[Average Joe]

I hope everyone follows through with closing their accounts. We just received the same letter and are aghast. Our rate will nearly double and we have no idea why. Our concern is also that it was fraud and that's how I ended up here. The wording is very fishy and I agree with the other message that the whole thing with the PO Box is very odd.

I'm not sure about sending via registered or certified mail though. If it's a PO Box and requires a signature, the letter may be returned and you could miss the deadline.

Very strange.

[jlvkfyang]

I have been with MBNA, now BOA for 7 years now. They told me i am fixed at 7.9 on all purchases. Haven't received a letter yet, but if i do i will be rejecting and paying off the balance. That sucks.

I remember to Capitol One fixed 1% cards. That was a while back. Anyone still have this card?

[PauletteGoddard]

I have been with MBNA, now BOA for 7 years now. They told me i am fixed at 7.9 on all purchases.

How did you swing that? I'd been with MBNA-now F.I.A. Card Services for seven years too, and three times I've asked for an APR decrease from 12.99% and three times I have been turned down.

Do you have a long credit history (long meaning spanning over twelve years from this date)?

[LuckyRobin]

You know I have seen this before twice with BoA and about two months later they inundate your mail box with those big payoff all your debt with a debt cosolidation, like a Clean Sweep loan. I wonder if that is what they are up to now? Trying to get those loans in place by making the card unpalatable to customers who are trying to get out of debt. I miss MBNA. They were so much better than BoA.

[ashsmoen]

I received a letter from Bank of America dated June 2007. It was an \"Important Notice in Change of Terms\", and \"AnnualRate Percentage Rate Increase\". Even though I pay on time, and my balance is only about half of my available credit, I was told that the APR would be going from 13.24% up to 21.99% on most types of credit and purchases. There were instructions for rejecting the APR increase, which I followed to the letter. In order to not accept the rate hike, there were 3 requirements: 1. Write a letter including all of my pertinent info and send it to the correct address. 2. Make sure to get the letter in by July 10, 2007. 3. Do not use the card after July 10, 2007 or the above charges would apply anyhow. Today is July 11. I sent the letter and they received it on June 19, 2007. I have not used the card after July 10, 2007. Bank of America insisted today that they would increase my APR anyway because I had used my card after they had received my letter, between June 19 and July 10. The letter they issued says absolutely nothing about stopping using the card as soon as you send a letter or when they receive the letter. It only says to stop using it after July 10. It is very clear and simple in black and white. The person I was on the phone with for 2 hours at Bank of America kept saying that I should have known not to use my card after I sent my letter because the whole purpose of the APR increase was that I stop \"growing my balance\". Well, this is the first I heard that, it is not in the letter. She also said that the letter says July 10, but that the intent and implication is that I would discontinue using my card if I rejected their rate increase. I agree, but the letter says that goes into effect on July 10. I rejected a rate increase after July 10 in my letter they got on June 19. The woman went round and round saying she could see how I might interpret the letter that way. They letter very clearly states the 3 steps, which I did. I am at a total loss to see how she interprets the letter her way. This matter is unresolved. They are insisting on raising my APR and I feel trapped in their extortion where I have no recourse (that I can afford).

[DayByDay]

What a rotten thing for them to pull, ashsmoen.

My VISA card that I have with my credit union just lowered their interest rate from 14.95% to 12.95%. I was pretty surprised because it had always had the same rate since I got it in the mid '80s. I paid off the card earlier this year so, just my luck, the lower rate doesn't do me any good now!