Bank of America
By DaEntity
@DaEntity (122)
United States
March 21, 2007 11:19am CST
So this is too funny...
I'm signed up with bank of America. I've been a loyal customer since I was 13 (eleven years). I have a bank of America Credit card. They just raised the interest rates for my credit card, because I've had this balance for a year, even though I make all my payments on time. I've never had a missed payment on any of my credit cards or bills. But they can raise a good bankers rates because...
Anyway, they called me today and said for an additional 40 dollars a month they will protect me from credit card fraud. WTF? I said! I'm not protected? Nope, if in the event my card was stolen I would be responsible. You see you have to sign up for that protection service they offer on TV. It isn't automatic. I said no, hung up and called another bank to get my balance transferred from Bank of America over to them. They said sure. They said credit protection is automatic. I'm leaving bank of america after 11 years. It's painful, but I have to do what's best.
4 people like this
4 responses
@Perry2007 (2229)
• Philippines
21 Mar 07
Sometimes Banks have tough measures, This may be caused by some affects of currency fluctuation, collection rates and some financial adjustments. I think you have done the best you did. We are responsible for taking care of our finances. Thanks for sharing
@creativedreamweaver (7297)
• United States
21 Mar 07
I too dislike BofA with a passion. They really screwed me over. Anyway, that said, the reason they are raising the interest rates of all their loyal cardholders is because they have started issuing credit cards now to illegal immagrants. In order to minimize their losses, they felt it necessary to raise the rate and also offer added (outrageous) protection against fraud, that other cards come equipt with already or for a very nominal fee. I would switch over your card to another company, that has a 0% balance transfer rate for a year. There are many out there right now.
2 people like this
@AxranraRose82 (1120)
• United States
4 Sep 07
Congrats on finding a new bank that is taking care of your needs the way that a bank should be! My MIL is helping us with a credit card and had the balance transfered into her name and onto a Bank Of America credit card which we are paying on monthly. Our balance is pretty low and we have a set APR for right now so I am hoping that that set rate doesn't end before we pay it off. After all of the bad things I am hearing about this company I am glad the card isn't in my name! They have even increased the credit limit from $1,000 to over $7,000 but that won't be enough to keep us there!!
So who is this new bank that you have found that is protecting you without an additional $40 a month? You must share so that everyone knows about this company!! $40 a month to protect you from fraud is insane!!
@danishcanadian (28955)
• Canada
27 Oct 07
I'm with Bank Of America (I have accounts in Canada and the USA) and I don't have that problem, but it's likely because I don't have a credit card with them. LOL Good for you for going where it is best for you. I don't believe in loyalty. To me if someone lets you down, you move on!!
