B of A Scam

Skip Miller

Skip Miller

Final Approach
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Skip Miller
I have a LLBean credit card, and the only thing I use it for is LLBean purchases because it gives me free Fedex (ground) shipping.

The card was originally issued by MBNA but now it is a B of A card.

I just received a fat envelope from B of A changing the terms of the account. Aside from granting themselves the right to spam you with new offers, deep inside the seven page description of changes is the Default Pricing page: If you fail to make the minimum payment by the due date, or exceed your credit limit twice in any rolling 12 month period, they increase your interest rate to 32.24%! :mad: :hairraise: :hairraise:

They also provide an option for you to write them a letter to reject the new Default Pricing provision.

"B of A! Screwing customers since 1874!"

-Skip
 
At least you read the fine print and know what you now have.

How many people just throw away that stuff without ever reading it?
 
Skip Miller said:
They also provide an option for you to write them a letter to reject the new Default Pricing provision.
Click to expand...

And if this is anything like the "you can call or write to reject these provisions" that I've received from multiple credit card companies, it includes the provision that if you DO reject the terms, they'll close your account.... nice way to reward your business and on-time payments.

I've closed several accounts over this... I won't play those games.
 
How does that beat state usury laws? I'm sure it does, somehow, or else they wouldn't try it. I'm just curious.

Yeah I like the option to decline the new terms. Promptly followed by a cancellation. I guess they don't realize there are plenty of competitors out there ready to provide better service.
 
Don't close it. Just let it sit dormant.

Or, make a charge for a couple items, one of them being rather small in value; just a few bucks. Then, let the statement cycle. Afterward, return the small item. Let that credit ride for eternity.

Capital One used to handle my Lowe's card. Now, it's through GE Money Bank. Their web site has become a huge pain. Home Depot uses Citibank, a breeze to work with.
 
Better,( if you can) leave the card with a $1.63 credit and laugh as they spend $3 a month sending you statements.

Target finally sent me a check to end my fun.

As has been discussed, BofA will move up your due date to get you to trip over those provisions.
 
mikea said:
As has been discussed, BofA will move up your due date to get you to trip over those provisions.
Click to expand...
I have two cards with BofA. One was opened a few years ago as overdraft protection. The other used to be with a much better bank. Of course, it's the AOPA card. Both have due dates that alternate direction every month; changing by one or two days.

If your finances are automated using Quicken or similar, set the due date ahead by five days. That's your best protection short of not using the card.
 
Skip Miller said:
I have a LLBean credit card, and the only thing I use it for is LLBean purchases because it gives me free Fedex (ground) shipping.

The card was originally issued by MBNA but now it is a B of A card.

I just received a fat envelope from B of A changing the terms of the account. Aside from granting themselves the right to spam you with new offers, deep inside the seven page description of changes is the Default Pricing page: If you fail to make the minimum payment by the due date, or exceed your credit limit twice in any rolling 12 month period, they increase your interest rate to 32.24%! :mad: :hairraise: :hairraise:

They also provide an option for you to write them a letter to reject the new Default Pricing provision.

"B of A! Screwing customers since 1874!"

-Skip
Click to expand...

They moved it up on us during out move. Jessie had paid for a bunch of things last month (prior to our move), and cut the check for the normal payment date.

Guess what? They reset our date to the first half of the month (has been the 28th for a long time), and we missed it.

She is going to pay it off, plus the 3% interest we paid for the month and are going to cut it up. We have spent a good deal of money with LL Bean over the past few years, and I can't wait to write them an irate letter. Seriously, is this how you want your "loyal" customers treated? 32% because you screwed us?

There is a special circle of hell for those executives.

Cheers,

-Andrew
 
I used to have an AOPA card. When it was with MBNA it was okay and
I even did a couple airplane loans with MBNA. They were good to deal
with. Then they switched it to BofA. I cancelled it. They kept sending
the statemtents. I tried to call them .. they wouldn't ever answer ..
just left me on hold forever. Finally they posted a credit to my account
that wasn't mine. I emailed them. No reply. I tried to call them. They
wouldn't answer. After a few months they sent me a check for the
credit. Then a couple months later they sent me a bill saying it was
a mistake and they wanted the money back. Finally after they'd jerked
me around for several months it got cancelled and they quit sending
statements.

Why AOPA would align themselves with anyone like this is beyond me. Other
than screwing their members for fees from BofA.

RT
 
IT's cost 'em more than credit card business from me. I was in the position to recommend a new banking facility (accounts, credit, factoring, etc) for our company. I recommended strongly against BoA based on my experiences on the credit-card end.

Until folks take their business elsewhere, this will continue.
 
Remember, these are the same guys who charge money to cash a check drawn on their bank, at their bank!
 
SCCutler said:
Remember, these are the same guys who charge money to cash a check drawn on their bank, at their bank!
Click to expand...

That very issue was the final straw with me years ago as to why I'll never do business with BoA again.
 
I would like to point out that it's not really a scam if they tell you about it ahead of time.

"Hello Sir, I am Ubwuggoya Mohornoonvajai from Nigeria. And before I go further I would like to tell you I am trying to swindle you. I am the former Deputy Undersecretary for Internal Affairs and, through the course of my business, amassed $21 million (U.S. dollars) that I would like to move to another country for investment purposes..."
 
Ken Ibold said:
I would like to point out that it's not really a scam if they tell you about it ahead of time.
Click to expand...
Very true, Ken. But you know not one person in 100 will read all that crap they send. I skimmed it and was lucky to catch it.. I just wanted to notify all about their customer-oriented policies.... :no:

-Skip
 
Skip Miller said:
Very true, Ken. But you know not one person in 100 will read all that crap they send. I skimmed it and was lucky to catch it.. I just wanted to notify all about their customer-oriented policies.... :no:

-Skip
Click to expand...
I know, Skip. I'm just being a smart-alec.
 
Skip Miller said:
Very true, Ken. But you know not one person in 100 will read all that crap they send. I skimmed it and was lucky to catch it.. I just wanted to notify all about their customer-oriented policies.... :no:

-Skip
Click to expand...

We'll admit to being totally ignorant this time. Just didn't process it - not a bill, a pile of paper, throw in that box and we'll deal with when we unpack. Irresponsible, but even still :mad:

32 percent. 32 freaking percent.

Cheers,

-Andrew
 
rpadula said:
Gee, then I guess you guys'll really like the news that BofA is raising the ATM fee for non-customers to $3. :rolleyes:
Click to expand...

astanley said:
We'll admit to being totally ignorant this time. Just didn't process it - not a bill, a pile of paper, throw in that box and we'll deal with when we unpack. Irresponsible, but even still :mad:

32 percent. 32 freaking percent.
Click to expand...

This is the answer for why the banks seems to yawn when a credit card number is stolen and used fraudulently. With revenue like that, the losses are noise.

Note to self: Open a new bank account ASAP before the merger lets BoA get anywhere near your money.
 
I gotta give Discover Cards a boost, here.

Earlier today, I got a voice mail to call a number. For some reason, the first part of the message cut off so I couldn't tell who it was from. I call the number and she answers something to the effect of, "Discover Card Fraud Prevention."

I got immediately worried as last January, some alpha hotel in Virginia ordered two HP computers and put them on my Discover card. After that verification, they reversed charges and set up a new account. It was a pain to adopt to a new number after I'd had it for several years.

Last night, I purchased a tank of diesel. A fill-up cost me about forty bucks. But, the clerk ran through someone before me and charged me $202 and change. She did an immediate credit and then ran another charge for the correct amount, $41.

Even though I buy from that same truck stop all the time, apparently that larger fuel charge still triggered a question about card use. That's a card I think I'll keep. But, Lord help 'em if they ever sell out to BofA!
 
I used to deal with BofA in commercial lending. Same bag of tricks. Lots of fees. The bank is all about increasing EPS though added fees for customers. I can't believe it still works, but it does. THe only reason we even let them come pitch was because one of the parent co. board members was former CEO (a dunce if there ever was, how he got to be CEO...???.).

I've been through so many bad bank mergers on the personal banking side, it makes me wonder if ANY bank merger works out. I have to deal with the devil that is Wachovia (First Union masquerading as the kindler and gentler Wachovia) now. I wish I still banked with Chevy Chase. It's a bank that actually uses humans! Go figure.
 
flyersfan31 said:
I used to deal with BofA in commercial lending. Same bag of tricks. Lots of fees. The bank is all about increasing EPS though added fees for customers. I can't believe it still works, but it does. THe only reason we even let them come pitch was because one of the parent co. board members was former CEO (a dunce if there ever was, how he got to be CEO...???.).

I've been through so many bad bank mergers on the personal banking side, it makes me wonder if ANY bank merger works out. I have to deal with the devil that is Wachovia (First Union masquerading as the kindler and gentler Wachovia) now. I wish I still banked with Chevy Chase. It's a bank that actually uses humans! Go figure.
Click to expand...

The mergers require so much money for the $Ms in exec bonuses and investment bank commissions they NEVER work out for the customers or the employees. That money has to come from the customers, where they count on the frog in the boiling water situation that if they bring the pain on slowly not many will leave.

Changing banks is a pain when you have to change direct deposit and all of the autopays and bill pays. I WILL do it.
 
Apparently I'm the only one who receives great service from BofA. The folks at my local branch know me by name even though I only stop in about once a quarter thanks to direct deposit.

I can't speak for their loan or cc process as we don't use either.
​
 
kevin47881 said:
Apparently I'm the only one who receives great service from BofA. The folks at my local branch know me by name even though I only stop in about once a quarter thanks to direct deposit.

I can't speak for their loan or cc process as we don't use either.
​
Click to expand...
I'm happy with BoA, too. But like you, I don't have a credit card through them.
 
KennyFlys said:
...Last night, I purchased a tank of diesel. A fill-up cost me about forty bucks. ...
Click to expand...
I' don't think I can even turn the nozzle on for $40 ... $3.09/gal here

sorry, major thread hijack here ...
 
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