For more than 20 years I had a Quantum credit card with MBNA bank.
My credit line was $100, 000, I used the card often and my repayment history was flawless. On several occasions I drew against the line to pay income taxes (no problem EVER...a 5 minute transaction on the phone).

Then Bank of America bought MBNA's Quantum cards.

Almost immediately B of A notified me of a significant reduction in my credit line and a patently unacceptable raise in the interest rate (from 9.1 % fixed to 29.9% variable!). This is despite a FLAWLESS credit and repayment history with MBNA.

I declined.

We negotiated the following:
1. I would never again use the Quantum card and they would retain the account until paid off in full.
2. They would issue a B ofA "platinum Master Card" with a fixed rate of 9.9 and a line of $25, 000.

Yesterday I called to request a cash advance/wire transfer of $15, 000.
In the past a simple and straightforward 5-10 minute exchange (using Quantum with MBNA).

I was asked the following questions:

What do you do for a living, what is your annual income, why have you not paid the last cash advance off more quickly, what do you need this money for?

I balked and asked for a supervisor.
He declined.
I demanded a supervisor.
He processed my transaction...but ONLY after informing me that the B of A credit card default rate is "11.9%" and that B of A is "hemorrhaging" credit card debt money.

Frankly, I don't give a damn. They solicited credit cards from un-ceditworthy people, on a wholesale basis, for decades. The chickens are now roosting.

My vote: let B of A fail...and fail spectacularly. They merit failure, are not too big to fail and deserve not ONE CENT more of taxpayer bailout moneys.

Short background first: in the fall of 2006 I opened a MyAccess checking account with B of A during a local promo in my community when a new branch was opened. I was promised no monthly maintenance fee without any conditions attached. However, after several months I noticed a $5.95 fee on my statement. I called the lady who opened my account for me and she did waive the fee for me - temporarily. It's back with a vengeance and she has left the bank so no one is willing to believe or help me now.

In February 2008 I started an email campaign to plead my case again. After 8 emails from me and 8 replies from B of A, I'm angrier than I ever was. They NEVER answer my questions directly. Rather, they keep repeating what they have said before without resolving anything. They suggested I open another account online to qualify for no fee that way, which I did. Then I get an email telling me about my monthly fee of %5.95 if I don't have a direct deposit set up. So I emailed them again and questioned it. The idiots told me that since I had opened the account in Dallas, Texas and not online, I wasn't eligible for the fee waiver. What????? By now I'm about to have a stroke, but I keep trying to get an answer from them so I write again and reiterate that I did not open it in Dallas because I live in San Antonio, and that I was promised a no-fee/no-conditions account for opening it online. Guess what? I got a reply this time and the rep tells me that they have requested a fee waiver for me but I'll have to reapply each year to keep the waiver. I know I've lost my mind because I wrote again and asked why I have to reapply if I was promised no fee with an online account. You guessed it...the dolts tell me the same garbage again with NO explanation as to why this is happening.

So much for trying to work it out. I quit. I have told everyone I know to avoid B of A at all cost, and I am closing both accounts before they take another $5.95 away from me. Yes, I've printed out every one of the ridiculous emails in case I need them some day. I also plan to use this real-world experience to teach my students how NOT to run a business (I'm a business teacher). I plan to use them often and I will NOT be blacking out the Bank of America name on the papers!

BoA charges me 2000% interest. I have a 59 cent charge at a special promotion rate on my card in addition to the normal charges. For some reason BoA calculates interest for it separate than the others. Every month there is a $1.00 finance charge on that 59 cent balance which is their "official" minimum charge. They won't leave me pay off that 59 cents until the entire card is paid off. So $12 a year tacked on for that 59 cents is over 2000% interest.

I have a mortgage with Bank of America and have always try to keep ahead with my mortgage payments. I have made up to five months payment in advance. On three occassions Bank of America has applied extra payments to the principal and indicated that my payments were late and charged me late fees. I have spoken with the bank and always manage to get it clear up. Today, December 9, 2009 I noticed a late payment fee deducted from my checking account with the December payment outstanding.
Upon speaking with the CSR she tried to argue with me that December is late because the money recieved for December was applied to November. However, after providing facts about payments she said that the previous payments recieved were applied to the principal. She said that those payments and all charges reversed.

I have been banking with said Bank for a number of years and all my accounts are with them. I think that Bank of America needs to train their account reps to verify the history of an account before they apply monies recieved where they think it should go over where it should be applied. As someone, who handles hundreds of accounts in a day
it should be standard procedure to research an account before making a decision. There is no clauses in my mortgage contract that I am not allow to make future payments. Their banking practices need to be reviewed and the competence of their accounts reps should be evaluated.

Location: Bothell, WA Print Email Link/Share


Incident = A branch in Bothell, Washington has a manager (Jay)that is flippant,
arrogant, and doesn't care about you. Everytime I go in the branch he tries to
stuff his new ATM down my throat...which doesn't take cash well it spits it
back out!! He only wants to talk to you if you DONT have a problem and when you
do...well don't bother him...and it all your fault...Then when you enter the
bank he says he's "Living the Dream." And then he had the audacity to ask me if I'm a God-fearing person.
Damage Resulting = Will not go into that branch ever again.