Bank of America raised my interest rate from 11% to 28% because my account was a few dollars over the limit (due to their over the limit fee and short billing cycle) I called and talked with a service rep who removed the over the limit fee and restored my card back to the 11%. The following month when I made a $32.00 purchase,my rate shot up to 28% again.
I called Bank of America who informed me that by using my card I activated an interest rate increase. I was confused! I was never told about this policy to increase my rate because I used my card. Notations on my account confirmed that I was never told that by using my card I would be subject to a rate increase.
I was passed on to a higher up and that is where it got worse. The higher up put my complete balance of $10000.00 up to the higher interest rate,not just my new charge of $32.00. I always pay my bill ahead of time and was never late in paying. I requested that my account be closed and the customer DIS-service rep got cocky and insisted that he was requesting that the card be closed out.
For the record I requested the account to be closed. I pointed out that I was never informed of any rate increase which pissed him off so the customer rep put my complete balance at an interest rate of 21% (BIG SPORT!) I have written many letters to Bank of America only to get a form letter back which basically tells me to "get lost." Today I received a nasty letter from a customer care person in the Delaware office who put in writing that I better not send in any more requests to have my account put back to a lower rate and they will not correct the fact that I,the consumer requested that the account be closed.
She wrote,and I quote,"Bank of America WILL NOT consider or answer any more letters from you." That's nice considering that my high interest rate is bailing out this bank so rude,obnoxious employees can retain their jobs. I hate this bank and they should be sanctioned for fleecing their customers.
Product or Service Mentioned: Bank Of America Account.