Bank of America Line of Credit

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Category: Business & Finances

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Mission Viejo, California, United States

Bank of America Line of Credit Reviews

Mustafa February 4, 2009

Overcharged

Get this. I called BOA and requested a decrease in by interest rates that have crept up from 7.99 up to 14.99% on a large line of credit.

I was then told that I could not get this because my payments have been late twice in 6 months. Not True... Some time during the summer of 08 I received a statement that had 2 late payments listed. I had in fact paid the bill 12 days early...They counted this as a payment in the previous month..They removed the charges, but the late payment remained on what they call an in house report...

I have 2 accounts that i make payments from listed on BOA. For those of you who are not aware. BOA had a security breach of their computers sometime in Oct 08.. I had (immediately after my payment cleared) changed one of my Bank accounts a new bnk acct.

I received another notice of 2 more $49. late fees, Not one charge, They always charge me twice. The problem as I see it, they deleted my bank accounts from the account in order to 'protect my information'. Then proceeded to charge me late fees, and..get this... a NSF fee because when they reset my account back to the previous old accounts a month after the old bnk account was closed. The new account had to be re-entered...in order for them to correct the error. The late notations and the NSF is still listed on their in house report..therefore I cannot get a decreased interest rate.

And to top this I have copies of all computer generated payment to them with confirmation numbers and dates to show timely payments.

They told me that they didn't make enough money off my acct to decrease my interest rate.

1txgal December 13, 2008

Cancelled without notice

We have always paid our bills on time and in full. However, after relocating to California as a business promotion 2 years ago my husband was fired in March 2008 from his employer after 12.5 years of service with nothing but 6 weeks of vacation pay because the company was filing chapter 13 due to the economy. While we have been fortunate to make a good living we now own a home worth $400K less than the purchase price and as of December have run through most of our savings to try and keep our home. My husband is self-employed making half the money but we have stayed current on every bill and even paid 2X the minimum trying to get credit cards paid down. We have been late 3X on our mortgage, over 30 days but no more than 35 days due to cash flow. However, we have NEVER< EVER been late on any other bill. Last week I received notice that one card, which we had paid down by over half owed, was lowering our credit availabilty...to just $200 over what we owed...the lowered it over $6K...FINE but doesn't that hurt my credit further? Now BOA is has just sent a notice that they are cancelling our line of credit but thankfully it is a fixed rate and they just have to wait for us to pay it down. However, that again is going to damage our credit. While we should be able to pay all of these creditors off in the next 6 months our credit has been TRASHED...and by nothing we have DONE or DESERVED as consumers. I feel like a noose is slowly being tightened around us and wonder why we should keep trying to "DO THE RIGHT THING". Why are we bailing out banks when they are taking our money and RUINING everything we have built financially? There has to be some type of LAW during times of extremem crisis, like now, that would prevent these vultures from feeding on WE THE PEOPLE!!! It is not right. It is wrong. It is time someone did the RIGHT THING in OUR GOVERNMENT to be here for WE THE PEOPLE>...what is wrong out there????