Thursday, January 17, 2013

Bank of America Blues


I really dislike BOA. I have never liked them. I swore I would never bank with them. They are too big and they do not care about the little people, like me.

Many people have had some problems with them, especially with student loans. We have a couple of friends that are unable to pay them their minimum monthly payment. BOA refuses to negotiate a new monthly payment with them and extend the life of the loan. I cannot understand this. Why would they not? That is more money for them in the long run, granted the risk of default is higher.

Recently, they bought out one of my old credit card companies and my card converted to a BOA card. I was extremely irritated by this. I knew it would be trouble before it ever started. I made a $16 purchase on my old card the month before BOA bought them out. I paid this balance off the next month and called to cancel the card because of the BOA buyout. The lady said she would close the account once the funds were received. However, I just got a bill from them for a $1.50. They call this a "minimum interest charge". Why would there be a minimum interest charge when I paid the balance in full and closed the account?! I really, really, really, dislike them. I am going to have to call them and pay a stupid buck-fifty for some ridiculous charge when I paid the card off. Ugh!

6 comments:

  1. I don't know many people who actually like BOA. I cancelled my credit card with them when they wanted to charge me an annual fee for paying on time every month. I still have a balance on that card, but it'll go away soon and I can't wait to be done with them!

    As for not negotiating payments on student loans, it's because they probably want you to default. They make more money off of defaulted loans. They can tack on up to an additional 25% of the balance in fees for defaulted loans. Your debt will skyrocket. And then you'll pay interest on that interest forever until the loan is paid off or you die. They know most people can't file bankruptcy on student loans either. There is no risk to lenders when it comes to student loans. Put the risk back in lending and then they'll be willing to negotiate payments!

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    1. I have never understood this "annual fee". Is for all of the great "conveniences" they attach to their cards? That is true about the default. Makes a lot of sense to me!

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  2. ^ Agreed. I don't really know anyone who is happy with BOA. I am (finally!) paying off my credit card in February, and I can't wait. I can't close it since it is my one credit builder (ugh!), but it will stay at zero, no monthly fees or anything. Never again will I pay a cent of interest to them...

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    1. Woo-hoo! That is awesome you are going to get rid of them!

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  3. You know the same thing happened with me and Capital One and that is WHY I don't bank with them. However, my HBSC cards are issued by Capital One. Love greed!

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    1. I wish we could just get rid of these cards. However, they help us build credit and, for some, provide an emergency buffer.

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