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Old 04-06-2009, 07:09 PM
 
Location: Moon Over Palmettos
5,975 posts, read 17,172,668 times
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We've hated BofA since we moved to Charlotte. So a week ago, we closed two very large custodial accounts with them after being only open for two weeks. We moved it to a small town bank in Rock Hill since their CD rates were one of the best. We swore never to bank with BofA for two years now. And I was glad to be able to stick it to them with those 2 accounts!!!!
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Old 04-06-2009, 07:18 PM
 
7,036 posts, read 9,351,697 times
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Default Usury laws

This is the kind of stuff that is happening in all sectors of financing. And it's not a new thing. I went thru the same drill as OP and was paying north of 21% because I had one late payment down around 9%. So I paid the damn thing off and took my "World Points" and bought a ticket to a Carribean Island.

I don't know what the interest rate in NC consitute usuary but I amsure the bank rate is only a couple of pts. below what Carmine-I break-your-knee-caps you-don't- pay charges. Only thing is the law makes it legal for the crooks at the bank. Hey, get smart. How else are they going to pay the bonuses?
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Old 04-06-2009, 07:19 PM
 
Location: State of Being
35,885 posts, read 65,379,904 times
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Quote:
Originally Posted by bibit612 View Post
We've hated BofA since we moved to Charlotte. So a week ago, we closed two very large custodial accounts with them after being only open for two weeks. We moved it to a small town bank in Rock Hill since their CD rates were one of the best. We swore never to bank with BofA for two years now. And I was glad to be able to stick it to them with those 2 accounts!!!!
I am glad you could, too! You go, girl! I don't have checking w/ them and they will never get any more of my business. Thank God I have the money set aside for the next tuition payment, wh/ is due Thursday.
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Old 04-06-2009, 07:21 PM
 
Location: State of Being
35,885 posts, read 65,379,904 times
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Quote:
Originally Posted by johne482 View Post
This is the kind of stuff that is happening in all sectors of financing. And it's not a new thing. I went thru the same drill as OP and was paying north of 21% because I had one late payment down around 9%. So I paid the damn thing off and took my "World Points" and bought a ticket to a Carribean Island.

I don't know what the interest rate in NC consitute usuary but I amsure the bank rate is only a couple of pts. below what Carmine-I break-your-knee-caps you-don't- pay charges. Only thing is the law makes it legal for the crooks at the bank. Hey, get smart. How else are they going to pay the bonuses?
Like I said, Congress passed some type of usury law last year, but set the effective date for June 2010, wh/ just gave the banks plenty of time to screw us all. I might as well be paying Carmine. He couldn't be charging rates much worse.
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Old 04-06-2009, 07:36 PM
 
Location: Findlay, OH
655 posts, read 2,057,469 times
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Quote:
Originally Posted by anifani821 View Post
Okay. The very kind man on the phone said this was nothing personal - BofA has raised the rates across the board. And yes, to 21.74%!!!!!
I have a 21.74% APR BoA card, as well. As you could imagine, I don't use it that often. It's kept just in case of an emergency.

Inching close to a quarter on the dollar becomes a convincing case for usury, especially since consumer loans have a general usury rate of 8% (16% variable). I am tempted to move my funds to a credit union, as I've always seemed to have the best luck (and service, for that matter) with them. However, I must admit, it's something I've put on the back burner for a while.

Last edited by Art1979; 04-06-2009 at 08:27 PM..
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Old 04-06-2009, 07:58 PM
 
4,570 posts, read 6,387,676 times
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These people will do anything to make money. Unfortunately, it's a dog-eat-dog world.
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Old 04-06-2009, 08:09 PM
 
Location: Dublin, OH
2,359 posts, read 3,307,921 times
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US Bank has done nearly the samething w/ my lone credit card...my Visa through there, which I have had for 10 yrs (my mom cosigned for it when I was in college, since then, her name is off of it, but it definitely helped me build some better credit then)...anyways, my fixed interest rate was 9.49%, and just recently they moved me to a variable rate at 17.99%...needless to say, I called raising a storm w/ them, & so did my mother and they actually dropped us back down to 12.99% for both my card and hers.
The only reason I even do checking w/ B of A, is b/c they are the only bank branch here in the Carolinas that also has ATMs in OH and other places I travel...as much as I travel, ATM fees would really hurt.
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Old 04-06-2009, 08:33 PM
 
1,453 posts, read 4,620,635 times
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Ani,

Same thing happened to me. They raised my interest rate for no reason. When I called them about it they were so rude it was unbelievable. I told the rep to tell her supervisor that I AM NOT going to pay for John Thien's $87,000 rug and they could stick my card where the sun doesn't shine. I called Capitol One and transferred my balance at ZERO % for a year. I refuse to do business with BofA EVER again.
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Old 04-06-2009, 09:00 PM
 
Location: State of Being
35,885 posts, read 65,379,904 times
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Quote:
Originally Posted by Art1979 View Post
I have a 21.74% APR BoA card, as well. As you could imagine, I don't use it that often. It's kept just in case of an emergency.

Inching close to a quarter on the dollar becomes a convincing case for usury, especially since consumer loans have a general usury rate of 8% (16% variable). I am tempted to move my funds to a credit union, as I've always seemed to have the best luck (and service, for that matter) with them. However, I must admit, it's something I've put on the back burner for a while.
There is a credit union for anyone who lives in MECK. I have meant to check them out but never have.

I still can't believe that BofA has the nerve to treat consumers - GOOD CONSUMERS - this way!!!

I have never had a credit card w/ a variable rate until these banks decided to play dirty. I have very good credit scores and so I am watching the ballgame while also surfing online to see what options I may have w/ finding another credit card.

I am incensed that Congress has allowed these banks to have the leeway to even do such things to consumers who have followed the rules, paid on time, etc. We must keep in mind that these banks could not get away w/ this if Congress had not passed laws that ALLOW it!!!
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Old 04-06-2009, 09:02 PM
 
Location: State of Being
35,885 posts, read 65,379,904 times
Reputation: 22274
Quote:
Originally Posted by nature's message View Post
These people will do anything to make money. Unfortunately, it's a dog-eat-dog world.
It is a shameful situation. And what makes it even worse is that BofA has been headquartered here in Charlotte - and now are laying off people due to this ridiculous banking debacle. To think they are gouging us on top of causing our unemployment rate to skyrocket here - well - it is outrageous.
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