The Atlanta Journal Constitution has an interesting story about one Greg Fischer, a consumer who paid his September Bank of America credit card payment through his bank's web site. He paid on the deadline day.
However, his bank said that he was late anyway. Why? He paid at 4:10 in the afternoon, past a 3:30 p.m. cut-off that he wasn't aware of, a cut-off, I'm sure, that's buried somewhere in legalese on his credit card statement or on the credit card's web site.
He's out more than just a late fee. Since he was late with a payment in April, his interest rate doubled to 28.99 percent. He was told that the bank wouldn't consider lowering the fee until he had paid on time for six months. Now if you do the math, April to September is six months straight. Nice timing.
In another instance, BOA doubled the interest rate of one of their better customers, a man who had been their customer for over 10 years. Why? Because the Postal Service erred, sent his mailed payment across country before delivering it - a day late. One day. First "late" payment in ten years. And they doubled his rate to 27.99%.
There used to be a law against such usury. And there ARE laws governing fair business practices. But because Bank of America is so big, they simply ignore them, and get away with it.Our Congress, elected to protect us, fails to do so. The banks pay them too much money for them to take any action. So, what can be done?
Simple. If every consumer were to refuse to do business with Bank of America, they would simply go out of business - a deserving and fitting end to a bunch of pathetic cheats who prey on their own customers.Remember - Bank of America is also the bank that kicked America in the teeth in 2006 when they created credit cards specifically for illegal immigrants. Risky cards for high risk individuals, and the cost of that added risk is passed onto the rest of the bank's customers.
It is high time that we, the People contact our Congressmen and TELL them to do something about these unethical, immoral practices, and to do their jobs to protect the American people. In the meantime, do yourself a favor - DON'T do business with Bank of America - they are dangerous to your wealth, and your credit rating. They care nothing about their customers. Their only God is the almighty dollar, and they will put the screws to anyone in pursuit of their quest for your money.