Federal Reserve received THOUSANDS of consumer complaints about banks
From Angry Consumers Flood Federal Reserve Board with Complaints
“I get a form letter from Bank of America that says my interest rate is going to be raised from 7.9% to 21.99%. Why? Because I have a large balance that I haven’t paid off and I carry balances on a few other cards. Never mind that I’m not late, overlimit or anything else that would be a problem.” — Angela, Louisville, Kentucky
“The worst is Bank of America….The worst experience with this card was when I received my statement the other day. There was a $39 late fee on it. I knew that I paid on time and when I called the rep stated that I ‘paid too early’ so that it was applied to my previous billing cycle. Therefore, it was if I hadn’t made any payment in [the] current billing cycle. I have never heard of such a thing, being penalized for paying too soon.” — Eileen, Farmingdale, New York
“My husband and I recently experienced Bank of America raising our interest rate on our credit card from 13% to over 24%. The reason they sited [sic] was because they ‘re-evaluated’ our credit history…. Thankfully we continue to pay all our bills on time but these actions are predatory as I feel like they are in a dark corner just waiting to pounce.” — Jennifer, Fort Meyers, Florida
“Back when the President signed the new bankruptcy law, all my credit cards doubled the minimum payment and at least doubled my interest rates. What was a $100 minimum payment with a 9.99% interest rate went to $200 a month at 28%. I had to open more cards to transfer balances to help pay the other cards. Now I have to file for bankruptcy.” — Tim, Troy, Ohio
The consumer complaints received by the Federal Reserve
BofA called me today to offer me a lower interest rate and to “help” me. I stopped paying last month after they closed my account despite my perfect payment history. What are they smoking?
My extensive comments to the Fed and FTC and legislators were ignored.
It took me FOUR years to realize that I was wasting my time.
Finally, my complaints took the form of NO MORE PAYMENTS to these thugs.
You may have noticed that I haven’t bothered to post any more of the daily BAD NEWS about foreclosures, defaults, inflation, rising oil prices, layoffs, corporate bankruptcies and the general doom and gloom everywhere. Several European banks recently publicly stated that they are expecting the collapse of the American banking system.
I’m hopeful.
Posted by Christine on 07/03/2008 at 02:30 AM
Credit - Collection - Economic News • (3) Comments • Permalink
I’m hopeful, too. It makes me sick. It all started for me with BOA. My payments skyrocketed, too. I am deeply in debt to BOA. I had been a student when my marriage ended and had to leave school, thus soaring debt, while I barely got my act together to do a fee for service job.
It’s aweful. Foreigners have our money, (without naming names), and professionals like me, have been told merrit raises are out.
I do hope for the collapse of the banking system. I have enough cash stashed to pay BOA and AMEX, but having found support here, decided to rent in a decent neighborhood, a house, where my daughter won’t get hit by a car hanging out on her bike. She’s got enough problems.
I am VERY surprised you received notice about the change in your interest rate because I received no warning from BOA.
Let’s report this off to the FED Reserve and demand to know where the money has gone.
My life experience is that to set a person straight, you have to back them into a corner and give them two options out. One the high road, one the low.
Suzanne
“I am VERY surprised you received notice about the change in your interest rate because I received no warning from BOA.”
That wasn’t me, that was a comment submitted to the FED. And they will do NOTHING.
I’m REALLY hoping that the Common Good Bank will get off the ground next year.
http://creditsuit.org/credit.php/blog/C165//
EVERYBODY please sign up with the Common Good Bank (it’s FREE) and let them know that there is lots of interest.
I also want to make sure that readers understand that the collapse of the banking system does NOT result in any economic collapse if the government takes over the banks and operates the banks similarly to the Common Good Bank.
It is after all OUR money. There is no reason to let private banks CREATE money out of nothing and then charge us outrageous interest and fees.
For more info on how money is created and WHY the government allows the bankers to create money please watch the 3.5 hour documentary The Money Masters free of charge online:
http://creditfactors.com/resistance/viewforum.php?f=2
That the government allows FOR PROFIT corporations to exploit the population by CREATING money is treason by any definition.
Obviously, we will need to see some changes in government, along with the rest of the “civilized” world as the bankers control the money supply almost everywhere.
If the government REFUSES to take over and instead continues to bail out the banks, THEN we’ll have a serious problem.
“My life experience is that to set a person straight, you have to back them into a corner and give them two options out. One the high road, one the low.”
Exactly. The government needs to make a choice.
I missed part of this original thread, and want to comment on the issue of ‘paying too early” with BOA as well. They misapplied my payment to this huge balance as well, and would not change a thing when I called. It was just like talking to a script. Thank you ms. Vail for paying down your card. Thank you ms. Vail. A robot from some land where they do not speak english.
Just got off the phone with GE money bank. If I make a plan (they have been ringing my phone (the credit collections dept, over a 18 dollar late balance, since the day after it was late (June 16).
The balance is like 73.00. If I go into a payment plan, they will lower my 18 % rate, and close my account. None of this is in the disclosure. She never told me she was recording the call, I could here the 15 second beep and that was enough, which I never heard. When I confronted her on this, she said she was following federal guidelines, not state and that she didn’t have to inform me.
First person who hasn’t. None of my cards or bills are over a month due.
Geez.
