Thursday, July 03, 2008
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.
Credit - Collection - Economic News • (3) Comments • Permalink
