Bank of America continues to punish good customers

August 15th, 2009

credit-card-debt My wife and I have been Bank of America customers for many years. We each have a credit card from them. We have never been late, never missed a payment, and always paid more than the minimum payments. Our other bills are paid on time and as agreed. In fact, our credit reports have never looked better. And, Bank of America has even told me repeatedly that, because of these facts, we are considered good customers. So why do they want to punish good customers?

Last year, for no reason we caused, Bank of America decided that, since we are such good customers and are paying our bills, that they need to raise the interest rate on the cards by about 9 percent. When I called to ask, they tried to tell me it was because of the financial bind I was in. “What bind?”, I asked. I told them that if I was in a bind, we would be paying only the minimums, probably be late a few times, etc. and most likely be late on other bills as well. I finally got them to admit it is because others are defaulting on their bills that good customers are being hit with higher interest rates. Even a call to the president’s office yielded the same explanation.

Now, I am told that since we are such good customers and actually paying down our balances and not charging anything new, that they are going to reward punish us further by lowering our credit limits.

Now, the scary thing to me is, my mortgage was through Countrywide, which is now owned by Bank of America. Again, I’ve never missed a payment and never late. It even says so on my credit report. So, I guess I get to see how they reward punish good mortgage customers. They sent me a refinance offer, but I’m afraid to refinance under Bank of America because I’m afraid they’ll pull the same old shit.

I don’t think Bank of America deserves my business, but unfortunately, I’m stuck until the credit cards and house are paid off, or I can refinance them with another company. With the economy the way it is, that may be a while.