The Big Banks Are At War Against The People. They Are Putting Out False Information Every Day.

I got a notice from Bank of America that my interest rate was being raised to Prime + 24% on a card that was 10% fixed when I got it. I’m one of those folks who’s never been late paying a bill. I have a day set aside when I pay all my bills for the month, which means big companies earn interest on my early payment for a few weeks, but my checking account doesn’t give me any interest, so I don’t feel too bad about it.

At least Chase had the decency, on a card with a much smaller balance, to tell me that their reason for raising the rate was to “maintain profitability” on my account. Bank of America had a number for me to call, after which they would tell me their reasoning within 30 days. From my understanding of the regulations, that’s probably illegal, but I am not your lawyer.

I decided to decline the rate increase and was told by the automated system at least twice that if the card were ever used again, the rate increase would apply to the entire balance, even though I was declining the increase. So I waited for the next representative to request that my card be blocked. I have plenty of friends whose cards have been used without their knowledge or permission, and I don’t want a recurring charge I forgot about to mess with my interest rate either.

I was told by the representative that Bank of America could not block my account. I was told that my account number could not be changed. When I said the fraud department does this sort of thing all the time, I was told they would only do it if my card were lost or stolen.

So, before the Tea Parties on Wednesday, I want everyone to know a couple of things. First, the banks are still using highly deceptive business practices to trick you out of your money, but, again, I am not your lawyer. Second, immediately AFTER you reject a credit card rate increase by closing your account, you must CALL THE REGULAR CARD SERVICES NUMBER AND REPORT YOUR CARD *LOST*. Then never use either card again. It’s the only way recurring or fraudulent charges will be blocked from implementing the rate increase you’re trying to reject.

This is a war.

Related Posts:

• Bank accounts are for holding money fee-free. Investments are for making money.
• Outrage: Merrill’s record 3.8 billions bonuses and $27.6 billion loss in 2008!!!
• Guaranty Bank of Texas is the next big one to drop.
• Chase raises minimum payments from 2% to 5% on their GOOD customers.
• This so called “Stress Test” of the banks

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