Since buying credit card giant MBNA in June 2005, Charlotte, NC-based financial titan Bank of America has adopted some of its former prey's most prized tactics -- spiking interest rates, charging late fees even when your balance is paid, and customer "service" that leaves cardholders feeling worse than when they called.
The tactic circles around offering a credit card (like their Visa Platinum) at a 0% interest rate, and encouraging customers to transfer balances from other cards to their new Bank of America
card.
Once that new balance is transferred, however, the card balance proceeds to accrue daily interest and late charges, until the balance hits its limit. Thereafter, the balance APR changes to an intolerable rate, anywhere from 17.99% to 31.99%.
That's what happened to Kelly of Longview, Texas. She accepted a "zero percent" balance transfer offer. "Once the balance was transferred I was dinged with a daily interest rate which caused the card to go over balance and then they changed the interest rate to 31%," Kelly said in a complaint to ConsumerAffairs.com.
If you look carefully at the fine print, you can see that Bank of America's seemingly generous offer of zero percent interest isn't all that generous after all. For example, read this list of fees:
Late Payment Fees: $19 for total balances less than $100, $29 for total balances $100 to $1,000, $39 for total balances great than $1,000. Over the Credit Limit Fee: $35.
So you could have a paid account with no balance, or never use the card at all, and get hit with a $19 fee.
Also, take note of their payment terms:
During the introductory period, if we do not receive at least the Minimum Payment Due during any billing cycle, you exceed your Credit Limit or you close your account, any introductory rate on Purchases and Balance Transfers will terminate and will be adjusted to the Standard Rates.
Given that mandatory minimum payments on credit balances are doubling, that's a lot of money to fork over in a very short time.
And if Bank of America's billing cycles are anything like their banking deposit cycles, it's no wonder so many customers are getting zapped with late fees.
Beth from Sterling, VA explains how Bank of America's holds on her deposited pay caused her to lose money for no reason:
Their policy was to "hold" any deposit over $500 (my paychecks were running just around $600 at that point) 3-5 days to wait on it to "clear" before it technically "posted" to the official statement. This should not have applied to direct deposit paychecks, which should come across as an immediate electronic transfer of funds into the account. When I would visit the ATM after my paycheck was sheduled to go in, it would show the funds as "available."
I would assume the funds were there and was budgeting my bills around when my deposits were due to go in; my employer put checks in at Midnight every other Thursday, so I would pay bills Friday. When I would write a check to pay bills, however, they would instead draw from my "statement," which held the deposit. Hence, the checks I was writing would be applied to my account 2-3 days before my deposits were showing as posting. They would take advantage of the above issue to apply "overdraft fees" on my bill checks before clearing the paycheck deposit that went in the day or more before! That's $25-$30 per bill!
A Poisonous Pedigree
Wilmington, Delaware-based credit card provider MBNA was the source of great consumer angst, thanks to such now-familiar tactics as exorbitant interest and fees upon fees, not to mention interest on fees.
Many cardholders decided they'd had enough, and began paying down their cards and closing their accounts in record numbers. The loss of revenue to MBNA was enough to torpedo quarterly profits by 94%. Soon afterward, Bank of America swept in and bought snatched MBNA in its beak.
The acquisition of MBNA's valuable credit card resources made Bank of America a serious challenger to Citibank and J.P. Morgan Chase, the top dogs in the financial and banking industry.
But it may be that Bank of America has also acquired many of its acquisition's bad habits, possibly hindering its efforts to improve its reputation in the consumer banking sector.
Monday, January 26, 2009
Just when the American taxpayer thought the worst of the financial storm had passed, Bank of America came along last week and sucked another $20 billion out of TARP to help "absorb" its $20 billion acquisition of investment banker Merrill Lynch, a deal consummated during the height of this fall's financial meltdown. That chunk of taxpayer change was on top of $25 billion BofA already received from the bailout trough late last year.
Anybody can do the math. Taxpayers have essentially footed the bill for BofA's $20 billion acquisition of Merrill Lynch in a roundabout way. Despite already receiving $25 billion from the government's financial rescue package, BofA, as Charles Dickens once wrote, needed "more."
Instead of hoarding cash and allowing the weak to fall by the wayside, BofA went on a shopping spree when it should have stayed at home and saved money. Keep in mind that the $20 billion Merrill Lynch purchase follows BofA's $4 billion acquisition of mortgage giant Countrywide, which is brimming with subprime loans teetering on default. Certainly part of BofA's $45 billion bailout funded that problematic purchase as well.
Anybody can do the math. Taxpayers have essentially footed the bill for BofA's $20 billion acquisition of Merrill Lynch in a roundabout way. Despite already receiving $25 billion from the government's financial rescue package, BofA, as Charles Dickens once wrote, needed "more."
Instead of hoarding cash and allowing the weak to fall by the wayside, BofA went on a shopping spree when it should have stayed at home and saved money. Keep in mind that the $20 billion Merrill Lynch purchase follows BofA's $4 billion acquisition of mortgage giant Countrywide, which is brimming with subprime loans teetering on default. Certainly part of BofA's $45 billion bailout funded that problematic purchase as well.
Bank Of America is bad for America
Now that the Bank of America has received bailout money to remain in business, a Brave New Films investigation reveals it has yet to relay the money to customers carrying the burden of the economic collapse. Through predatory lending, the Bank of America successfully reaped profits and contributed to the mortgage crisis. Since the bubble burst, however, the Bank's extensive private jet fleet as well as high CEO compensation packages have remained in place. In this short film, former employees as well as customers shed light on the cause and effect of business at the bank.
Saturday, January 24, 2009
Just in case you forgot and especially those who still refuse to accept that our media is liberal, prejudice, and bias, maybe this will help them understand.
*Headlines On This Date 4 Years Ago:*
"Republicans spending $42 million on inauguration while troops Die in unarmored Humvees"
"Bush extravagance exceeds any reason during tough economic times"
"Fat cats get their $42 million inauguration party, Ordinary Americans get the shaft"
*Headlines Today:*
"Historic Obama Inauguration will cost only $120 million"
"Obama Spends $170 million on inauguration; America Needs A Big Party"
"Everyman Obama shows America how to celebrate"
"Citibank executives contribute $8 million to Obama Inauguration"
Yep. There's just nothing like fair & unbiased coverage of the news by a liberal media!!!
The democracy will cease to exist when you take away from those who are willing to work and give to those who are not. - Thomas Jefferson
*Headlines On This Date 4 Years Ago:*
"Republicans spending $42 million on inauguration while troops Die in unarmored Humvees"
"Bush extravagance exceeds any reason during tough economic times"
"Fat cats get their $42 million inauguration party, Ordinary Americans get the shaft"
*Headlines Today:*
"Historic Obama Inauguration will cost only $120 million"
"Obama Spends $170 million on inauguration; America Needs A Big Party"
"Everyman Obama shows America how to celebrate"
"Citibank executives contribute $8 million to Obama Inauguration"
Yep. There's just nothing like fair & unbiased coverage of the news by a liberal media!!!
The democracy will cease to exist when you take away from those who are willing to work and give to those who are not. - Thomas Jefferson
< One Month
Shut up and drive.
P.S. The Ana's are doing fine since their last incident.
Uploaded by Ana Santos on 8 Jun 08, 6.55PM CST.
P.S. The Ana's are doing fine since their last incident.
Uploaded by Ana Santos on 8 Jun 08, 6.55PM CST.
Unmarked State Trooper
This car of mine goes way too good. 81 mph in fact.
I passed by this cool looking mustang on my way down I95 to West Falmouth, and he cut right in behind me. Then I saw the blue lights...
This fine officer was kind enough to give me a written warning since my last conviction was in 2004... :)
I like how he's looking over his sunglasses, go large to see for yourself.
Uploaded by Just Us 3 on 6 Apr 07, 9.22PM CST.
I passed by this cool looking mustang on my way down I95 to West Falmouth, and he cut right in behind me. Then I saw the blue lights...
This fine officer was kind enough to give me a written warning since my last conviction was in 2004... :)
I like how he's looking over his sunglasses, go large to see for yourself.
Uploaded by Just Us 3 on 6 Apr 07, 9.22PM CST.
Ford Mustang Convertible HDR
Düsseldorf, 28.09.2006
See where this picture was taken. [?]
Uploaded by Ozan™ on 29 Sep 06, 1.09PM CST.
See where this picture was taken. [?]
Uploaded by Ozan™ on 29 Sep 06, 1.09PM CST.
Eleanor
Taken at the Mustang Nationals held in Canberra this year.
Uploaded by ~Prescott on 9 Apr 07, 10.53PM CST.
Uploaded by ~Prescott on 9 Apr 07, 10.53PM CST.
Mach None
Me and Joe are on the road to Pearsonville on friday AM. We're gonna stir the petri dish and see if we can breed us a new batch of night photographers. Yes, it's time for the Night Photography and Light Painting workshop! See ya'll next week.
Mid-70s Mustang Mach 1. Visit the set page for more information, and a ton more pix of Pearsonville.
Night, full moon, 2 minute exposure, natural, blue and red-gelled flashlight.
You love it the large way.
Uploaded by Lost America on 9 Oct 08, 7.53PM CST.
Mid-70s Mustang Mach 1. Visit the set page for more information, and a ton more pix of Pearsonville.
Night, full moon, 2 minute exposure, natural, blue and red-gelled flashlight.
You love it the large way.
Uploaded by Lost America on 9 Oct 08, 7.53PM CST.
'65 Mustang Wagon concept car
This was produced for Ford as a concept when the Mustang first came out - many copies have been built since then including a '65 Shelby GT 350 Wagon.
Uploaded by Sedanman on 22 Mar 07, 8.53PM CST.
Uploaded by Sedanman on 22 Mar 07, 8.53PM CST.
Smokin' Red Mustang
Please ask permission if you wish to use this or any other image in my stream. Thank you!
Taken at Elite Auto Service, Colorado Springs.
Thank you for making time to look at my stream! Here are some more compositions you think are interesting!. Thanks and enjoy!
Uploaded by iceman9294 on 16 Feb 07, 5.16PM CST.
Taken at Elite Auto Service, Colorado Springs.
Thank you for making time to look at my stream! Here are some more compositions you think are interesting!. Thanks and enjoy!
Uploaded by iceman9294 on 16 Feb 07, 5.16PM CST.
Coolest Cop Car Ever
Coolest Cop Car Ever
The cops are much cooler in Lake County than they are down in Oceola.
I got a big kick out of telling the officer, would you mind stepping out of the vehicle sir... so I can take your picture?
Fun time in Mt. Dora Florida
The cops are much cooler in Lake County than they are down in Oceola.
I got a big kick out of telling the officer, would you mind stepping out of the vehicle sir... so I can take your picture?
Fun time in Mt. Dora Florida
Ford Mustang on Felixstowe beach
Ford Mustang on Felixstowe beach
So apparently today there was a big classic car show lined up along the promenade on Felixstowe beach - lucky for us Sonia and I bumped into it completely by chance whilst on our way somewhere else.
I managed to get quite a few pictures of loads of dead cool cars but for now I thought I would share just this one of a Ford Mustang which I converted to HDR and added a little bit of the Orton effect to. I don't know if this is a textbook HDR and I know a lot of it is pretty dark, but I like the overall result for what it is.
Uploaded by stevoarnold on 23 Aug 08, 1.15PM CST.
So apparently today there was a big classic car show lined up along the promenade on Felixstowe beach - lucky for us Sonia and I bumped into it completely by chance whilst on our way somewhere else.
I managed to get quite a few pictures of loads of dead cool cars but for now I thought I would share just this one of a Ford Mustang which I converted to HDR and added a little bit of the Orton effect to. I don't know if this is a textbook HDR and I know a lot of it is pretty dark, but I like the overall result for what it is.
Uploaded by stevoarnold on 23 Aug 08, 1.15PM CST.
p!nky style
p!nky style
Taken by : 7MooD
شرايكم فالنيو لووك ^.^
Uploaded by 7моиii - qтя || Made In QTR || on 16 Mar 08, 4.20PM CST.
Taken by : 7MooD
شرايكم فالنيو لووك ^.^
Uploaded by 7моиii - qтя || Made In QTR || on 16 Mar 08, 4.20PM CST.
Six Words You Should Drop from Your Resume
Six Words You Should Drop from Your Resume
By Adam Pash, 11:00 AM on Thu Jan 22 2009, 77,264 views
Whether you're polishing your resume because you've been laid off or you just like to be prepared, weblog Squawkfox suggests six words you should banish from your curriculum vitae.
The six words or phrases described in the post include:
* Responsible for
* Experienced
* Excellent written communication skills
* Team player
* Detail oriented
* Successful
According to the author, these common phrases are problematic because they gloss over what should be an opportunity to demonstrate something specific that you've done. Sure a hiring manager wants you to have experience, but she'd rather know the details. For example:
BAD
* Responsible for writing user guides on deadline.
GOOD
* Wrote six user guides for 15,000 users two weeks before deadline.
By Adam Pash, 11:00 AM on Thu Jan 22 2009, 77,264 views
Whether you're polishing your resume because you've been laid off or you just like to be prepared, weblog Squawkfox suggests six words you should banish from your curriculum vitae.
The six words or phrases described in the post include:
* Responsible for
* Experienced
* Excellent written communication skills
* Team player
* Detail oriented
* Successful
According to the author, these common phrases are problematic because they gloss over what should be an opportunity to demonstrate something specific that you've done. Sure a hiring manager wants you to have experience, but she'd rather know the details. For example:
BAD
* Responsible for writing user guides on deadline.
GOOD
* Wrote six user guides for 15,000 users two weeks before deadline.
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