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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
This makes just as much sense as raising the interest rate on customers that can't pay their bill on time. If they can't pay the bill on time, how does issuing a late fee and raising the interest rate to 30% or higher help the situation. With newly enacted laws, credit card companies are now raising interest rates just because before the law takes effect. I was just notified that my card is jumping to 29.99% effective Nov. 1 because of the new law. Who would want to carry a balance at that rate?
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Are they prepared to forfeit the 2-4% transaction charge that vendors pay???
(I'm quite confident these individuals will cancel their cards and start using cash...)
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10/27/09 | Report as spam
Best method to loose customers
If I was a Bank of America card holder and that happened to me I'd cancel my card immediately. Yes, I'm one of those 'good credit deadbeats' that pays off my card every month. I only use a credit card because I get cash back (I'll let you guess which card). I'm sure I'm in the minority so they should have plenty of customers to make money off of.
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10/27/09 | Report as spam
No its first experiment
I am a B of A customer who pays off his balance in full each month and I just ran into another issue with the company. Suddenly, B of A no longer provides fixed monthly billings. I get paid twice a month and pay my bills twice a month. But now that I can never rely on my B of A statement being due on or about a fixed date, I run the risk of being late with a payment. Or, as happened this month, I made a payment based on the balance on the Web site and I paid charges from a period that hadn't closed yet.
Bank of America will drive us nuts with fees while they pay out bonuses to those who saddled them with customers who couldn't pay.
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
since mr. giannini, i believe that was the founder's name, lost out to the sharks that ran Bof A for years in CA and then they sold out to the rather criminal bunch in n. carolia, it is one of the major banks that one does not want to deal with. only the unknowledgeable would have an account with them. in the past there used to be web sites where one could find banks issuing cards at much lower rates. i am sure they still exist.i had cards from some of these in the past and were i needing a card today i would look for these kinds of banks and stay away from the thieves that are running the major banks today. they have absolutely no interest in customer servioce other than to gouge their customers and clients whenever they can
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
since mr. giannini, i believe that was the founder's name, lost out to the sharks that ran Bof A for years in CA and then they sold out to the rather criminal bunch in n. carolia, it is one of the major banks that one does not want to deal with. only the unknowledgeable would have an account with them. in the past there used to be web sites where one could find banks issuing cards at much lower rates. i am sure they still exist.i had cards from some of these in the past and were i needing a card today i would look for these kinds of banks and stay away from the thieves that are running the major banks today. they have absolutely no interest in customer servioce other than to gouge their customers and clients whenever they can
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10/27/09 | Report as spam
B of A = Braindead of America?
Americans only have themselves to blame. All the time, I hear people
complaining about BofA and how they've been screwed one way or
another. (I've refused to have anything to do with them for over 30
years) But when I ask why after all the abuse they stay with BofA,
people usually just shrug. I guess they'd rather gripe than actually
do something about it, like finding a bank that isn't constantly on
the prowl to find new ways to screw their most loyal customers.
I do all my banking with small local banks, where the staff actually
knows me by both name and face. If I ever wanted to, I could get the
president on the phone nearly immediately. And when my small local
bank inevitably gets bought out by a large megabank, (which has
happened several times) I move to a new one.
As long as American consumers tolerate this kind of behavior from the
megabanks, they will be abused. It really is a choice.
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8
10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
To quote Oscar Wilde, 'No good deed goes unpunished'. Now my version is more like, "Why work for our money when we can put it to the saps and what choice do they have if all other similar companies follows suite with our great ideas." Good thing we have a fairly regulated financial system with no graft and corruption or collusion with government officials, huh?...
...No wait, we have lobbyist, no longer is there "power by the people for the people" it is the Wizard of Id scenario where the Golden Rule is "He who has gold rules."
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10/27/09 | Report as spam
Bank of America is the dirtbag of all banks
I seriously suggest anyone with an BoA account to withdraw all their money and stick it elsewhere. BoA is NOT in the business of providing banking services to customers. BoA is in the business of siphoning off as much money from their victims as they can get away with. They are totally immoral, definately unethical, and if legal, just barely.
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Seems to me this was an idea that was floated about 10 or 15 years ago (don't remember if it was B of A). It went over like a lead balloon then and it will do so now if people can get their rear in gear and change cards, write whomever they want to write, and generally be financially savvy.
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
I remember a time when almost ever card charged an annual fee.
I started using my bank of America card because I could get it for
free by having it linked to a checking account with overdraft
protection. From what I can see, most of the cards that will be charged are those that provide "rewards" such as miles and the like.
Mine is a plain vanilla card which I pay off every month.
The fact I have a good chunk of change in their bank is likely to
give them pause before they include me too.
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10/27/09 | Report as spam
It's really quite simple
just close your account. When B of A sees their safest customers leaving, they will change their tune. Their competitors will also notice the reaction and not repeat the mistake.
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Goodby B of A. They seem to forget that customers tend to use
full service banks. If my $140,000 Pension and Social Security
deposits warrant credit card fees then I am gone. Have other
cards without fees that I can use just as easily.
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Ha ha ha. I'm one of those people. Can you say 'Cancel That Card?
I knew you could.' They will get whiplash from how fast that card
will get cut up and trashed. Let them try.
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10/27/09 | Report as spam
Bank of Your Money Is Not Really Yours
What... the ... FRAK.
I don?t begrudge the banks for trying to make a little money on customers that rarely pay interest
They already make money when you use the card to charge something!!!!
BofA is one of the sleeziest banks out there, and this just proves it further.
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10/27/09 | Report as spam
truly criminal....and worse than ever
in the late 70s, b of a forced me to pay into a special impound
account out of which they were to pay my real estate taxes...it was
built into the monthly mortgage payment
two years in a row, they kept the impound money and i had to pay my
taxes twice...so i went into the branch and staged a sit-in...when
they threatened to call the police, i called their bluff...i walked
out a few minutes later with all the money in the impound account
which they closed and deducted from my mortgage payment
i few weeks later the branch manager was fired for not paying my
taxes as contracted...or anyone else's with such an account
today, they'd never fire such an 'inventive' manager...b of a would
promote that branch manager
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10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
This is just another bad management decision that drives businesses into failure. Just an old fashioned idea, but the way to make money is to make customers happy, so that they won't be other company's customers. If BOA does this insane decision, they won't be around long. Other large banks are licking their chops watching this disaster.
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18
10/27/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Oops... Maybe I spoke too soon. I guess BOA wants to be bailed out, huh? Do something dumb, go under, get bailed out. Why not replace the inept management of the bank? They graduated from the University of Dumb Ass.
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19
10/28/09 | Report as spam
Not so smart.
I just got notified by CitiBank that my rate will be 29.99% -- I don't even carry a balance, but should I make a late payment, I'll be out their $39 penalty PLUS a big slug of interest, PLUS I know they'll manage to sock me with another interest payment next month even if I pay in full and on time.
Screw that -- Tony Soprano offered better terms!
I just finished switching all my automatic payments to another card (took about 20 minutes on the internet), and then I took a pair of scissors and cut the sucker in half. If everyone did the same, and mailed the pieces to the CEOs of Citi or BofA, maybe they'd get the message.
My advice: Go to your local credit union, where you can get a fair deal from decent people in your own community.
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20
10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
I have a B of A card and have not yet had any trouble with it. Yeah, they lowered my credit limit, but it was way too huge anyway. Now, it's only moderately huge.
However, if they start charging me an annual fee, I'm outta there. I pay my bill in full every month, and I'm not going to let them punish me for that.
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21
10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Here's an idea: As a small gesture of gratitude to the taxpayers of today and tomorrow upon whose backs the financial industry was rescued from its own greed and stupidity, how about all the credit card issuers start paying their customers an annual fee for the privilege of having their business?
I pay my BoA card in full every month and have never had a problem with them, but if I see so much as a whisper about an annual fee on my statement, I am G-O-N-E gone. And the cut-up pieces will be sent certified mail to BoA's CEO.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Here's the deal folks: the banks are squeezing everybody and when their squeeze pushes some over the edge they have to squeeze those who remain all the harder. Look into Advanta Bank and what's happened to it, because that's the template for what's happening to the other major banks.
Ann Minch is fighting back, and so should you ... but if the banks have already pushed you under then you need to know how to fight against what comes next--and that's where my book comes in. Check my YouTube channel: DebtNavigation.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
B and A is not the only one doing this type of creative accounting. My daughter recently over drew her checking account by $50.00 for college tuition. She realized the mistake and within "less than 30 miutes" of the orignal transaction, had transfered money from her savings to cover it. The bank still tried to charge her $200.00 in over draft fees.
Needless to say, none of our family does business with that bank.
If this is the way that all financial institutions are going to be, I am going to buy a bigger mattress for a savings account.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Why should we have any choice? I started with a local bank 40 years ago which paid a guaranteed 5% interest on savings and totally free checking with no strings attached. Needless to say they profitted by having the float of my money and the ability to make sound loans with it. They were bought out by another bank, who was bought by another bank, who was bought by BoA. BoA has also used all its power to force our government to deregulate them and eliminate government to protect consumer investments. They only seem to be interested in providing multi-million dollar salaries to their executives, never the effect on consumers.
When they took over Fleet, they dumped a much better on-line banking system to force us to use their system. While other credit cards and banks allow live updates to Quicken, BoA charges for this priviledge.
I believe their ultimate goal is to be The Bank by buying up all the other banks, and then charging us to deposit, keep or withdraw our money - even if we don't have an account with them - simply because all transactions will need to pass through their clutches.
Bottom line - they never cared about alienating consumers before and there is no reason to believe they ever will.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
I would cancel that card in a heartbeat. I once tried to get a credit card interest rate lowered and even though they eventually did it, they would have preferred I could have transferred some more debt onto the card before doing so. This and the low interest rates they give are all together insane. May be time to go back to the mattress.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Yet another reason to stop dealing with banks. Go yo your local credit union. Open a savings and checking, get your credit card through them, and stop paying outlandish fees to bankers that believe that your money belongs to them.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
I echo the sentiments here: I don't do annual fees (or any other fees), period. Around 9 years ago I had a BofA money market account earning something like 0.75% interest. I switched to an online bank offering 6.18% on a checking account (and that same rate for money market). Other banks find a way to offer value and turn a profit, so reward them for a win-win outcome. That's an old-fashioned concept: earning customers business.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
The reason to use BofA is that they offer something the others don't -- like a good interest deal, a handy branch, or fee-free use of ATMs in Europe (betcha didn't know about that).
When they stop offering something better, savvy customers switch to someone who does. Even better, they cherry-pick. For instance, keep a free BofA checking account for use only when you need cash in Europe; use other banks for everything else; use free, fast transfers to keep it stocked.
Cherry-picking, made necessary by their not offering a comprehensively good deal, actually increases their costs. This is a plus in my book. "Customer loyalty" starts and ends with "corporate loyalty". When BofA learns this, they'll understand how to cut costs effectively.
PS. BofA supports free downloads to Quicken. Maybe not Quickbooks, though; I dunno.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Great idea and when I cancel my credit card, I'll also move my CDs and checking account.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Bank of America added some credit assurance program to my bills and when I questioned them, they said it would take 5 months to verify approval. I assume this is because I pay off my entire balance every month? I threatened to take my business elsewhere and they did nothing. This crap doesn?t surprise me at all. I closed 2 business cards, 1 personal card, 1 checking account and 1 savings account. I guess they are just too big of a company to be concerned with losing the business of someone like me. I am glad to be done with them!
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
DUMB, DUMB, DUMB, AND DUMB
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32
10/28/09 | Report as spam
their mortgage department is crooks also
I requested my PMI payoff from them and they changed the term of my initial loan contract. By law it is 78% for PMI removal. They said it is 75% that they want. I agreed to 78% when the loan was originated. Have sent it to the Feds for investigation but thats like dropping pennies in a well . No one ever got their wish granted that way.
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10/28/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
RE:their mortgage department is crooks also
You might want to checkout this WEB link to see how it applies to you.
http://www.frbsf.org/publications/consumer/pmi.html
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11/04/09 | Report as spam
RE: Smart idea? Alienating customers with perfect credit
Shelly has a point, particularly as it relates to the huge up surge in credit card delinquency. The fee that Shelly refers to is called an "interchange" fee calculated as a percentage of the sale and is collected by the bank processing the merchant where you use your card. It's part of the total merchant processing fee. It's paid to the cardholder's bank...in this case B of A., simply for the privilege of having sent their card holder to that merchant...i.e no heavy lifting.
Interestingly, it is set by Master card and Visa, not the banks and built into the total merchant processing fee.
I ran a billion dollar credit card business for a regional bank for a number of years. We used to look at the interchange fees we received as pure return with virtually no credit risk or processing cost attached... as opposed to a credit transaction which has processing costs, interest costs, collection costs and loan loss reserves against it along with the possibility of it going delinquent and getting charged off. (credit risk)
We actually targeted over 50% of our new card marketing budget to folks who didn't carry balances. We also grew our bottom line by over 140% by shaping our portfolio in that fashion.
One wonders what B of A is thinking...or is thinking the wrong word?
