Honesty is Not Your Policy

Honesty, is not your policy, Bank of America! You claim in your television ads and on your website itself, that you will work with cardmembers who are having trouble making payments. Bank of America, you say you want to be there for the people because you “Understand that these are tough times.”Just call 1-888-800-5160 to make payment arrangements, you say.

Sure does sound good, doesn’t it? Who couldn’t use a little understanding and relief, right?  Well, let’s back up a step and see how things really play out.

The reality has a far more devastating and lasting impact. Initially, a partial payment is treated the same as a “late” payment, even if received well before the due date. This is because not all the money was sent and therefore, you also get a thirty-nine dollar late charge attached to your balance. Calling the 1-888-800-5160 number, you get a person who acts like they are willing to help. You let them know what you can pay at this time, what the situation is, point out your solid payment history up to this one payment and get confirmation from this person that these extra charges and fees will now stop due to this payment plan. You get off the phone feeling hopeful.

Not so fast.  Now, suddenly, you start receiving threatening phone calls from something called FAI. A collections agency that Bank of America has turned you name over to as soon as you made that one partial payment. Did they bother to contact you, either by email or letter to discuss payment options first? No. Did they bother to call this agency back and let them know that there was a payment agreement in place? No.

What do you have to look forward to on a daily basis? I’ll tell you. For starters, this collection agency, FAI, will  call your house, fifteen to twenty  times a day, on average. Sometimes, if you happen to pick up to, yet again, tell them there is already a payment arrangement in place with Bank of America, they will demand you give them a check over the phone for the amount over the limit. In essence, they want your checking account information!  Sure, like that is going to happen!  Besides which, the only one adding any new charges that is affecting the balance, is Bank of America, itself!

Now, check your account information again and you will get a nasty surprise. Within twenty-four hours of having set up a payment plan with Bank of America two things are going to happen. First, your balance is going to suddenly increase by almost three hundred dollars. Second, you are going to get an email telling you that your payment date has been moved up a week and your minimum due is not what you agreed to on the phone for the payment plan! Your new minimum due is now, no less than four times what it was last month! Clearly it is stated that if you do not pay the minimum due, a late charge will be assessed! That is how Bank of America works with its cardholders in these rough times. It makes promises it has no intention of keeping. Clearly, honesty is not your policy, Bank of America!

 ****For more on this story check out “Bank of America Fleeces the Public” and “What a Crock!” by Gail Gunter.