Bank of America credit card penalty 29.9%

[ZenOps]

http://www.usatoday.com/money/industries/banking/2011-06-16-Bank-of-America-penalty-rates_n.htm

On the off chance any of you bank with the BoA, a single late payment now automatically raises your rates to 29.9% (based on banks discretion)

Somewhere out there a loan shark is laughing.

[RickDaTuner]

I have quickly come to realize that BofA is one of the most expensive money holding institutions out there.
They charge you for everything!

They actually used to charge customers to go into the bank and talk with a teller... A 4.95 fee.. LOL

Actually most if not all American Banking institutions are ridiculous in fees.

State run banks tend to be the better investment, but tend to lack services of the bigger banks

[Mar]

Bank Of America is ridiculous, I had an account with them when I was living in the USA and I went in on a Saturday to make a deposit and the woman told me they couldn't deposit it because the teller part was open but the bank administration is closed on weekends. WTF? So why can't they take it and just put it in the vault when it opens?

Then they said it was so they could associate that deposit with my account because they would charge me back if the money is counterfeit. She told me it's my responsibility to monitor where every bill I receive comes from so that I could in turn return the bill to its point of origin and get my money back from them. Seriously? Ya, I'll keep a fucking spreadsheet, Jesus Christ. I stuck them with a negative balance of $400 and left the country.

[bitteeinbit]

Originally posted by RickDaTuner
I have quickly come to realize that BofA is one of the most expensive money holding institutions out there.
They charge you for everything!

They actually used to charge customers to go into the bank and talk with a teller... A 4.95 fee.. LOL

Actually most if not all American Banking institutions are ridiculous in fees.

State run banks tend to be the better investment, but tend to lack services of the bigger banks
But how can you explain that so many other private banks offer better service and no fee's. I find it amazing that they still have customers if what you guys say is true. I get pissed if I have an ATM fee.

[eblend]

Aren't they the same as mbna? I have their credit card, love it, no fees. Always pay off in full and get cash back like every month

[dezmarez]

It's only on late payments. If people are paying their bills on time there shouldn't be an issue.

[bitteeinbit]

mbna? Never heard of them. I'm looking at their cheaptickets credit card, which links me to travelfree.ca but there is no info as to how many points you need to deduct X amount of $$...Anyone have any info on this?