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Anonymous User February 10, 2009 at 9:11am
We're dealing with the same situation with Bank of America. We are in the process of closing our checking account with BOA that we've had for over 30 yrs. because of this. My son was paying 7% interest on his credit card account, not missing a payment and not being late. BOA increased his interest rate to 24%. When questioned, reps say the reason is "a change in his credit report". At one point a rep "offered" to decrease his interest rate to 14% but he refused, wanting a lower rate. After a few months of paying 24%, he contacted them again and was going to settle for the 14%. They refused and told him to get another credit card and "build up some credit".
I shredded my BOA charge cards and mailed a letter to close our account. Once I get all my direct deposits changed, I will close my checking and all savings accounts with BOA. My son plans to do the same.
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