Friday, April 10, 2009

Read the fine print

We received a couple of letters in the mail from Bank of America a couple of days ago and it looked like on of those privacy disclosure notices that you sometimes get from your credit card company or bank. Well I let it sit there for a day before I decided to open it yesterday and I am so happy I did. It was a BOA way of notifying us of some HUGE changes. Major change was a change in interest rate that could equal a 5% increase. We only have one card with them but we are trying to pay it off this year with that 5% increase we could pay more interest than what we wanted to pay. It gave the option of rejecting the increase but you must agree to not use the card again. DAMN! So you are saying if we don't accept your crappy increase we can't use our card? Just to think we were going to use BOA for all of our financial needs, mortgage, business accounts, checking, savings, and credit cards. WOW, talk about holding someone by the balls. That is okay though. I had my hubby quickly call BOA and cancel the card and we will pay it off promptly and go right back to Chase. BOA better hope Chase doesn't enter the ATL area because we will be changing banks. I am really happy I opened that letter because I could have shredded the mail and that 5% increase would have been effective May 1st. Just goes to show you that you must read the mail that you think is junk. That is how these banks are getting over on us. We don't read our mail and they increase your interest rate on your card, increase your late fees, minimum payments, and credit limits. Then who is left with the Boo Boo face? *fingers pointing at you* :(