Bank of America Visa Card
Posted Mar 2, 2011 by anonymous | 189 views | 0 comments
My Bank of America Visa Card from 2002 until the end of 2005 had a minimum monthly payment of two percent, or for my balance about $40. On January 1, 2006 the bank raised my minimum monthly payment almost double, to around $75. Social security is my only income and I could not pay the extra amount monthly. Since January of 20-06 I have continued making the monthly payments of about $41. Now, Bank of America claims I have accumulated $718 in penalties and additional charges. The bank raised the interest rate on the card from 7.9 percent to 31.7 percent. I do not see in the Bank of America Cardholder Agreement for my card authorization to increase the monthly payment, raise the interest rate or charge late fees for not paying their new monthly minimum. Not paying the monthly minimum is NOT late payment. They are charging me each month a late payment fee ($39) for not paying their new minimum. Lawlessness? Loan Sharking? Bernard
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