Wednesday, April 15, 2009

A GIFT TO CONSUMERS FROM BANK OF AMERICA

Ah, good old Bank of America, one of the largest financial institutions on the world. They're also a bunch of crooks!

It took me quite a long time to find a number for the amount of taxpayer money has been handed to Bank of America. I finally found a January, 2009 article on CNN.com that listed the amount of bailout money given to Bank of America as $45,000,000,000 (45 billion).

In the mail today, we received a notice from Bank of America that they are raising the fees for a number of credit card transactions: ATM cash advances, balance transfers, bank cash advances, cash equivalents, check cash advances, direct deposit cash advances, wire transfer purchases.

The new transaction fee for the above will be 4% of each transaction, with a minimum of $10. So if you go to the ATM machine or walk into a BofA bank to get $100 cash with your BofA credit card, they will charge you 4% (4 dollars) - but wait, it will actually be 10% because the minimum fee is $10.

They are also expanding the definition of "foreign transactions" to include transactions in U.S. dollars made outside of the United States (this includes online purchases from foreign merchants). Bank of America will now get 3% on any of these transactions.

Doesn't it make you proud that $45 billion of our tax dollars went to Bank of America, and they thank us by raising the fees on our credit card transactions?

These folks are slime - sorry, but it's true. I recently caught them red-handed trying to cheat us out of $40. A $40 "late payment" fee showed up on a recent credit card statement from BofA. I called them to ask about this. We pay bills electronically, and the electronic payment was made about 3 days prior to the payment due date. But what I was told was that the payment wasn't posted by BofA until several days after the payment due date, therefore it was a late payment. It is up to me, I was told, to get the payment to Bank of America early enough to be posted. I didn't agree - if the payment was made electronically (i.e. instantaneously) then the day it was paid is the day it was paid. They did me a favor and credited the amount of the late fee!

I'd like to know why the government is giving these folks billions of dollars, and they turn around and raise their fees, and try to cheat people a few dollars at a time. Let's have some real regulation here.

(A day later: oh yes, I forgot. Another full-page add today in the NY Times by Bank of America telling us all how wonderful they are. My sources say that an ad like this is easily $100,000. No wonder they want more from me in the way of fees.)

1 comment:

Tiffany said...

By the way - Capital One still doesn't charge for overseas transactions - handy if you're travelling.

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