(Cont).
Now for my customer advocacy soapbox:

When we began to hear that these major banks were reporting profits just one year after the world's most dire meltdown since the Great Depression, you begin to wonder how they’re making that money back and where they’re getting all that cash flow. Here’s a theory --- perhaps this new money trough is coming from us regular creditworthy folks who regularly pay on time. It's folks like us who just got screwed over because the "profit gurus" at the banks realized it's this segment of the market (the bread and butter customers) that can best absorb sudden rate increases without risking default. It's these same customers, who even with the interest hikes probably won't cancel their cards for fear it may lower their credit score or have some other impact. And since most people are not wealthy, there may not be another option for buying things on credit.

What about the new market rate averages (12-14%)? Can we say collusion, anyone? These banking gurus probably figured out that if all the major banks are do the same thing at the same time (raising rates before the government-mandated regulations kick in) -- then there is no need for banks to worry about long term customer value (LTV).

(Cont)
How many of us get junk mail from our banks that we never read? You know, those stupid blank checks we never use! “Paperless” banking is so much convenient because you don’t have to worry about rummaging through scores of promotional bank mailers and similar junk mail in order to find your current bank statement. The problem is that just because people agree to go “paperless”, it doesn’t mean the bank is obliged to inform you of changes electronically. That would make too much sense these days. Where’s the e-mail alert or the easy to notice “Important” hyperlink somewhere by the electronic statement? Well, it isn’t there, probably for good reason – it would be too easy to spot.

I too was raked on the coals recently by BOA’s Credit Card division. My story and situation is different, but there's a thread going on here that's not just happening at BOA, it's the same story at all the major banks – “good [loyal] customers” with revolving accounts are picking up the tab for last year’s catastrophic bank losses.

Despite having prime credit status and 15 years of good history (rarely late) with the same organization, I surprisingly had a 5% "across the board" rate hike on two of my cards in June. The new rate caused my interest obligations to increase approx. $125 per month, or $1,500 extra per year. I called to inquire and was told by an agent BOA that “the cost of business” has gone up and I was selected among others for a rate increase. He also told me that BOA sent me a “rate increase letter” via mail in April which included a 30-day opt-out option. Because I had gone “paperless” on my account years ago, I had little reason to open any mailer from Bank of America – most are promos and the majority of their letters look the same. And so, I missed the opt-out deadline – aka screwed.

The current method of informing customers about pending rate increases are deceptively old-fashioned and the main source of my complaint, one that makes me want to write to my local Congressman.

I believe that the companys are not in the wrong, I am 18 years old and i believe that the only ones hurting americans is themselves in most cases. Because simply we do not read our disclosures and the agreements we sign. I have just turned 18 and my signature is my name and my word. Reer'ed in the great state of west virginia we are taught this at a young age that only two things are handed to you in life one being your name and the second your family's love. You are adults with much more life experience than myself. I hold accounts with different banks and I have read everything that i have signed which means no surprises no hidden fees. I am looking to open a small credit line to build my credit. Now when people take out credit cards at "introductory rates" the key word being introductory. does everyone believe this rate is handed you as a birth right? no these introductory rates are for good customers that take a card put a small balance that they can control we can no longer rob peter to pay paul because peter is going to start looking for his money. So you tell me when will someone finally say "I did it on purpose not on accident" the control is in your hands not theres do it for yourself not me not anyone. -sincerely no more cry babies

GMs. Minch,

You are to be hailed as a champion of the many victims of the predatory practices by the Credit Card Companies that has gone on for far too long. Unfortuntately, many members of Congress are to be held accountable for this outrageous state of affairs as well since they were the ones who passed legislation that made their actions legal.

Therefore, it is time to send those elected officials who voted in favor of the Bankruptcy law, which enabled the financial institutions to get away with their unscrupolous actions, packing at election time. They are as corrupt as the Senators of ancient Rome and have helped to contribute to the economic collapse that we are now experiencing.

Just because Wall Street says the economy is recovering, we should ask for whom it is recovering. The Wall Street Bankers, not those of us who are struggling to survive economically by paying outrageous interest rates that they have mandated we should incur. Let them eat higher interest rates! Marie Antoinette could not have said it better. However, Wall Street, like the Bastile, can be stormed.

Good luck!

I have been sending bills to merchants when they make mistakes and won't correct them.
For instance, one company failed to send insurance confirmation to a bank and I did all
their work to get it straightened out, I sent them a bill for my time, copies, etc. and every
month until it was paid, I charged a service fee and interest. At that time, it was 2% on the unpaid balance. Now, I charge a daily compounded interest rate just like they do plus late fees, just like they do. Have a bill for Dish Network. (In Attorney General's hand for unfair practices,) People thought I was crazy, but I was just mad and angry with all the gimicks they have. I call it theft by deception. Or unjust enrichment. I will not hesitate to go to small claims on stuff anymore. I am tirred of it all. Hope others stand up, too.

You will notice that the credit card legislation, a few months ago, which was touted as a major victory for consumers had usurious interest rates excised from it. Kind of like owning a guard dog with no teeth. Effing banks, it's no wonder Thomas Jefferson despised them!

We got a letter from B of A two weeks ago telling us they were raising our interest rate from 10.99% to 27.24% because I paid online ONE day after the payment due date. We have had this B of A credit card for over 5 years and have spent 10s of thousands of dollars and have always paid on time and now that we are one day late past the due date they are increasing our rate. I just sent them a message requesting that Jeff Crawford or someone authorized to discuss our situation contact me immediately. I'm curious to what their response will be.

Imagine if the government, instead of giving billions to banks, had paid off the debts of everyone and set up a 10 year repayment plan with no more fees or interest for each individual. Clean slate, no more ever-increasing interest rates, no more late fees, foreclosures, liens, garnishments, debt-fueled bankruptcy. Then Regulate the financial sector to cap the interest that they can charge at a reasonable flat rate, no more ARMS, no more exotic financial instruments, no more selling mortgages in bundles to foreign investors.
Americans would be made debt-free, the banks would be made whole, no more toxic assets on their books, housing decline would end.
Instead they gave it to the financial institutions who turned around and pocketed the enormous profits they made from tax-payer funded bailouts. So glad we let them borrow our money and no interest.

Miss Minch,

YOU LET B.O.A OFF WAY TO EASY!!! IF the 240,000+ Bank of America card holders who watched your video TODAY DECIDED TO DO the same thing as you....

EVEN PRESIDENT OBAMA COULD NOT SAVE THEM(BOA)

IMAGINE!!

IT IS TIME FOR "THE PEOPLE" TO TAKE BACK THIS COUNTRY FROM THE CREDIT CARD
COMPANIES!!

MISS MINCH, YOU HAVE JUST PROVEN THAT IT CAN BE DONE!!!

GOD BLESS YOU!!

Yep, Bank of America did something like that to me,we put money in our savings account and we took money out at the atm and in the branch.never once did the reciept say they were charging 10.00 to take money from that account ....not until we got our monthly statement that is, everytime we used our card they charged me 10.00 each time, and they had the nerve to take away my keep the change rewards (the most i could've gotten was 1.50 back) because we didn't have enough money in our checking account but yet I had enough for them to charge me 10.00.........now I must fight them for my 150.00 they charged me

The operative clause in this entire story is:"...Bank of America has agreed to reduce her rate."

So while Ms Minch gets a slightly reduced credit interest rate will it mean millions of other BoA credit card customers will get the same deal?

No.

And the next guy who tries Ms Minch's method will get absolutely nowhere fast. I can imagine BoA execs are already planning for such a contingency.

My advise to Ms Minch is, pay off the balance, tear up the card and never do business with BoA ever again.

Dear Ms. Minch;

FYI, 12.99% is NOT a good interest rate . . . it is a ripoff. If you have good credit and good payment history, you should negotiate that 12.99% interest down to 5% or 6% where it belongs. The credit card company should be ashamed of themselves for charging such a high interest rate.

And Ms. Minch, do yourself a favor and renegotiate that fee! BoA is not doing you a favor by lowering the rate to 12.99%.

I just became aware of this 'fight for her right' recently, and just viewed her newest video. I personally agree with the basics of what she has to say, and I also agree with some of the comments that were made by the readers. Yes, getting an over 12% interest and feeling like you are getting a 'great deal' or a win has it's downside for sure. I certainly agree with those of you who stated that.
My credit score and situation has taken a HUGE hit when I lost my home and had it for over 22 years. Long story......... I lost it to a 'short sale' and I did not get ONE DIME from that home, which I should have gotten at least $280.000 in my pocket!!! Hurt? I can't begin to tell you!
I am one of thousands that have had this happen to. Just wanted you to know out there on this subject, that you are not alone and we have to do something TOGETHER to make these things better or more fair to us. I am punished every time I turn around, from getting car insurances, quotes, with everything!!!
Thanks, I know I ranted here quite a bit, and I apologize, but seeing this story has gotten all those hurts and frustrations surfacing again. If you want to talk or share this, please comment back, or email me at nurseinfla­@aol.com..­.... Take care, good luck,, and hang in there.

I take that back. The only winners here are BofA.
Ann still has an interest rate that only a proletariat could love.