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BOA is losing its loyal customer base and here is a reason why.

Posted Thu January 7, 2010 9:32 pm, by Daniel W. written to Bank of America

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I HAD 3 credit cards and a line of credit with Bank of America. Every time I paid it down to zero, I would get a letter saying because of my credit rating, my credit card is shut down. Now even my line of credit is shut down. Every time one of my credit card is shut down, my credit rating goes down because I am now using closing to my max in my credit line again.

I feel like I am being punished for paying down the credit cards. As for my $6000 or so that I still owe in my line of credit... I am just going to pay the minimal from now on. Or maybe I'll just pay it off and leave (guess the credit department does not look at my checking and saving and knows that I can pay it off).

What really annoy me is that now I can't use the Shop Safe feature when I shop online because I don't have a credit card with Bank of America.

I've been with BOA since the 1980s and a loyal customer. I have a good job despite the economy and I always pay my bills with BOA.

I am now seriously thinking of leaving as evidently BOA is telling me to leave after my 3rd credit card cancelation after I paid it down. I guess I am kind of dense and not get the message from BOA to tell me to leave. I will put my automatic deposit into another bank.

No wonder the stock price of BOA is so low compare to other banks like Wells Fargo or US Bank if it keep treating its loyal customers like dirt. I am seriously thinking of shorting BOA.

The Shop Safe feature is nice. Give me a credit card with low limit like a $1000 so I can at least use it to shop online.

Look at the staff at the credit department, they need some extra retraining as they are getting rid of loyal customers in the name of controlling credit risks. What they are doing is call sub-optimizing. In another word, they look good as a result of what they did, but it ends up killing the company in the long run because they will lose loyal customers who always pay their bills with BOA. When the economy turns, these loyal customers will not come back once they leave.


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by Palsgraf Posted Fri January 8, 2010 @ 2:56 PM

We recently received a letter from B of A stating that they're
changing the interest rate on our line of credit from fixed to
variable (i.e. as low as our former fixed rate, but up to
sky's-the-limit).

We wrote back that we wished to opt-out from the change and close our
account - as we've done with all but one credit card so far. But B of
A replied that opting-out wasn't an option.

I was ready to start writing to government agencies and politicians
and start a website to warn others against banking with them when they
wrote again to tell us that they no longer intend to change it to a
variable rate.

Apparently this change was already all over the news.

So yes, I agree that the bank is acting stupidly in seeking short-term
fixes to their problems that will end up biting them in the behind in
the years to come.

We'll pay off and close that credit line once I've paid off the two
now-closed credit card accounts with higher rates.

Dump B of A and ANY BANK that treats you like that. You can find
better.

Best wishes!

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by Donno Posted Thu January 7, 2010 @ 10:07 PM

I had a little trouble following what happened, and in what order.
However, piecing things together it sounds like all your BoA credit
cards have been shut down, as well as your credit line which still has
a balance.

BoA seems to be sending you a very clear message - they don't want to
lend you any more money for some reason.

Carrying a $6000 balance on your credit line may be a factor. Did you
call them and ask?

I happen to have stock in Wells and PNC Bank. I don't like BoA
because they have become a behemoth and their customer service
thoroughly sucks. However, they are in so many different business
areas, if they get their act together their stock will probably do
even better than it has recently. Remember one big hit to the company
came with the Merrill Lynch debacle.

If you need a credit card, you may want to start looking elsewhere.
It sounds like all the doors have been closed at BoA.

BoA stock is actually up 400% since its low last year. That would be
quite an investment if you got in at $3.40 a share.

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