Banks punish perfect customers
Bank of America and others test program that hits their best customers with new fees.
All that responsible behavior is doing nothing for banks. They can't slap a single overdraft fee or service charge on you. It's no fun to have you as a customer because, well, you're just too good!
So now, Bank of America (BAC) and other institutions are testing out a new annual fee for perfect customers.
"There is a big segment of their population that they will have never made any money on, which is people who pay their bills on time every month," a research director at CreditCards.com told CBS News.
Bank of America and Citigroup (C) say they're just testing the fees now, and haven't made any decisions.
This isn't the first time we've seen this. Banks and other credit card companies are jacking up interest rates and closing the accounts of all types of customers -- including those who pay bills religiously.
It boils down to this: How much are Americans willing to take? Banks are trying to find out exactly how far they can push their customers.
When they say they're testing a new fee, they're really waiting to see how many complaints they get.
And I hope everyone who gets thrown into this lose-lose situation complains, because this is no way to treat customers.
Citibank yanks customer cards
It is time to stop making credit card payments.
I hate liars and bullies; both attributes of banks and credit card companies. Watch them come begging when the they are the ones begging for money. The whole credit system is a con artist's deck stacked against every single player on the planet. They buy off congress with donations, which in turn rig the game further. Quite the shell game! They are all crooks that belong in a jail cell with good ole Bernie.
Just refuse to pay until they, the bank, does something.
I had a company line of credit and paid it off or kept a small balance for many years. I paid prime + 3.25% and everthing was great for the bank when the prime rate hovered at 8%.
But when the rate hit 3% and my interest rate was just 6.25%, the bank decided to 'convert' my company line of credit to a company credit card, boosting the interest rate to 12.5%.
I simply maxed the line out and refused to pay! I can easily dump the corporation and create another Delaware corp. with a DBA (Doing Business Ass) assignment so I can keep my original name.
It didn't take long for the bank to 'see it my way' and set me up in a 'repayment' program with 6% interest; less than what I had originally asked for.
Citizens bank recently informed me I would have to pay a $39 annual fee to maintain my Overdraft protection on my accounts if I did not deposit more money with them and maintain a minimum balance of $20,000. Outrageous!! My money in my savings account would transfer to my checking account if needed, which happened once or twice a year at most. It was MY MONEY not theirs. I closed my accounts, to which they never blinked an eye, and moved my funds to my credit union. I will not allow a bank to hold me or my money hostage!
As it stands today; Cancelling CC will affect your FICO score.
Aren't employers using FICO Scores in their hiring decision?
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Longtime market bull Jeremy Siegel says investors could realize the market is behind the curve on interest rates.
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