We have had a credit card and bank account with Military Bank of America. DO NOT DO BUSINESS WITH BANK OF AMERICA! We have historically always carried a very high balance in our checking account and had a credit limit of more than $17,000 on our credit card since I use it for my personal business expenses. I had a charge declined and call BOA to find out why. They informed me that they had reduced my credit limit to $11,000 w/o prior notification. When I questioned it, they came back and reduced it again to $8,500!!!! We have NEVER had a late payment and always pay more than the min. due, if not pay the balance. This is absolutely outrageous! Needless to say, Bank of America will lose our business!
It has nothing to do with Bank of America there is LOTS of banks that are doing that even with people that are paying it off each month. It is because of the economy right now that they are making sure that they are not over extended. So do not necessarily close the account yet. Did you talk to a supervisor about this, explaining that you do have more than enough and it is part of your business.
I'm sorry to say that it doesn't surprise me at all. I hate BofA, and Wells Fargo isn't much better. BofA has a history of screwing over their customers--more complaints about them than good things to say. Hell, with me they ran a check through. It bounced costing $25. Then they proceeded to run it through 4-5 times every day for the next FIVE days. Common sense tells me that you run it 2 times then send it back--but maybe that's just me. They ended up charging me over $600 in NSF fees for a check for just $25.....that was an extremely expensive gallon of milk, eggs, cheese, and cereal. I went into the branch on the first of the month---when I knew that it would be packed with welfare recipients(which I was at the time), construction folks, etc...and raised some serious hell in that branch. I was hollering at them, demanding to speak to management, letting everyone know just how much they charged me for this BS, etc. I even told them that I had to call my mama to borrow money to cover this ridiculous fee--and I did too. Well I achieved my goal: go in and raise hell, talk to management, they agreed to waive all but 2 of the fees, and I thanked them.
Then I turned around and closed the account and walked out the door.
Agreed, worst bank ever. Cant handle mortgages, always losing paperwork, no one on the phone has any authority to do anything and then once they hang up they forget about you. Its like bank of america is run by the govt. Its the dmv of banks.
BOA is definitely a bank to steer clear of. I was never a customer, but I did work for the credit card fraud department for Eastbay. When we came across an order that was suspicious (which was most of the time) we called the credit card company to see if they could contact the card holder and verify the order. Every card company was usually very appreciative to get the heads up before the order actually went through and would usually call the cardholder while we waited on hold. The exception was Bank Of America and Chase. They always told us that if it was a fraudulent order the cardholder would see it on their statement and give them a call and they would handle it from there. Those banks have shown me numerous times that they don't care about their customers at all and I feel bad for anyone who banks with them. Do yourself a favor and stay away.
