More bank shadiness
I received this in email today from the Consumer Reports people. A couple of email hotlinks were provided, not shown below:
Consumer ReportsÂ®: A Publication of Consumers Union
Dear (my name was here, so I know it's not spam),
Bank of America recently announced interest rate increases, even for
responsible card customersÂsome people reported new rates as high as
28%! And the bank didn't make it easy to object.
To decline the rate hike, the bank required card holders to write a
letter agreeing to stop using the card and pay off the existing
balance at the old rate, according to news reports. They couldn't
telephone, nor did Bank of America provide a form or a return
envelope to help meet the short deadline. If the company didn't get a
quick response, rates would automatically rise.
Bank of America is not the only bank to hit card holders with high
rates and fees. Banks get to raise your interest rates, as well as
the fees they charge for most services, because fine print clauses in
your credit card contracts allow it. They don't even have to tell you
why they did it.
Tell Congress to protect card holders from unfair rate hikes,
exorbitant penalty fees and other fine print "gotchas."
As the economy softens, some Wall Street analysts believe that big
banks want to make up their investment losses by raising rates to
good credit card customers.
A bill proposed in Congress would help rein in that practice and
limit other "gotchas." The bill would protect cardholders against
arbitrary interest rate increases; hidden interest charges, due date
traps and more.
This bill is long past due! Tell your lawmakers that you support the
Cardholders' Bill of Rights.
And please, take one more moment to forward this message to people
you know who use credit cards so they can join you in action for
Consumers Union of the U.S.
101 Truman Avenue
Yonkers, NY 10703-1057