How can Bank of America get by with breaching a contract?

Question

In 2005 I used one of the 8.9% balance transfers that were not to increase for the life of the transfer. In 2006 Bank of America changed their coding method to classify this as an ATM, Bank Cash Advance and the rate changed to 9.9%. Two months ago the rate jumped to 24.9% and after an hour on the phone they were going to “try” to reset the rate to 9.9%. The last statement I received still had approximately 25% of the transfer balance at 24.9%. Their response was I did not “OP Out” when I had a choice, which I never received. What legal action does an individual have against them? After all this I do not feel sorry for them every time they announce another write off.

Answer 1

your out of luck...next time read the fine print and all disclaimers

Answer 2

What you need to do is take that information and meet with a manager at the bank.  Be persistent until they correct this.  My take on these kinds of things is that they know 80% of the people will not make the effort to correct this, or not even notice.  So they will fix the ones who do notice.  You have to make the effort to deal with the bureaucracy and the politics.

Answer 3

These practices do seem deceptive, but I'm sure if you were to read the fine print on the original balance transfer and all subsequent fine print you've gotten from BOA, you would see they are within the law.  How such interest rates can be legal I don't know, but they are.  Ask BOA to show you the document where you could have opted out.