Jungle Jim Locks Horns with Bank of America

I have written previously about how Bank of America tried to raise the interest rate on my visa account from a fixed 9.90% rate to 23.99% variable. I declined this generous offer and sent them my own amendment to lower the rate to 3.99%. The bank did not respond to my amendment, even though I gave them over a month to do so.

Therefore, the interest rate on my card should now be 3.99%. However, the bank ignored the change of terms in their latest statement and went ahead and billed me at the old 9.90% rate. I called them today and complained. The man at customer service said that I could not do what I have done "because you do not own the bank. Your amendment has no meaning."

It is true that I do not own the bank. That is irrelevant. I proposed an amendment to our agreement just as they did, and gave them the appropriate amount of time to reject the amendment, which they failed to do.

So, I sent them the following letter today, and CC'd to Kenneth Lewis, Chairman of Bank of America:

May 5, 2008

Bank of America
P. O. Box 15565
Wilmington, DE 19850



Re: Visa account # XXXX


Dear Sir or Madame:


I am writing to complain of the inaccurate bill I recently received from you concerning the above Visa account, a copy of which is enclosed. In the bill you charge me a 9.90% Annual Percentage Rate on the outstanding balance on this account, for a total of $97.13 finance charges for the billing cycle that closed on April 25, 2008. The interest rate and finance charges are inaccurate and do not reflect the current status of our agreement.

On January 29, 2008, I sent you an amendment to our agreement. A copy of the amendment is enclosed. I proposed a reduction of the interest rate on this account to 3.99% Annual Percentage Rate. You did not have to accept this amendment. I gave you until March 2, 2008 to give me your rejection in writing, but you did not respond. I sent this amendment to you at P. O. Box 53113, Phoenix, AZ 85072-3113, which is the same address from which I received a proposed amendment from you that same month.

Since you did not respond, the Annual Percentage Rate on this account is now 3.99% fixed.

At the new interest rate of 3.99%, the daily periodic rate will be 0.010932% and the finance charges on this account for the billing cycle that ended on April 25, 2008 are $39.15. Please adjust your records accordingly and send me a corrected statement.

Sincerely,

Jungle Jim

cc: Mr. Kenneth D. Lewis

I sent all that to Big Ken, along with this letter:

May 5, 2008

Mr. Kenneth D. Lewis
Chairman, CEO and President
Bank of America
Bank of America Corporate Center
Charlotte, NC 28255


Dear Mr. Lewis:

I am a customer of your bank’s credit card business. I am writing to you because your employees are not acting in good faith and are treating me unfairly. Please see the enclosed copy of my complaint and supporting evidence.


Sincerely,


Jungle Jim

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