The major credit-card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving an explanation for the increase, according to copies of five letters obtained by BusinessWeek. Fine print at the end of the letter—headed “Important Amendment to Your Credit Card Agreement”—advised calling an 800-number for the reason, but consumers who called say they were unable to get a clear answer. “No one could give me an explanation,” says Eric Fresch, a Huron (Ohio) engineer who is on time with his Bank of America card payments and knows of no decline in the status of his overall credit.
Now the kicker of it all
This is what employees have internally on their email too:
best interest!
I inquired about the quote and here is the response I got:
We were told to put that on our emails from Liam (the number 2 guy at
BOA)
He wants all the leaders to be reminded of it everyday