Posts Tagged ‘Bank of America Corporation’

Why Are Banks So Frustrating?

Tuesday, October 20th, 2009

Like everyone else who has ever dealt with a bank, I can sometimes become very frustrated at the stuff that the bank puts you through. The biggest example, which there is no need to rehash here, is the entire TD Bank debacle that is losing that bank thousands of customers (myself included). In order to free myself from the cold, faceless, nameless bank that bought up Commerce Bank, I’ve decided to switch to a local, community bank in my area called Central Jersey Bank.

But my aggravation this morning comes from the Bank of America. You see, once upon a time I opened up a credit card account with a group whose name I can’t remember now. Then that group was purchased by a company called MBNA. Then MBNA was purchased by the Bank of America. And thus I have a credit card with the Bank of America. In general, I don’t have many complaints about the Bank of America, but I think in their attempt to do the right thing, they’ve managed to bring me some added aggravation.

Apparently, some Bank of America credit card numbers were compromised the other day and the bank did the right thing by immediately eliminating those account numbers and issuing new ones. However, they didn’t send the new credit cards out until yesterday. Why the delay? Yes, I understand that these cards needed to be printed and shipped (and, hopefully, checked for accuracy along the way). Yet, this delay in sending the new credit cards has left me here on Tuesday morning with a credit card that doesn’t work (the old one with the old number). This wouldn’t be a problem except for the fact that I intend to use my credit card this Friday night. And since my official mailing address is in North Jersey while I live in Central Jersey, I am now faced with the problem of getting this credit card into my little hands before Friday night when I have a packed schedule for the rest of the week.

So – like I said earlier – Bank of America did the right thing by having a new credit card issued, but dropped the ball by not sending the replacement card much earlier than yesterday. That’s okay, though. It’s good to know that at least one bank out there is trying to do the right thing by its customers.

How About That Stock Market, Huh?

Thursday, August 20th, 2009

Sure, the Dow Jones may not be back above five figures yet, but anyone who decided to invest in those stocks that everyone used to criticize like Ford, Sirius XM, and Bank of America…well, let’s say that we’re doing pretty good right now!

Sirius XM closed around 68 cents today. So…for those of us who bought it at 11 cents, that’s not a bad gain, huh? :-)

One of my roommates and I are somewhat “new” to the investing game and while other people are talking about how bad they are losing money, we’re both up over 100% in our portfolios. In fact, as of today my stock portfolio is up over 150%. I think the reason why we’re up so much is – first and foremost – that we bought when the market was low and everyone thought that the world was going to end. When people are dropping the value of stocks based on fear and paranoia, you have to jump in and buy.

However, I think that one of the reasons why we’re both doing so well is that we’re purchasing stocks with which whose products we are familiar with on a personal level. For example, I invest in Sirius XM because I know that they have a quality product (unless you’re one of these people who have the service for Howard Stern alone, then you might be annoyed at the 10 weeks of vacation that he takes every year). But when it comes to commercial-free music and something to listen to during the work day, no one can deny that Sirius XM is a great product.

Anyway, the reason for writing this post is to tell the everyday people out there that they can invest in the stock market and find success.

Bank of America Will Raise My Credit Card Rate

Sunday, July 19th, 2009

Just like tens of thousands of other Bank of America credit card holders, it looks like my rate is being unduly adjusted. Earlier this month I received a notice from Bank of America suggesting the following:

As a result of a change in our business practices, your Annual Percentage Rate(s) will use a variable rate formula based on the U.S. Prime Rate. If the Prime Rate changes, your APR(s) will vary accordingly.

In other words, my reward for being an excellent credit card borrower with an excellent repayment history and a credit score either at or a few points shy of 800 is to have my fixed rate changed to an adjustable rate. Once I received this notice, I immediately began searching for a new credit card. But while I did find some great choices for a new credit card, I’m going to hold on to this one for the time being. Here are my two justifications.

First, I have a large amount of “reward” points built up on this card. In the past year and a half, I’ve charged about $20,000 on this card and repaid it all within 30 days of using the charge card. That’s pretty damn impressive given some of the consumers in this economy. I don’t want to give up the 20,000 or so reward points that I have so far when I can cash them in for everything from cash to magazine subscriptions to small electronics.

Second, I always pay back my charges within 30 days of making them. Since I don’t really carry a charge as a balance beyond 30 days, I don’t pay finance charges.

Those two points aside, I will probably wind up switching my credit card company in the coming year. My thought process is that as an excellent borrower, I deserve more than this from Bank of America. If they want to treat their best borrowers with such disregard, then I reserve the right to find a new company that will treat me with the respect that my credit history and credit rating deserve.


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