Bank of America Credit Card Annual Fee Coming

Bank of America credit card annual fees are about to affect many customers. These Bank of America credit card annual fees could affect millions of customers, but the company isn't revealing exact information on who will begin suffering through the annual fees. It is something that might frustrate many customers as well, even if they have been a perfect credit user during their entire experience with the bank.

The new fee will be $59 for those who are targeted by the bank this spring. Letters are getting sent from the company, and in it credit card users are being warned that they are about to be subject to the annual fee. In that letter, it lists three reasons for why an account might be assessed the new annual fee, but again, it doesn't give any specifics about why each customer is being targeted.

According to the letter, they are making the change due to derogatory public record or collection filed, balances relative to applied credit lines are too high, and a review of the banking relationships with that particular customer. Reading through that language, it seems like a riddle being presented by Bank of America, and it seems like something that is being used to punish credit card holders. Take, for example, that a credit card user has a $2,500 balance on a $3,000 card. Should they be punished because of that balance?

It really feels like Bank of American is trying to take advantage of those users who have balances already on their credit cards. The way the company is getting around current credit card legislation is customers can choose to reject the new annual fee by simply closing their account. Meaning if someone wants to pay off the balance that is on their card immediately, they won't have to ever deal with an annual fee. Thus the catch-22 comes into focus, as most credit card owners with balances don't have the funds available to pay off the full balance. That leads to an acceptance of the new annual fee without any real choice given.

Associated Press writer Candice Choi spoke with Bank of America spokesperson Betty Riess about this new fee, and reported some things that she stated. Among them was a statement by Riess that those who would be charged the annual fee likely don't have any other relationship with the bank (like a checking account or mortgage). That has been proved to be false, though, as we saw firsthand a letter sent out to a credit card user who also had a home mortgage through the bank.

When we called in to Bank of America's 1-866 line, we spoke with an account manager who stated that every credit card user with Bank of America was going through a periodical review. She also stated that users would be given the choice of either accepting the fee or closing their account. When we asked her specifically if everyone with a card was going through this, she gave an unequivocal "yes" as the answer to that question.

This basically means that every single customer who keeps their Bank of America account open will have the $59 fee applied to them, at least according to this particular account manager. Talking to a second account manager later that night, we were given a similar answer, but he used the word "majority" to describe the number of card holders who will have the annual fee. This all seems to add up to a huge number of customers who will fall under this new fee.

The worst part about this new Bank of America annual fee on credit cards is that it can apply to a customer who has never had a late payment or gone over their limit on the card. Basically, they could be a customer doing everything they should be doing, but are going to be punished by Bank of America because they fell into the selection criteria that the bank databases decided upon.

If you are a Bank of America credit card user, make sure you keep an eye out for one of these letters, because it will outline the specific date that your account could start seeing an annual fee of $59 for every year you have the card.




Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top