The Bank of America Controversy

by Julia
(Portland, Oregon)

Here is some advice you should bear in mind: beware of Bank of America credit cards. They are notorious for cutting lines of credit without any notice. Reports of people seeing their lines of credit cut by this bank are frequently appearing on blogs and message boards. Among many consumer complaints is the reasons for such reductions are cursory and misleading.

I think anyone that reads the news these days knows why Bank of America has been cutting the amount of money it lends. Basically, the bank has suffered losses. This would be the case in the bank's mortgage division where foreclosures have wracked the company with incredible debt.

Also, there have been an enormous number of credit card defaults in recent years which have further contributed to the inability for the bank to recoup their losses. Now, this is all understandable in the sense it puts things into perspective but, really, what does that have to do with me or you?

Long time fans of classic television will remember the old Chico and the Man line "It's not my job." When it comes to suffering from the problems Bank of America is facing, it's not my job OR your job to deal with such issues. Bank of America made a ton of bad decisions in its lending practices.

It is not fair credit card consumers should cover the problems that the bank has faced which is why it is recommended that you take your credit card business elsewhere. That is what I am doing because BoA is not exactly trustworthy at this point in its history.

Now, that is not to ‘pick on' Bank of America since there are other banks that are experiencing similar issues. My personal experience with Bank of America has been good. However, such negative reports on the company have given me pause for thought. This is why I choose to share my experiences with them. Hopefully, BoA will straighten out its act and get itself back on track once again.