The Stank of America - Too Bad to Bail!

What I am & What the hell?

I have an outstanding credit history about 30 years long. Some ten years ago, when I was being approved for membership as a commodity floor trader, the person who checks the application for review said that they had never seen a perfect credit rating before me. I replied you mean I am the only fool that pays all their bills on time? For years prior to this bank credit crisis and even since I have been offered extremely low teaser rates on my credit cards. My assets far exceed my debt and I am entrepreneur who is using my personal to fund my new venture that is now operational after three years in development..

When I went on-line to take advantage of one of these offers from Bank of America’s - a 0% offer for six months - to pay down another credit card at a higher rate, they denied it a week later. They cut my existing credit line by 7 thousand dollars on that card and canceled my other credit card with a line of 8 thousand. Adding insult to irony a letter arrives the same day offering a rate of 8.9% on that now cancelled card. The only explanation was “currently owe sufficient amounts on your revolving lines of credit with other creditors.”
Who or What is Really a Risk?

This incredibly incompetent institution acts like it believes it can behave in away that is analogous to a lapse in airport security. They want to kick everybody out and re-screen them for credit worthiness. As far as I can tell this bank is not turning over for prosecution those that committed fraud by lying about their income on their mortgage application. In fact some of those people are actually going to get a bank and government subsidy to lower their mortgage to 31% of whatever income they actually have now. Liars who got “liar loans” may get a pass and a subsidy while someone that acted honorably and responsibly will pay the price with reduced credit and a larger federal deficit.

I am especially furious by the fact that I never opened up any credit card accounts with this “Bank of America”. They acquired one of my accounts when they paid 35 billion dollars for MBNA in 2005 - a company that specialized in credit cards for people with great credit scores. And second account they got when they acquired Fleet Bank for 47 billion dollars back in 2003.

In less than six years, Bank America spends 82 billion for those two intuitions plus another 50 billion more for the toxic asset laden Merrill Lynch last fall. Then they turn around and almost immediately need 45 billion in emergency funding from Treasury and God know what from the Fed to remain solvent and to allegedly keep credit flowing. I consider it incredible that they have the nerve to imply that I don’t have the fiscal responsibility to manage my own pre-existing credit line. But if I ever do get in trouble and have to decide who is not going to get their money back at least I now have an obvious choice.
Call for a Fall!
In a legal sense, I am injured, for this so called bank hurts my credit rating by cutting the amount of credit I already had available. This is because they are directly raising the percentage of debt relative to my credit line. They offer the possibility to reinstate some or all of the credit line but only if I give them the what information is needed to open up any new account any where else. Therefore what they are really saying is, “no more of your available credit. So would you like to apply for some more credit” Well certainly not with them.

Can anybody say class action suit? If you search that topic with Bank America in Google you will see an array of lawsuits that clearly display the character of this company. There is an axiom from the restaurant business that applies here: a happy customer tells three friends an unhappy customer tells twenty. I have submitted this story to ABC and complained to my congressman and senator.

I intend to move my bank accounts over to another less irresponsible institution and I strongly encourage others to do the same. Too big too fail? Not if we make it so. If government won’t or can’t make them do the right thing from a consumer stand point the counter argument should be…. TOO BAD TO BAIL!