Bank of America Credit Card Complaint

APR or interest rate

Bank of America Credit card department,

APR or interest rate Maryland

-/-/-, I 've noticed that even though I have been paying more than my minimum payment amount and paying it on time, my balance was slow to go down. When I checked my account, I noticed that my fixed interest rate of 10.99 % ( since -/-/- ) was moved to an interest rate of 11.15 % variable. I called Bank of America to ask why my interest rate was switched from a fixed to a variable when I have never not paid my bill, always paid more than the minimum amount and always paid on the due date, Bank of America told me they just did it to me. I asked them was n't that against the law, especially since they never even notified me of hiking up my rate? They apologized and acknowledged that they never notified me and will now send out something to me in the mail. Is this legal? Can they get away with stealing my money like this? I need help in resolving this. Bank of America can not just switch my fixed APR from 10.99 % to a variable, when I did nothing wrong.

Bank of America customer in Maryland
Dec 17, 2016

* Source: CFPB Complaint Database

Bank of America response to complaint:
Closed with explanation

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Contact Bank of America

https://www.bankofamerica.com/
(704) 386-5681
100 N Tryon St Ste 220
Charlotte NC 28202
Bank of America
Bank of America

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