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How can B of A Visa Card get away with this?

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How can B of A Visa Card get away with this?

Old 07-30-12, 09:40 PM
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How can B of A Visa Card get away with this?

Okay, so you bill something to your credit card. They send you a bill for $20.00, but of course they charge interest from the date of whatever, until the date they receive payment, so it's necessary to overpay if you want your balance to be $0.00. So, you overpay, and then you have a small credit balance.

And, here's the question - after a few months (I think it's 2 months), they take away your credit and your new balance is $0.00. Isn't this tantamount to stealing? Is there any kind of class action suit in the works which anybody knows about that would rectify this situation? Does it cost them that much money to carry that credit balance on the books so that it's necessary to steal my money? What's the story?
Old 07-30-12, 09:53 PM
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Re: How can B of A Visa Card get away with this?

Well, we already know they charge you a fee to cash a check drawn on them
Old 07-30-12, 10:29 PM
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Re: How can B of A Visa Card get away with this?

I'd ask them where your credit went. Hopefully, you have a printout or a saved copy of your previous statements. Also, they may have a sentence in your 5,456-page agreement which says if you overpay, you're fucked.
Old 07-30-12, 10:36 PM
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Re: How can B of A Visa Card get away with this?

Originally Posted by DVD Polizei View Post
I'd ask them where your credit went. Hopefully, you have a printout or a saved copy of your previous statements. Also, they may have a sentence in your 5,456-page agreement which says if you overpay, you're fucked.
Old 07-30-12, 11:03 PM
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Re: How can B of A Visa Card get away with this?

Don't they give you a grace period before charging you interest on recent purchases?

When I get my statement, as long as I pay off any purchases on that statement by the due date, there is no interest charged. I never have to overpay.

Do you carry a balance on your card? If so, maybe that's why it is different. I pay mine in full each month.

A cash advance, on the other hand, will immediately start to accrue interest.
Old 07-30-12, 11:04 PM
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Re: How can B of A Visa Card get away with this?

Originally Posted by andicus View Post
Don't they give you a grace period before charging you interest on recent purchases?

When I get my statement, as long as I pay off any purchases on that statement by the due date, there is no interest charged. I never have to overpay.
That's my understanding too.
Old 07-30-12, 11:19 PM
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Re: How can B of A Visa Card get away with this?

Originally Posted by danwiz View Post
they charge interest from the date of whatever, until the date they receive payment, so it's necessary to overpay if you want your balance to be $0.00.
That's not correct. As long as you pay your card by the due date there is no interest on anything. You only pay interest if you carry over a balance.

Thank you for contacting Bank of America.
Old 07-30-12, 11:20 PM
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Re: How can B of A Visa Card get away with this?

I rarely use the card, so I don't know all of the details in the 5,456 page agreement. I only deal with them online - get the statements online, pay online. A few times I have paid the exact amount due -- before the due date -- and the next balance showed a balance due of 3 or 4 cents. I contacted them about it and they said it was because they start charging interest from the time they post the bill. This is Bank of America, so maybe other banks have different policies in their specific 5,456 page agreements.

Thanks.

I just sent this e-mail to them:

Dear Sir or Madam,
I recently had a charge to my account and paid it in full plus a little extra to make sure that any accrued interest was taken care of. That, of course, resulted in a credit balance ($2.00). That credit balance has now disappeared. What happened to my $2.00 credit balance please? Is it Standard Procedure to steal customers' credit balances after a couple of months or has there been an error made on your part?

Thank you for your response.
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I'll let you know what their response is when (if) I receive one.

Last edited by danwiz; 07-30-12 at 11:27 PM.
Old 07-30-12, 11:39 PM
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Re: How can B of A Visa Card get away with this?

maybe they sent you a check and you just didn't get it yet?
Old 07-31-12, 12:09 AM
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Re: How can B of A Visa Card get away with this?

It's the monthly "$2 stupid-charge" for patronizing BoA.
Old 07-31-12, 12:33 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by danwiz View Post
I rarely use the card, so I don't know all of the details in the 5,456 page agreement. I only deal with them online - get the statements online, pay online. A few times I have paid the exact amount due -- before the due date -- and the next balance showed a balance due of 3 or 4 cents. I contacted them about it and they said it was because they start charging interest from the time they post the bill. This is Bank of America, so maybe other banks have different policies in their specific 5,456 page agreements.

Thanks.

I just sent this e-mail to them:

Dear Sir or Madam,
I recently had a charge to my account and paid it in full plus a little extra to make sure that any accrued interest was taken care of. That, of course, resulted in a credit balance ($2.00). That credit balance has now disappeared. What happened to my $2.00 credit balance please? Is it Standard Procedure to steal customers' credit balances after a couple of months or has there been an error made on your part?

Thank you for your response.
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I'll let you know what their response is when (if) I receive one.
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Old 07-31-12, 12:38 AM
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Re: How can B of A Visa Card get away with this?

Here's a really off-the-wall question that I'm sure no one has thought of: Why don't you just get a card with another bank?
Old 07-31-12, 12:40 AM
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Re: How can B of A Visa Card get away with this?

You need to look at what your statement says. Mine says
We will not charge interest on Purchases on the next statement if you pay the New Balance Total in full by the Payment Due Date, and you had paid in full by the Previous Due Date. We will begin charging interest on Balance Transfers and Cash Advances on the transaction date.
Old 07-31-12, 12:54 AM
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Re: How can B of A Visa Card get away with this?

Deftones has it!!

Dear XXX,

Thank you for contacting us on 07/30/2012 regarding a credit balance in your -XXXX account.

Neither one. We do not steal credit balances and it is not an error on our part. The credit balance was reflected in your -XXXX account since March 2012. When a credit balance is in an account customers have the option to receive the credit balance in a transfer or in a check or leave it there for future purchases. If after 90 days we do not receive any instructions from the customer telling us what to do with the credit balance, this balance is automatically refunded to the customer. What we do is to cut a check and mail it to the address we have in our files.

The credit balance refund was processed on July 10th and was mailed via regular US Postal Service to the address we have in our files in XXXX.

We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
Name, Bank of America


As I am in Japan and my account is in the U.S.A. the person who takes care of my mail just has not let me know he received the check yet. He checks my P.O. Box a couple of times a month, so maybe he has not even received it yet.
Old 07-31-12, 01:15 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by danwiz View Post
Deftones has it!!

Dear XXX,

Thank you for contacting us on 07/30/2012 regarding a credit balance in your -XXXX account.

Neither one. We do not steal credit balances and it is not an error on our part. The credit balance was reflected in your -XXXX account since March 2012. When a credit balance is in an account customers have the option to receive the credit balance in a transfer or in a check or leave it there for future purchases. If after 90 days we do not receive any instructions from the customer telling us what to do with the credit balance, this balance is automatically refunded to the customer. What we do is to cut a check and mail it to the address we have in our files.

The credit balance refund was processed on July 10th and was mailed via regular US Postal Service to the address we have in our files in XXXX.

We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
Name, Bank of America


As I am in Japan and my account is in the U.S.A. the person who takes care of my mail just has not let me know he received the check yet. He checks my P.O. Box a couple of times a month, so maybe he has not even received it yet.
I know someone might accuse you of jumping to conclusions, but seriously, your attitude was totally justified.
Old 07-31-12, 01:26 AM
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Re: How can B of A Visa Card get away with this?

I was about to post with a similar response to Deftones, but it looks like you got your answer from the bank.

This is standard practice for any credit card company.

I know that banks have had a bad rap lately, but they can't just "steal" your money. Well, at least not illegally. :P
Old 07-31-12, 06:17 AM
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Re: How can B of A Visa Card get away with this?

It sounds like they start calculating your interest from the date the statement posts, but they're not holding you responsible for it until the due date passes. Maybe it's a way for them to scare you into paying in full by the due date by showing you how much more you'll owe if you don't.
Old 07-31-12, 09:21 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by danwiz View Post
What we do is to cut a check and mail it to the address we have in our files.
I've never seen a business letter from a bank like B of A use a phrase like "What we do is to cut a check...". Must be written by an 18 year old new hire in New Jersey or something.
Old 07-31-12, 09:47 AM
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Re: How can B of A Visa Card get away with this?

It's not necessary to overpay. Who would do that? No one. That's why they took your money.
Old 07-31-12, 09:51 AM
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Re: How can B of A Visa Card get away with this?

I've never overpaid and get down to $0 balances pretty regularly. You make your charges for 30 days, then you have like 20 days to pay them. If you have anything left over you start getting charged interest, which stops when the amount is paid off, and you get the interest charges as your next bill. No need to overpay anything.

Last edited by RichC2; 07-31-12 at 10:18 AM.
Old 07-31-12, 10:17 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by CRM114 View Post
It's not necessary to overpay. Who would do that? No one. That's why they took your money.
However if you overpay every month - you get a check in the mail! That's like FREE MONEY!
Old 07-31-12, 10:23 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by RichC2 View Post
I've never overpaid and get down to $0 balances pretty regularly. You make your charges for 30 days, then you have like 20 days to pay them. If you have anything left over you start getting charged interest, which stops when the amount is paid off, and you get the interest charges as your next bill. No need to overpay anything.
This. When you pay in full every month, there should be no interest on the next statement. If you carry a balance from one statement to the next without paying it off in full, then that balance will have interest on the next statement if you pay it off in full. But if you don't make any new charges and you pay off the interest in full on the next statement, you will not incurr any further charges and you will have a zero balance. Last month, I paid off a balance of a couple thousand dollars that I had been carrying for a while in full on one of my cards. This month I got a bill for 14.xx in interest. I paid that off in full, and now I have no balance.
Old 07-31-12, 10:28 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by General Zod View Post
However if you overpay every month - you get a check in the mail! That's like FREE MONEY!
I'm going to start doing this. I love free money. Hopefully they won't catch on.
Old 07-31-12, 10:57 AM
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Re: How can B of A Visa Card get away with this?

I overpay. I have an automatic payment of $15 to B of A every month. The reason I do that is that if I get distracted and forget to pay my bill, I have at least made the minimum payment. When I do make late the payment, they charge me interest on a few days, but don't charge me a $40 late fee.
Old 07-31-12, 11:56 AM
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Re: How can B of A Visa Card get away with this?

Originally Posted by General Zod View Post
However if you overpay every month - you get a check in the mail! That's like FREE MONEY!
Reminds me of my wife (and many people in this country) who think a tax refund is some kind of free money from the government. Uh no it's money you overpayed to the govenment.

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