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Ex-Credit Card Bankers: "Every Customer Who Calls In Is A Mark. It's A Great Big Con."
CNN has an interview with two former credit card bankers who are admitting that their job was to get consumers to max out their credit cards and take on as much debt as possible, regardless of the customer's ability to afford it. They both worked for MBNA at their "sprawling consumer call center in Belfast, Maine." The bankers say that they were told to aggressively push cash advances, and were trained to convince consumers that they needed the maximum amount of debt at the highest interest rate. More »
bank of america
Bankofamerica.com Is Down
Bank Of America's site has been down for several hours today. Coincidence? Related to its purchase of Merill Lynch? Outcome of market turmoil? Uncertain, but it is certain that BoA customers can't do any online banking right now. UPDATE: It's back up, but so slow as to make it practically nonfuctional. [cNet]
Lehman Files For Chapter 11, BoA Buys Merrill Lynch
Bankers worked hard over the weekend to prevent the American financial system from imploding.
- Lehman filed for Chapter 11
- Bank of America bought Merrlil Lynch
- A special trading session was opened Sunday from 2-6pm to allow traders to try to unwind their positions
- The Fed is expected to temporarily make it easier for banks to borrow from the government
- European Central Banks stand ready to pump billions into the global market
- Washington Mutual's new CEO's disclosure of further writedowns and setting aside of capital calmed investors and stemmed the massive selloff of its stock
Should be an exciting day to watch the stock market.
(Photo: Getty)
credit crunch
Is Lehman About To Die?
UPDATE: Lehman Files For Chapter 11, BoA Buys Merril Lynch
Wall Street is preparing for one of the largest bankruptcies in U.S. history as it becomes apparent that nobody wants to buy Lehman Brothers. Government officials are keeping the public's overextended credit card sheathed as they race to keep the fourth-largest U.S. investment bank from failing before the start of trading tomorrow.
More »
This appears to be a higher-level BoA credit card services number where a real person picks up in just a few rings and is actually competent and help you out with your requests: 800-792-9008
BoA's "Keep The Change" Program: Worth It?
What do you think of Bank of America's "Keep The Change" program? How it works is every purchase you make with your BoA debit card you make gets rounded up to the next dollar. The difference between that and the actual price gets moved from your checking to your savings account. The idea is to help people save. Good idea, but there's some potential downsides I can see: More »
bank of america
3 Days Late? BoA Jacks Rate To 29.99%
Many of you know that if you're late on your credit card bill payments they can raise your rates as high as 29.99%, but that's just for scalawags, right? Nope. JLP at All Financial Matter's brother was late twice on his Bank of America bill, once by three days, and once by one day. That was enough to make Bank of America say, OMG, this guy is way too risky and we need to penalize him and send his rates as high as they can legally go! More »
bank of america
BoA Reopens Credit Card Closed 10 Years Ago
At Bank of America, your accounts are Buddhist. As in, undergoing "eternal return," where accounts that have been closed and passed on will reemerge, rejuvenated, reopened, even if you closed them long, long, ago. Reader Chip writes: More »
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