BoA Buys MBNA, Starts Charging Customers Extra For Not Paying Balances Off In Full

Bank of America recently bought MBNA and greeted their new customers by charging them a new fee.

Now if you don’t pay off your entire balance in full every month, BoA will impose a $1.50 minimum finance charge.

According to, this is one of the “highest ever seen” minimum finance charges for the banking industry.

Ex-MBNA customers must send a letter to BoA, and it must reach them by May 1, in order to reject the charges.

To that effect, reader Mary Marsala with Fries sent the following acerbic letter…

(Photo: Betsssssy)


This letter is to inform you that I find your attempt to change the terms of my contract in ways that negatively impact me, without offering any type of compensation or positive benefit to me, absolutely abhorrent. I categorically reject each of the changes in terms — at the very least, the addition of a minimum finance charge. I would also reject each of the other changes if possible, since obviously none of them are in my interests as a customer, but I cannot tell from your letter if you are giving me this option (or are required to give me this option) or not. If I have the option to reject any of the other changes to my contract, I hereby do so. The change in payment due-dates especially is a truly disgusting thing to attempt to do to someone’s account, and an obvious money-grab for more of your obscenely-overpriced late fees. I have always made my payments on time — obviously that bothers you. Awww, poor you.

I have been a customer of MBNA’s with these accounts for several years, but your onerous business practices and bullying have totally put me off doing any further business with Bank of America. I refuse to give money to a company who will change the terms of my contract for the worse at any opportunity, and force me to do the legwork just to keep the same, barely-satisfactory terms I had before. I will be seeking a new bank to hold my credit accounts immediately, and advising everyone I know to do the same.

And on a more personal note, kiss my a$$.

Here’s a copy of the letter BoA sent its new customers informing them of the changes. Click to enlarge.




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