The $10,000 EECB! Emailing Bank of America Saves You $120 A Month For 7 Years

Reader Chad writes:

Yep, you read that right. Thanks to Consumerist, I was able to launch a successful EECB that will end up saving me over $10,000!

A couple of years ago, I consolidated $20,000 in credit card debt into an MBNA GoldOption loan. I figured making one payment to MBNA rather than six or eight payments to various cards with various interest rates. I was approved for a $30,000 line of credit at 18.99 percent.

Since I only needed $20,000, I inquired about getting a lower interest rate, being that my credit was solid, I figured I could get around 12 percent or lower. I was told that if I took out the loan, I could easily get a rate reduction after six months of on-time payments. Since cash flow was the issue at hand, and the consolidated loan was going to save me about $100 a month and give me a scheduled payoff date, I agreed.

Needless to say, MBNA was acquired by Bank of America, and after about of year of making on-time full payments, I made the phone call. I was pretty much laughed at and told that the only way I could get a lower interest rate is if it was negotiated by a credit counseling service, and that since I had been making my payments in full and on time, I wasn’t eligible. I hung up the phone pretty irate, as I felt I was being told that someone with a deadbeat status had a better chance of getting their interest rate lowered.

I launched an EECB to several top executives at Bank of America, and within a couple of hours, I had a reply from a Senior VP that someone would be contacting me soon regarding this. Later that afternoon, I had a voicemail and the next day I was on the phone with the head of Consumer Financing, who lowered by rate by 10 percent, saving me $120 a month for seven years!

Wow. Congratulations, Chad!

For more information about how to learn to launch your own EECB (Executive Email Carpet Bomb), click here.

(Photo:Meghann Marco)


Edit Your Comment

  1. rustyni says:

    20,000.00 in credit card debt?! Holy hell….

  2. gqcarrick says:

    That is awesome, good job man.

  3. consumersaur says:

    Well, holy s… good job!

  4. DrGirlfriend says:

    Very timely post for me, as I have a credit consolidation loan with BofA and will soon be calling them to request that my interest rate be lowered. I was told that after a year of timely payments on the loan I should call back to request a new rate, but I’m not holding my breath at all that it will go smoothly.

  5. Traveshamockery says:

    Congrats, man! Fantastic results!

    I don’t necessarily think you made the best decision by trusting the company would lower your rate (maybe MBNA would have, but then again, maybe not), but I’m glad it worked out for you.

  6. starrion says:

    I hope the executives like getting email. If they don’t give the frontline people the authority to take care of the customers, they are going to have to put up with a tremendous barrage of email demanding the executives take care of it.


  7. azntg says:


    @DrGirlfriend: Yup, I think your hunch is right. They’re not going to let you give them less money without a fight. Be prepared!

  8. sleze69 says:

    Looks like BoA is trying to land a second round exit from the Worst Tourney.

  9. jeadie5 says:

    I called MBNA just recently about using their 1.9% balance transfer rates on my car loan to save money. They couldnt have been more helpful. Right away I was told that future payments would go towards the lower interest rate and the balance transfer fees.

    When I deal with Capital one, I usually feel like I have to pry the details out of them.

  10. kjherron says:

    @azntg: Because when someone resolves a problem without involving consumerist, you don’t read about it here.

  11. MissTic says:

    Great job!!! I don’t suppose the OP (or Consumerist) can share the email addys he used for BoA? I may need to launch an EECB on them. I know there is info on this site but this guy scored a direct hit recently….

  12. BigBoat says:

    Can’t you get this stuff in writing the first time?

  13. The Dude says:

    Great.. We have minions of consumerists emailing executives for special treatment when they really don’t deserve it. How does this help anything? They had no obligation to lower his rate. Just get another card with a 1 yr intro offer on transfers.

  14. FightOnTrojans says:

    @rustyni: Holy hell! Zero to Blame the OP in 4 seconds! A new record!

    On behalf of everyone who has ever used a credit card to make ends meet during college or between jobs, I apologize to you, o wise and wealthy one. Believe me when I say that I didn’t plan on going into so much debt (I owe way more than this guy does), but I am planning and navigating myself out of it so I will be debt-free (except for the mortgage) within a few years. I only hope I don’t become a condescending prick when I join the ranks of the credit-card-debtless.

    To the OP: Congrats on getting your rate lowered.

  15. Fuzz says:

    OK, so this is what it has come to. You get screwed, have to spend a bunch of your time and effort to basically beg for something that was promised to you, and when you finally get it, you act like you won!

    Its like having a guy kick you in the nuts, then begging him to take you to the hospital for treatment that you have to pay for, then taking him out for beers at your expense. Is that a win? I don’t think so. Society is so broken.

  16. chiieddy says:

    @FightOnTrojans: I was once there. Mostly because I was dumb and didn’t understand. I killed $30,000 in credit card debt in 4 years. It’s possible, you can do it, and I wish you luck and frugal living to do so. Please feel free to contact me offline if you want to know how I did it. :-)

  17. parvax says:

    Congratulations to Chad for performing a second Easter miracle, but it doesn’t get BoA out of the running for the Worst Company in America!

  18. MonkeyMonk says:

    I’ve paid my credit card off in full each month for over a decade. I wonder how much I’ve saved? Didn’t even require a EECB. :)

  19. azntg says:

    @kjherron: It easily works the other way around too. There’s enough unresolved problems because it isn’t referred to the Consumerist, the mass media, etc.

  20. Mr. Gunn says:

    20000 at 19%? Yikes! Can you hit up some no fee balance transfer, 2-3% for the life of balance credit credit card offers? I think it’s Capital One that has the best offer on life-of-balance right now, but I could be mistaken.

  21. b612markt says:

    @MonkeyMonk: Wow, you’re like a wizard or something. You certainly must be better than anyone on the planet who carries credit card debt. All hail MonkeyMonk!

  22. mienna says:

    @FightOnTrojans: How is commenting on the large amount of credit card debt, “blaming the OP”? I don’t recall him saying anything to imply that the person didn’t deserve a rate cut or good customer service.

    To the OP: Congrats on getting your rate cut. Those interest rates can be a killer.

  23. kbarrett says:

    @b612markt: Not better … just a bit smarter is all.

    I’m down to my last $2,000 in creditcard debt … I should have it down to zero in a few months … and then I can be just as obnoxious as MonkeyMonk when people talk about their interest rate on $20,000+ of credit card debt.

    Been there, done that, got the t-shirt, have almost completely burned the f*cker, and ain’t ever going there again.

  24. oakie says:

    @MissTic: “Great job!!! I don’t suppose the OP (or Consumerist) can share the email addys he used for BoA? I may need to launch an EECB on them. I know there is info on this site but this guy scored a direct hit recently….”

    he scored this “direct hit” 7 years ago… or did you not read the article?

    besides, The Consumerist recently wrote an article about how you can use just a little bit of effort on your part to find executive email addresses on your own using google, or even using the search box at the top of the website. are you really just that lazy? if so, you deserve what you get.

  25. oakie says:

    whoops, apparently I cant read the article properly. haha.

    bu that still doesnt mean you cant use the search function. it’s easy… scroll up to the top of any page on this website, look for a white box with a red button net to it that says “search”. in the white box, type in “bank of america email” and click on the red button.

    every article tagged with “bank of america email” will be listed. if there isnt a detailed list of email addresses, you may have to follow the instructions provided 3 days ago about how to search for email addresses using google. using the same search box, type in “eecb google” this time and click on the red button, then scan the articles until you find what you’re looking for.

    granted, it would be easier for me to post the link, but what does that teach you? if you want something, you should want it enough to make an effort for it, be it educating yourself by doing some research to help your cause.

  26. TPS Reporter says:

    Well, apparently his credit was worthy of that reduced interest rate. So how does he not deserve it? And to all the great and wise perfect consumerists, sometimes people make mistakes…not you I know ;)…and run up debt. At least he is paying it off responsibly, I say great for him!!

  27. MissTic says:

    Jeez, got your panties in a bunch oakie??? I’ve already done the legwork here on Consumerist and have the list thankyouverymuch. I simply asked if the OP would mind sharing the email addy’s that scored a direct hit since it’s recent. Usually, the Consumerist posts the EECB complete with the email addys. If you have been reading this site for any length of time, you would know that contact information changes, companies get wise to EECB’s, etc….

    What’s the point of sharing your success story from advice followed on Consumerist if you leave out an important part such as the magic email addys that worked?

    Take a friggin chill pill and stop snarking when someone has a real question. I didn’t ask for someone else to do my homework.

  28. chuloallen says:

    i strongly suggest you look at your statement every day for the next 7 years- i have had 3 CSR promise me no monthly charges and every month there would be a charge, i walk into the bank and talk to 2 people and they promised me no monthly charges, and still there were charges – after 6 months of their lieing i closed (Well BOA NEVER closes your account) the account with them.

  29. heavylee-again says:

    Based on what’s written above, I don’t know if BoA was under any obligation to give a better rate in that way. The OP didn’t say that the interest rate reduction was part of the terms of the loan, it was just a suggestion by the MBNA rep.

    But congrats OP, that you did.