Reader R Turner has a cautionary tale about Bank of America. He says a BofA error led to a late charge on his credit card account, then without his authorization the bank took out a cash advance to cover the payment.
Had the whole rapper/actor thing not worked out for Ice Cube, he could have gone into personal finance counseling. He clearly had a grasp on credit card principles when he penned the 1993 hit Check Yo Self, which seems to refer to those “courtesy checks” credit card companies bombard customers with, hoping you’ll use them to write yourself costly cash advances.
Remember our reader who tried to use his Bank of America debit card on a parking meter and was charged a $10 cash advance fee? One of our commenters did a little investigation on our story and got two conflicting responses from Bank of America.
Reader Gary used his Bank of America credit card to pay $2 on a parking meter in Washington, DC. Bank of America treated it as a cash advance and slapped him with a $10 fee, as well as a higher APR. When Gary called to complain, he learned that it wasn’t an error: Bank of America has started treating payments to parking meters as cash advances and may even treat all payments to government entities as cash advances.
There’s almost as many PayDay Loan Centers in America as there are McDonald’s.