March 25, 2007

Bank of America Privacy Policy Credit Card Scam

If you're like me, you receive "Privacy Policy" statements from various corporations, and you either file them or toss them. Recently, Bank of America hid a little gem in their Bank of America Privacy Policy of for Consumers 2007.

How do I know? Well, as I write this, it's NOT because I've found it in the small type. Instead, a friend who also has a Working Assets Visa card told me. "You need to send a letter to Working Assets (AKA Bank of America) to opt-out of a $1.50/month finance charge by May 1, 2007." It's a legalized scam.

Yes, that bastion of liberal innovation, Working Assets, once affiliated with Fleet Credit Card Services, is now serviced by FIA Card Services, National Association (Bank of America). Working Assets is now party to this legalized scam.

The scam is simple. Bank of America is allowed by the U.S. Congress to impose a $1.50 monthly finance charge, with the presumed Democrat compromise language that the "consumer" has to be given the option of saying "No, I don't want to pay." Gee thanks. Great opposition party, eh?

So, who pays? People who don't read the fine print. I blame Working Assets.

Contact Working Assets. Tell them that you blame them too.

Side Note 1: Bank of America started the credit card concept, according to Wikipedia.

Side Note 2: A Bank of America branch in Santa Barbara (Isla Vista) was burned to the ground April 18, 1970. Kevin Moran was shot and killed by Santa Barbara City Police after working put out the fire.

Side Note 3: At least the B of A Privacy Policy write the USA PATRIOT Act correctly (all capital letters to indicate it is an acronym for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism).

Side Note 4: How to Reject the Finance Charge:
B of A
PO Box 15088
Wilmington, DE 19850

Identify yourself and your card number

Say: "I reject the minimum finance charge of $1.50."


Anonymous said...

Thank you! I will makse sur eand do that.

Anonymous said...

i dont know what to think why would people want to scam peoples credit cards oh i got it for money duh