Wednesday, August 5, 2009

Bank of America Has Its Own Stimulus Package.

Recently I got my statement on my visa card from Skank of America. It said my payment is due on 8/8/09. I went on line this morning to pay it and told the computer to pay my bill on 8/8/09. The computer told that it would roll that payment over to be credited on the next business day. August 8th is a Saturday, apparently it's not a business day even though its branches are open on Saturday, August 8th. Two months ago this happened to me and the Saturday date was rolled over to the following Monday and I was warned in my next statement that if that happened again in the next year, my interest rate would be raised. This time they would only charge me $35 for a late payment fee! How sweet and generous of them! Today I called them and was told that they do that because Saturdays are not banking days and because the contract I signed with them allows them to do that. The helpful young 'banker' on the other end of the phone line said I could avoid that by simply paying early! Then I asked him why the statement which sets a 'due date' doesn't warn consumer of the roll over and his comment was because we don't have to.

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