BofA Breaking the Law?
A blog by Liz Weston confronts this question.
“[Odysseas Papadimitriou] calls Bank of America’s actions a marketing bait and switch, and says if the bank proceeds with its plan to implement annual fees it will in effect be raising the costs on existing balances–something that’s prohibited under the credit card reform act now scheduled to go into effect next year.”
Evidently, BofA promised to stop raising interest rates, and in the same breath announced it would introduce annual fees.
Papadimitriou summarizes in his blog: “At the end of the day, all of this points to incompetence on the part of Bank of America’s credit card division.”
My question is, what do you all think?
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