jacked up my interest rate to a whopping 30% APR

[Dino]

What I took away that I never considered is in Bold and Red below. Thoughts.

Bank of America cuts customer's rate after YouTube rant - Sep. 29, 2009

NEW YORK (CNNMoney.com) -- "You are evil, thieving bastards."

That's just one of the scathing comments from Ann Minch, a disgruntled Bank of America (BAC, Fortune 500) customer who says in a YouTube video that the bank "jacked up my interest rate to a whopping 30% APR."

Her rant went viral, and Minch says the bank scaled her rate back to its original 12.99%. Bank of America did not immediately return a call for comment.

The video, titled "Debtor's Revolt Begins Now!," has been streamed about 350,000 times and earned a five-star user rating since it was posted on Sept. 8.

In it, Minch claims she wasn't over her credit limit and hasn't been late with payments, despite the fact that she doesn't have a full-time job.

She says she tried to negotiate with Bank of America, where she has been a customer for 14 years, "but they weren't willing to negotiate anything."

"I could get a better rate from a loan shark," she adds.

True to her YouTube handle, Rockerchic4God, Minch sports fiery red hair and kohl-rimmed eyes that glare into the camera for the duration of the 4-1/2 minute video.

"You have reaped ungodly profits in your behemoth casino scams, then lost, only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle-class Americans whose sweat and toil built it," she says.

Calling the bailout "the biggest rip off in the history of the world," Minch lays out her terms: If Bank of America refuses to reinstate her previous, lower interest rate and monthly payments, she won't pay "one more red cent on your 30%."

Minch tells her viewers that she is "willing to sacrifice [my credit score] in order to take a stand for what's right," and she calls on them to join her in an "American debtors' revolution."

"Stick that in your bailout pipe and smoke it," she says, smirking.

A response
Minch attracted a lot of media attention, and word of her crusade apparently got through to one of Bank of America's top brass. In a follow-up video posted Sept. 19 Minch says Jeff Crawford, the bank's senior vice president of existing customer credit services, called her to discuss her concerns.

He told her that she had two late payments, which was why her rate was hiked, and he tried to convince her to agree on a 16.99% interest rate.

Minch replied that Bank of America is receiving "money from the Fed at 0% interest ... 12.99% is a more-than-generous profit margin." Crawford agreed to that original rate, although Minch says her most recent online statement shows a 23.99% APR.

Still, the credit-card crusader is significantly more subdued in her follow-up video, in which she updated viewers about her predicament and noted that Crawford "was very polite."

But Rockerchic4God isn't completely mollified. She's launching a Web site at DebtorsRevoltNow.com, and says her next project is "a tax revolt."

"That won't involve anybody having to go to jail for not paying their taxes," she says. "There's a way around that, so stay tuned."

Minch's original video has spawned more than 5,000 comments -- some praising her, others condemning her "revolt." One detractor, billb0313, writes: "Banks need a bailout b/c people like Ann defaulted on their unsecured loans left and right."

Other posters are in Minch's corner. "You're not alone," writes tommosm. "[My] Chase is at 33% ... I'm paying more in finance charges than the minimum payment."

What do you think? Tell us by posting your own comment below.

First Published: September 29, 2009: 11:32 AM ET

 

[Dino]

The bailout to the banks is at 0% and the banks nail consumers with higher rates? Someone is again getting rich at the expense of good hard working people.

 

[Commuta_Busa]

I was watching this on the news this morning. They showed the utube video. That were discussing how she had to publicly blast the bank just to get the rate she should get. They were saying how she one the battle but lost the war. 12.99% isn't a reduced rate it's just a more standard rate. Either way the bank is still getting plent of profit off of her card use.

 

[NickSully]

Well, I personally think credit cards should be illegal. The whole concept is really ridiculous and 99 percent of the people out there can't use their credit cards correctly meaning they either live off of them or buy things that they normally couldn't afford. :2cents:

 

[Commuta_Busa]

I agree too but without credit cards and debit on them you'll never increase your credit score. you've got to owe money to improve your credit rating. If you don't have a good credit score you'll never get a decent mortgage rate. Without a home you wont be paying property taxes. wait a minute, no card, no home sounds like I could save some money!

Well, I personally think credit cards should be illegal. The whole concept is really ridiculous and 99 percent of the people out there can't use their credit cards correctly meaning they either live off of them or buy things that they normally couldn't afford. :2cents:

 

[Takeuon]

Well, I personally think credit cards should be illegal. The whole concept is really ridiculous and 99 percent of the people out there can't use their credit cards correctly meaning they either live off of them or buy things that they normally couldn't afford. :2cents:

+1

Sad but true. After all, that's what they want

 

[Projekt]

Good for her! I saw this a few days ago and was impressed. The fleecing of America continues with BOFA..

 

[gurrera]

Ya

The banks charge way too much for there credit cards, to lend your money, but pay nothing for CD's

 

[skydivr]

YOU GO GIRL!!!!

And here's the flip side: Since BoA and the other banks can borrow money from the Government for free, they will pay near zero in interest on deposits. If you don't have money, you can't borrow any; if you do have any money, they won't pay you a penny for the privilege of using it....

 

[F=MA]

I have conflicting feelings about this.

 

[Busacure]

I love the end of Fight Club where he blows up the credit card buildings. Society generally has not been educated enough to understand the seriousness of a contract let alone the complexities of credit based international banking. Studying economics makes me feel like a toiling slave, bound by my own ignorance. There seems to be no way out of the commerce expressway. Greed is in the human nature. AH much better.

 

[ogre]

my wife and i had to put our moving expenses on our b of a credit card. we were told that it was interest free for the first year. they were tagging us for almost 300 dollars a month in interest. luckily we ended up refinancing the house and got rid of the credit card all together. cut it up and told them to stuff it.

 

[dadofthree]

I'm fortunate I guess. I pay mine off every month and don't worry bout the interest.......

 

[ibified]

We cut up all our credit cards after we bought our house, because we no longer have a need to build a great credit rating TO buy a house. of course, at the rate things are going for us, we'll lose this house and have to start completely over again.

 

[head east busa]

Haven't used a credit card since last Christmas if I can't afford it I don't need it or I am not in the position to afford it at the time. I'm done with credit cards most of em are paid off now due to the fact I keep rolling over any extra money from the ones I paid off to the next card increasing the payment amount until that one is paid off and so on and so forth. I can't wait till they are all paid off. It will be at that time I feel truly free

 

[BlueHaya]

I'm fortunate I guess. I pay mine off every month and don't worry bout the interest.......

+1.

 

[Rev. 6:5]

Several years ago I signed up for a Bank of America credit card at the great fixed rate of 9%. I never missed a payment and was never even a day late. One day I get a letter from them stating that a "recent review of your credit rating" caused my APR to jump up to 27%. Confused, I downloaded a recent copy of my credit file from the 3 major credit reporting agencies and there was NOTHING negative. I called BofA and I could find no one that could tell me what it was on my credit report that caused the huge leap in the APR. I immediately transferred my balance to a lower rate account. When I went to close my BofA account, they offered to put my rate back down to 9% if I would keep my balance on the account. Sorry, too late doosh holes.

 

[MelodicMetalGod]

This is just one more case of "The money makes the rules and the rules say the money makes more money."

I agree that credit is out of control, banks are generally greedy and dishonest and many, if not most, credit card holders either don't know how to or don't have the discipline to use credit wisely. It's a great tool but, like a chainsaw, it can do more damage than good if used unwisely.

That said, Banks, like any other business and our governments, are out there to make a profit. Any beneficial product or service they provide is only a byproduct of their goal of making money. In my experience, most banks will work with you to some degree regarding the infrequent late payment or a silly interest rate and if you keep up your end of the deal according to the contract, there are rarely surprises. That said, I just recently dropped a creditor for cranking my rate for under 5% to over 20% b/c my regular payment was 12 hours late. They refused to make an adjustment even after I told them I would drop 'em, so I dumped 'em immediately.

Bottom line, they may be evil but they're a lot like vampires - they can't get their hooks into you unless you invite them in first.

 

[Loomis]

I'm fortunate I guess. I pay mine off every month and don't worry bout the interest.......

+1....

 

[coreywiley]

I have conflicting feelings about this.

+1.