The LETTER (first draft)

As promised in the previous post, here's the letter I'm going to send to the bank, and possibly a "few" other places... Comments welcome, either as comments to the blog, or e-mailed directly to me.

Re: Bank of America card ending in xxxx
Cardholder: Linda M. Easterbrooks Full Credit Card Number:

I hereby REJECT the cash advance annual percentage rate increase.
I hereby REJECT the default pricing change.

I hereby request a COMPLETE copy of the current cardmember terms, in one document. I will not accept a copy of terms with additional sheets of changes.

I am sending this to the address noted to reject these changes, and the address listed for other correspondence.

I am also sending a copy, with the credit card number removed, to the co-signer of the account, and to other parties whom I believe may be interested. This may or may not include my local congressional representatives, both senators and representatives, the Office of the Comptroller of the Currency, the Better Business Bureau, or other agencies or persons whom I believe may have influence in the financial industry. I may or may not include a copy of your original letter, and I may or may not post a copy of your original letter, this letter, or other commentary to my blog on-line.

The manner in which this notification was received is deceptive and unacceptable. I received a 4x8 envelope (made from single square sheet of paper folded to create an envelope), sent by bulk mail. This envelope, despite the statement printed that says "IMPORTANT AMENDMENTS TO YOUR CREDIT CARD AGREEMENT", looks very similar to the many pieces of junk mail that I receive. (The stamp area, which is not cancelled, simply says "PRSRT STD / U.S. Postage / PAID / FIA Card Services")

These changes are completely unacceptable to me. The interest rate for default pricing is listed as variable, with the rate as of July 31, 2007 being 32.24%. I find it hard to believe that this rate is legal! The fact that it is on the bottom of page 2 is also annoying, as is the fact that this change will occur without further notice under the circumstances. The cash advance price of 24.99% is also unreasonable. If I still had the balance on this card, I could never make the payments at that interest rate.

I believe that the changes you have made are probably legal, but definitely not reasonable. I will be suggesting to my legislators and others that they consider some changes to banking regulations, including but not limited to, that notices of changes to the terms of an account:
* must be made using first class mail (possibly certified or registered mail)
* must contain a list of the changed terms, with both old and new terms listed clearly.
* must include a new copy of the complete terms of the account.

Sincerely,


Linda M. Easterbrooks