WalletBlog has accused Bank of America of breaking the spirit of its "no new fees" promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010.
...On October 6th the bank released a letter in which it pledged to stop re-pricing existing credit card accounts—but introducing an annual fee where none existed before sure sounds like re-pricing, doesn't it? BoA explained it like this: they only promised to not raise interest rates.
However, that's not true. WalletBlog points out that the bank made no such distinction in their October 6th letter. Here's the relevant excerpt:
"In light of the concerns expressed to us by our customers, Bank of America will not implement any change in terms (risk or economic based) re-pricing of consumer credit card accounts between now and the effective date of the CARD Act."
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