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09:58PM (15 mins delay)
Nov 04, 2009 - 7:19 AM EST
It seems that Bank of America (BAC) has already reneged on the October 6th promise it made to stop raising the interest rates on the credit cards of its existing customer base. Just a week after making this pledge, BofA announced that it would begin introducing annual membership fees, ranging from $29 to $99, to select customers next year.
Combined, these two announcements result in a net win of zero for consumers, and in an unethical bait and switch play on the part of Bank of America. Why? Because, according to regulation, interest rates and annual membership fees fall under the same umbrella. They are both considered finance charges.
Source: Seeking Alpha (Nov 04, 2009 - 7:19 AM EST)
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