First Person: This is the first in an ongoing series of personal stories about our broken financial system. This article is written by Kabir, Marketing Intern @ Trim and recent Bank of America customer.
Credit card companies make exorbitant profits by exploiting their customers’ unawareness of shrouded costs and terms of using their cards.
I’ve experienced these unfair tactics myself with Bank of America’s credit card offerings. BoA’s mobile and online banking technologies are far behind their competitors, and they made me jump through countless hoops to set up a recurring payment. While most credit card companies will easily let you pay your statement balance via an auto-debit, and set this up online, BoA (the third largest retail bank in the U.S., you should note) takes “the road less traveled.”
After I messed around with their ancient website for about an hour, I found that online you could only set up recurring payments for fixed amounts or for the minimum payment. I called the bank up, and was then transferred to four different people before I was told the process required of me to auto-debit my statement balance. It was as follows:
- Print out a form;
- Fill out the relevant details;
- Attach a voided check with my bank account and routing number information and;
- Mail it in to Bank of America.
The worst part: the payment scheme only activated two cycles after they had approved all the details. Wanting to pay my bill in full and on time should NOT have been such a difficult process!
This is one example of a disease that enables the credit card industry to force late or forgotten payments, and it needs to be stopped.
I am a young adult, managing my mounds of work in college, trying to sort out job opportunities while staying on top of other commitments in my day-to-day life. I need something to keep my finances in order, because otherwise they fall by the wayside.