Bad Bank Of America Visa Card

Our interest rates doubled. From 5.9% to 11% for no good reason. No late payments. Nothing.

We had a fixed rate and they said "Mr. Siatkowski, letters went out to 40 million people" so I don't feel alone?

Wondering who else this happened to?

We have 4 accounts with Bank of America and I'm trying to wrap my head around where the logic is in this. Was it Visa or was it Bank Of America - they girl I spoke with said it was Bank of America - I was shocked.

Customer service sent me to Percy who sent me to Samantha, the credit analyst and she said it happened to her too (with another company.) She told me "we're [Bank of America] the leader in the industry and other banks will follow what we do."

That doesn't help me much, nor am I concerned about that.

It seems that, in a recession, businesses would worry more about their customers, not less. Fact is we can pay off and close the account and we're looking for options to close the other three as well. We can find a 5%-7% interest rate elsewhere but - more importantly - it's the feeling we have. The yukky-nasty-boy-we-screwed-you-and-your-wife-feeling that won't go away after we transferred money and closed other accounts to use our Bank of America "Fixed" 5.9% rate. Then, months later hear its going to double. And, all I get is some customer service validation in "Sir, our 5.9% was kinda like a promotional rate." Gee, thanks kid.

In financially lean times, I won't tolerate it. I hope you won't either.

Salespeople should buy lots of stock

I think salespeople are the best stock brokers. Here's why: When one of my salespeople calls on a place and gets hung up on or belittled, I want to know who it was.

Because I do have a stock portfolio and, in times like this, I want the companies I'm invested in to be listening to all potential vendors. If there is a product or service out there that can better a company I have my kids future savings invested in, I want them to at least give them a listen.

We hear this over and over and over, that "it's not how it used to be."

When I personally make outbound calls I get a first hand experience with the company on the ground floor.

If they whip you in to some black hole of a voice mail or abruptly stop me in my first sentence or even hang up on me, I make a note of that. Not like some sinister hitlist; but I'm making sure I don't invest my money with them. Let's say I am peddling medicine and I call a doctors office and want to tell them we've just created an oral syrup that can drop the flu out of a person in 12 hours. The doctors office that listens and hears me out is the one that is not only going to get the word-of-mouth and some happy patients, but they're going to have a huge head start on the new business and the revenue. In the meantime, the company that hung up on me is going to have to scramble once they read about it in the paper or see they are losing money to their competition and find out how to get in touch with my company.

I abide by this. I have had great experiences with Apple, Proctor and Gamble, and Whole Foods and that's where I keep my money.

I have a horrible experience somewhere and the last thing I'd want to do - or have any friends and family do - is invest in that.

At the corporate level and ground level things can go back-and-forth. The corporate level may stink while the ground level operations go well. What I ask is: What's worth more? What happens when there is a mismatch and you have a good experience with one and not the other? Do you take your money out then? I do. I'm very conservative.

Looking for feedback here.

Community Lean

I think there is a big lean towards allowing companies back in to the communities.

Think of this: Is government saving your communities? Is government saving corporations?

Or, is the private sector actually going to do an end around and be the one saving local
communities?

It's all going down now. There are big deals in place in major markets where companies WANT to step in.

It's the best way to get in front of a community and say "we care." It's visceral and measurable.

If I told you I was going to have to stop my food voucher program (like Washington DC is currently doing for students in poor neighborhoods) and I had to pick private or government, I'd go private.

The school system should be turning to consumer packaged goods giants like General Mills and Kraft or looking back at some of DC's biggest vendors like Sysco or US Foods and ask for something back. Safeway did it - Safeway stepped in as a major grocery chain should in San Francisco and just donated $50k to a school system.

You think the people in that community didn't go out and support Safeway?

Exactly what I'm saying. NASCAR has the most loyal fan base out of any sport. If my driver uses Tide on his car, I'm using it on my BBQ-stained shirt.

If I told you your kids wouldn't have JV sports in their high school, but UnderArmour stepped in and helped them with underwriting the sports programs by sponsoring their football teams, you are telling me every parent, teacher, and student wouldn't be giving UnderArmour a good look over Adidas, Nike, and Wilson gear?

Exactly what I'm saying. Communities are getting lean and it's the perfect time for somebody to step in and step up. My money is on the private sector.