I was thinking about it and decided that the 5% fee would be worth the long 0% interest rate. So I did the deal.. They told me all I needed to do was go to a bank or ATM. The next day I got my money from various banks and I started to use those funds in the stock market. I took out about $35,000 in cash advances over five credit cards.
Within about three weeks I started getting my credit card statements. To my surprise I saw interest charges on the statements. $145, $176, $132, etc.... I immediately called Bank of America to discuss to demand a refund on these interest charges. I told them that I was told, by BAC, that my interest rate on the cash advances would be 0% for 21 months. They had to put me on hold and talk to a manager. After being on hold for 20 minutes they came back to tell me there was nothing they could do for me. They told me that the promotional 0% interest rate was only good on "direct deposits". I told them that was not what I was told but they didn't care and hung up on me basically telling me to screw myself....
After that horrible conversation with Bank of America I started to look to see if I had saved the two chat logs I had confirming what I was told. I was told that I could take out a cash advance for a 5% fee and would have a 0% interest rate for 21 months. This was good at a bank, ATM or direct deposit... I couldn't find the chat logs.... I hadn't saved them.. I was screwed and now I had to pay the interest... Wow, this sucked so freaken bad. First month of interest was like $500! And I wasn't expecting to pay back the cash advances for many months.
After a few weeks of just stewing I finally came up with the idea of getting some proof of my misfortune. It was a great idea!! I decided to go back online at bankofamerica.com and start up chats with the agents and ask the same questions I asked before regarding cash advances. This time I would save every single chat log...
In October of 2015 I proceeded to talk with 14 bank of america agents and out of the 14 agents only ONE (1) agent actually told me the correct information about cash advances. ONE agent out of fourteen. 13 of the 14 BANK OF AMERICA agents gave me incorrect information on the cash advances!!! Wow. I was shocked at the misinformation given to me after I asked the following simple questions:
1. What is the cash advance interest rate?
2. What is the cash advance fee?
3. Do you have any promotional rates or fees on cash advances?
Many of the agents told me that I could get the 0% promotional interest rate on cash advances. I specifically asked if I could get the cash advance from a bank or ATM and the agents confirmed that YES I could go to a bank or ATM to get the promotional 0% interest rate. I was shocked! Wow, these agents were telling me totally incorrect information that again would cause me to get charged interest on my next statement when I was expected NO interest!
I'm just a simple bank of america credit card holder looking for information on cash advances and the agents steered me in the wrong direction. They gave me wrong information. Probably not intentional but because they didn't know the answers! They weren't trained properly by Bank of America. Wow, this isn't cool.
How many people were these BANK of AMERICA agents telling that they would have a 0% interest rate on cash advances when in fact they would be getting charged something like a 25% interest rate on these cash advances???
How many people were getting charged interest? People who may not have even noticed?? Bank of America really screwed me over and I can't even imagine how many other people they screwed over by giving them the wrong information..
This blog is simple, its to warn people that Bank of America is giving wrong information to people who are just asking some very simple questions.
Check out all of the chat logs I had with BAC attached. These are real and were not changed in any way. I know I wasn't the nicest guy on some of these but that was because they totally took me for a lot of money. DO NOT DO BUSINESS WITH BANK OF AMERICA!
The correct information is this:
0% interest only on direct deposit cash advances
23-26% interest on cash advances when using bank or ATM
5% fee on any method
I will add the chat logs to this site as soon as I can figure out how. Otherwise, email me at jonnyg1414@yahoo.com and I will email all of them to you. Trust me, you don't want to miss this.. These logs are entertaining. BAC has no clue what they are doing. Please do not trust them.
