Merrick Bank (Hooter's) joins BOA i.e., pay it off in full or deal with it!

[AMISLANDER]

I received a letter today from Merrick Bank:

Dear AMISLANDER,

We are revising the termof the Cardholder Agrement and Pricing Appendix that governs the use of your Merrick Bank credit card. The changes will become effective on the date your billing statement is generated on or after March 14, 2008.

With regard to Section 9 of the Cardholer Agreement, the Fees and Payments Section of the Pricing Appendix is amnded to read as follows:

Minmum Payment: All past-due amounts, any Annual Fee billed monthly and Additional Card Increment billed monthly plus the greater of te following amount (A) 3.0% of your Ne Blance, rounded to the next-higher dollar or (B) $30.

If the New Balance is less than $30, the Minimum Payment will be the total amount owed.

You may avoid having these new terms apply to your Account by paying your entire balance and closing your Account during the current billing cycle.


Same letter BOA people got that doubleed their interest rates....AND THEY ARE GOING TO ROUND UP!!!! now, you just know, that I was about to close my Hooter' Card anyhow.....at 29% interest, it's done its job in allowing me to accrue better interest rates....i.e. got approved for Wa-Mu at 9.9%.

[Bandit]

I don't know about the Hooters thing but for some reason that I don't get yet, after 6 years of the same accounts with BOA, they all of the sudden change the account numbers? They did not really say why, just sent new cards with new account numbers for billing.

[AMISLANDER]

I don't know about the Hooters thing but for some reason that I don't get yet, after 6 years of the same accounts with BOA, they all of the sudden change the account numbers? They did not really say why, just sent new cards with new account numbers for billing.

I don't have a cc with them, just checking/savings w/BOA & I haven't gotten anything from them, that's weird, though.

[fred333]

That is pretty odd.

[PaKettle]

BofA changed our account numbers last year and sent us new cards.
They also suddenly decided to charge us for our free checking account (we did nothing to warrant the change, they did it to everyone).

One time they froze our account just because we went to Mexico and bought a few things without telling them first that we were going. Talk about Big Brother!

I can't tell you how happy I am to have filed bankruptcy against them! ;-P
Gotta be the WORST bank ever, bar none. I would never ever do business with them again, and I hope if anyone has any accounts with them they will close them in protest of the policies they are instituting.

[HeatherB]

I don't know about the Hooters thing but for some reason that I don't get yet, after 6 years of the same accounts with BOA, they all of the sudden change the account numbers? They did not really say why, just sent new cards with new account numbers for billing.

Make sure you check on everything else with this one. I know that Lowes would send out new cards to customers and LOWER their credit limit. (someone came in and found out that instead of having their $1000 credit limit, the new card only allowed them $500). Hopefully this is not the case with them, but if it is try to call to get your limit to where it was.

[PaKettle]

I don't get it - am I missing something here? So they are charging a 3% of balance minimum payment. Why is that a big deal?

I don't think that is so unreasonable of a minimum payment. What was it before?

Also, are you sure it says that the only way not to abide by this rule is to pay it in full and close your aaccount? I thought they could not change your terms if you close your account? That is, if you close your account you are still under the old rules. If you do NOT close your account, then you are bound by the new rules. No?

I received a letter today from Merrick Bank:

Dear AMISLANDER,

We are revising the termof the Cardholder Agrement and Pricing Appendix that governs the use of your Merrick Bank credit card. The changes will become effective on the date your billing statement is generated on or after March 14, 2008.

With regard to Section 9 of the Cardholer Agreement, the Fees and Payments Section of the Pricing Appendix is amnded to read as follows:

Minmum Payment: All past-due amounts, any Annual Fee billed monthly and Additional Card Increment billed monthly plus the greater of te following amount (A) 3.0% of your Ne Blance, rounded to the next-higher dollar or (B) $30.

If the New Balance is less than $30, the Minimum Payment will be the total amount owed.

You may avoid having these new terms apply to your Account by paying your entire balance and closing your Account during the current billing cycle.


Same letter BOA people got that doubleed their interest rates....AND THEY ARE GOING TO ROUND UP!!!! now, you just know, that I was about to close my Hooter' Card anyhow.....at 29% interest, it's done its job in allowing me to accrue better interest rates....i.e. got approved for Wa-Mu at 9.9%.

[AMISLANDER]

I don't get it - am I missing something here? So they are charging a 3% of balance minimum payment. Why is that a big deal?

I do believe the letter said that if the balance was $30 or less, it was due in full...not really a big deal but that they were also going to "round up" on debt owed...just think of the income for Merrick Bank with that type of deal...
I don't think that is so unreasonable of a minimum payment. What was it before?
I think the lowest I ever saw my minimum is like $10....

Also, are you sure it says that the only way not to abide by this rule is to pay it in full and close your aaccount? I thought they could not change your terms if you close your account? That is, if you close your account you are still under the old rules. If you do NOT close your account, then you are bound by the new rules. No?

If you do not close the account then you are bound by the new rules....