B of A Eliminates Small Business Line of Credits without Notice

# 15 for January 26, 2002

Complaints.com received the following e-message on January 25, 2002:

From: Email User

B of A Eliminates Small Business Line of Credits without Notice Bank of America has just dealt a blow to the small contractors by making the decision to eliminate Small Business Line of Credits and immediately close them by turning them into short term loans and/or payoff in three easy payments. Without informing customers, you find out when your credit line availability says "Zero".

I have been a service contractor and a "Valued Customer since 1991"and have put all my eggs into B of A. I have my Lines of credits, both personal and business, same on checking accounts, my credit

cards etc. when I leased my company van, I even requested the dealership to go thru Bank of America.

I also spend anywhere from 10 to 15 hours a month straightening out my accounts that B of A has made.

Last statement, I had over $200.00 in fee and overdraft reversals. I have automatic payments that

stop without notice due to B of A mistakes which adds more time on the phone.

The Manager of Monroe stated that due to the recession, B of A has made this decision "eliminating contractors". I am in a service field which is necessary no matter what the economy is. I currently have over 20 jobs on the books and am also my own boss (self employed).

My payment history with my line of credit is automatically deducted from my checking every month so there is no problem being paid.

My concern is that

1) B of A made this decision without informing the public.

2) when I requested to have my leased vehicle agreement go thru B of A, it was my intention to just roll the line of credit over to cash out my balance at the end of my lease. By doing what B of A has done, it has forced me to possible not have the funds to cash out the end of lease and now be penalized for excess mileage, condition of vehicle etc that would essentially take away my vehicle and not permit me to do my work.

3) They tell you to go to another bank and get a line of credit from them.

4) Then B of A tells you that we might reopen up Lines of Credits in a year or two of which I replied, "I won’t be back here again". Seems like B of A is doing the "Fire Fire Ready Aim" thing again. When Seafirst was around, and they made mistakes, you were compensated for your time and effort when they messed up. I would have $5000.00 checks held up while they cleared a local US bank. My Suppliers would get Funds Not Available notices.

Seafirst would always make it right, and make you feel good about it. B of A makes a mistake, and you have to spend your time on the phone instead of making income in the field. Now we (the customers) don't even break even. we go in the hole trying to just keep every penny we owe in B of A. "Nothing will change" they told us when Seafirst went away and B of A took over. !)

Their attitudes changed real quick (Sir if you don't like B of A, why don't you go elsewhere?)

1) They took away my live banker after 10PM...

2) They take your money thru fees and service charges and make you fight to get them back even though you don't get to add interest on the money they gave back to you. (They did make money on my money).

3) They lead you down this yellow brick road only to change the rules after they have you and they

do it uncaring, and without notice to you.

4) Seeing this situation develop before me, my job is secure, my business is secure, I can't keep up with the phone calls for my services, and a had a financial plan with my business line of credit and my leased van that I had requested to go thru B of A.

Without a Business Line of Credit, I will become a victim of Bank of America, and not of the recession.

Len Plouff

Email User