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MBNA may be amending your account agreement this month!


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I got one of those "Important Amendments to your Account Agreement" notices with the monthly bill for my Gold Reserve Line of Credit with MBNA. The changes which become Effective following the January 2004 statement closing date, include a change in the Late Fee schedule based on outstanding account balance:

Account Ballance less than $100 = $15 Late Fee

Account Ballance between $100 & $1,000 = $39 Late Fee

Account Ballance greater than $1,000 = $49 Late Fee

Also following the first day following the January 2004 statement closing date, Overlimit Fees will also be assessed based on total account balance:

If outstanding balance is < $500, Overlimit fee is $15

If outstanding balance is between $500 & $1,000, Overlimit fee is $39

If outstanding balance is > $1,000, Overlimit fee is $49.

Under the EOCA disclosure on the back, MBNA asserts that the reason for the amendments is due to a change in their business practices! Good thing I closed the account mid-year, last year. In the time that has elapsed, MBNA has included proposed amendments on 3 different occasions, but each time I followed the procedure outlined to reject the changes. This time though, there is no langauge in the amendment outlining how the account holder may reject the changes! :evil:

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The last time I had one of these and I found it to be unacceptable, I sent them a letter simply stating that their TERMS AND CONDITIONS were REJECTED, and that I hereby close the account due to said changes listed. And then I attached a copy of new TERMS AND CONDITIONS, and that was that.

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  • 3 weeks later...

Been a mbna cardholder for 5+ years. I love 'em. Been good to me and the cust serv is superior

they know how to take care of customers but i use the card alot and seldom carry a balance

give really big unrequested line increases, but you have to ask for IR cut since they don't do that automatically

________

Mobil Economy Run

Edited by sjsharks
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