hwc_68on Posted October 15, 2008 Report Share Posted October 15, 2008 I got paid once a month and asked MBNA to change the payment due date to match my pay cycle. MBNA said they couldn't, so I agreed to close out the account under terms we both agreed to in early 2006. In 2008, BoA notified me that they are changing the terms of my agreement and increasing my minimum payment. I understand federal guidelines now allow credit card companies to set minimum payments at 1% + finance charges. From what I have read of the federal guidelines, it seems to apply to active credit card accounts. How can BoA change terms on a closed account? My credit card agreement was with MBNA as were the terms to close the account. I know I now have an account under BoA, but I have no new agreement with BoA that I can see. Doesn't the original agreement at the time of closing still apply under new BoA ownership? Link to comment Share on other sites More sharing options...
Lecasbas Posted October 15, 2008 Report Share Posted October 15, 2008 so I agreed to close out the account under terms we both agreed to in early 2006. Doesn't the original agreement at the time of closing still apply under new BoA ownership? If you have a copy of the cc agreement phamplet which was in effect at the time of the closing of the accunt that should tell you the terms that you agreed to. If you do not have one then ask for one. You have to know the "written agreement" that you agreed to before you can argue any point.I never read the phamplet agreements until a couple of years ago. Since that time I read them all and have actually declined some offers due to the wording.You might be surprised at what the cc company put into your agreement that you may not have ever read. Link to comment Share on other sites More sharing options...
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