… well not really,  just sorry that they ended up in the media again for being a disgrace of a company.

Case in point: Jane Padgett had a credit card issued by Bank of America and had been a customer of theirs for nearly 12 years. Recently Jane discovered that her credit limit had been slashed in half and her purchase of medication for her pet was refused.

For the entire 12 years Jane was a customer of Bank of America she never missed one payment and always paid the balance due in full each time she used the card. The card, which carried a small $1,000 credit limit was apparently only used for large purchases where she did not have that much cash on hand at the time, but by the time the bill came due it was always paid off.

Jane contacted Bank of America to inquire about her card and was told that screening of her credit history (past history which did not pertain to BofA) revealed certain items which Bank of America claimed put her in a higher risk category and thus found cause to cut her credit limit in half. The items that Bank of America identified were explained in full by Ms. Padgett to the person at the bank when she called. But the bank did not want to hear any of it, facts about ones credit history did not seem to matter to Bank of America and then the bank simply canceled her account altogether apparently for complaining to the representative on the telephone as Ms. Padgett alleges.

The Bank of America representative on the phone told her that her limit had been reduced because of negative items on her credit report, some of which, Padgett tried to explain, were errors that had been recently expunged. But there was still a bankruptcy in 1994 (when her mom had cancer) and a late payment on a Macy’s card in 2007. The bank suddenly saw her as too risky.

According to Padgett, when she protested further, pointing out that she’d never made a late payment on the card in question, the Bank of America representative responded by canceling her credit card altogether — ending a 12-year relationship in which she’d done nothing but make full payments, and on-time, too.[...]

The day after Bank of America cut Ms. Padgett off completely the Huffington Post learned of the story and contacted Bank of America to make an inquiry into the story.

[...] a Bank of America spokeswoman told the Huffington Post that Bank of America would never cancel a card to punish a customer for griping.

“We do monitor accounts for risks and may adjust customer lines up or down as appropriate based on their risk profile based on their performance,” said spokeswoman Betty Riess. “We would not close an account just because somebody would call in about it.”

Padgett swears she was dumped in the course of a conversation. [...]

[...] Shortly after Huffington Post’s inquiry, Bank of America changed its tune, apparently realizing Padgett wasn’t such a risky borrower after all. A Bank of America rep called her at work, apologized, and offered to restore the account with the original limit. (It had nothing to do with a reporter’s inquiry, BofA told HuffPost.) [...]

It had nothing to do with the media getting involved… yeah right. Bank of America, along with so many of the other large bank institutions that have become wards of the tax payers are only concerned with their public image in my opinion.

Bank of America along with Goldman Sachs, JP Morgan, Citigroup, and many others must be allowed to fail and suffer the consequences. The notion that tax payers must keep propping up these zombie banks must end and end now.

Dylan Ratigan speaks about the Banks that have gambled and lost…