I had recently closed a credit card account due to the practices conducted by the banking institution and I am in the process of transferring the balance from that account. I had once seen a late night news report (20/20?) about the 'legal misconduct' of the banking institutions (credit card departments) of gathering revenue and may have found a new way in which the banks operate.
Many years ago, I was offered a low fixed-rate credit card and jumped on it. They had honored the rate for those years (even when the prime rate was above the offered 'fixed-rate') until I changed my address.
After retiring from the military, I moved overseas and utilized a relative's address. I gave the relative permission to look through my mail in case anything important arrived. When I had updated that address to my real address that was located across the country, the company conveniently sent a notice to change the terms of agreement to the old address. If I didn't respond in time (which I didn't), the new terms would be in effect.
It changed from a fixed rate to a variable rate without my knowledge. It was locked to the prime rate, so I didn't worry about it too much until after I noticed that my interest rate jumped dramatically. Why? Because there was a typo on the address and I updated it online. Conveniently, they sent a notice of the change in the end of May (and I haven't received it as yet) that the term is to take place immediately at the beginning of June.
Just getting this out so that people are aware of another practice of the banking institutions (at least Juniper Bank). Beware when you move, because that may be a time in which the banks will strike.
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