Frustrated BofA Customer's Move to CU Makes National News
TULLAHOMA, Tenn. -- A frustrated Bank of America credit card holder helped to put Ascend Federal Credit Union in the national news spotlight yesterday evening.
Miriam Majors was featured on a Dec. 16 segment on the CBS Evening News. Bank of America had raised her credit card rate from 7.99% to 28.99% because it noticed that Majors' credit limit on another card had had been slashed from $23,000 to $15,900 and her credit score had dropped 50 points, said CBS reporter Mark Strassmann. The practice is called "balance chasing" and banks worried about their own rising loan defaults are decreasing credit limits for customers who don't pay their balances off each month, he said.