In another debtors revolt case – Ben Frasier of Douglas, Ore., a former assistant bank manager at Bank of America (NYSE:BAC), accuses its former employer in this YouTube video of ripping him off by charging extortionate interest rates of up to 30%.
Frasier said he borrowed $30K from the bank a year ago at a guaranteed 5.1% interest rates to restore a foreclosed home. He points out this was a line of credit and not attached to any real property. Again, the agreed interest rate was 5.1% at the time the funds were issued. However, when Frasier got his first statement, it declared an eye popping 32% interest rates. His payments were over $1100 per month.
Frasier said that because of an unexpectedly high interest rate, he paid $8K but dented the $30K loan’s principal by only $1,500. He has decided not to make any more payments on the loan unless Bank of America would let him settle up with a lump sum.
Watch Frasier’s video and how he, a responsible hard-working guy, was ripped off by the crooks and incompetents of BofA:
This guy is retarded. I don’t believe a word he says