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Bank of America Close My Father’s Line of Credit. Is There a Class Action Suit About This?

“Dear Steve,

My father had a line of credit with BofA and they canceled with out notice They had no just cause. No late payments on the account or anything else. I read there was a class action lawsuit against BofA. I can’t find that article or any info on it. I believe the law firm is out of the upper Midwest . Any information on this would be helpful .”

I am not aware of any class action suit about this issue. It seems Bank of America would be within its right to rescind any extension of credit in order to protect their business exposure in uncertain times.

The only class action suits against Bank of America I am aware about in the Midwest would be the one “Bank of America allegedly represented that its customers using its electronic bill paying service that the bank would not have funds removed from their account until a “paper check” was presented to Bank of America for payment, but in fact Bank of America prematurely removed funds from a customer’s account so Bank of America could earn for itself the interest on those monies.” – Source

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Scott

    Dear Steve

    Bank of America has closed my business line of credit. They are now forcing a $49,000 balanceimmediately due. Or for a $490 upfront refinance fee and a 3% increase in apr, along with securing the previously unsecured debt, they will term out the loan. I am fine terming out the loan but is it legal for them to force securing, higher interest, and upfront fees?

    • Steve Rhode

      You’d have to refer to the cardholder agreement which will dictate the terms.

      Were you late on the card or missed a payment?

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