Ben Pavone Takes on Credit Card Customer Abuse to Win BuzzFlash's Wings of Justice Award
WINGS OF JUSTICE
Ben Pavone
For those who have been upset over reduction in credit card limits or increases in interest rates, meet Ben Pavone.
Ben Pavone is a lawyer in San Diego who got hit with both by Bank of America, a bank that has been under a significant cloud for some time now.
Pavone's interest rate went up to 27.99%, and his credit limit went down just above his balance.
So what is Pavone doing about it? He's not paying Bank of America any money on the card, and has threatened to sue Bank of America if they damage his credit rating as a result.
You can hear the applause from miles away.
"For the record, I have a perfect payment history and I have a nearly perfect payment record on my credit... I have no doubt that you will mark my credit in light of this default, but if you do, I will sue you. I am eager to argue to a court that your interest rates are unfair within the meaning of various state and federal statutes, and anxious to point out that you 'had' to cut my credit limit from $32,000 down to $30,000 at the same time you were borrowing billions from the federal government and paid your executive bonuses in full."
The bank's explanation for doing what it did? "Economic trends."
Given the power of the banks and the feeling of desperation, most end up caving in rather than fighting. Pavone, to borrow inspiration from a long ago cigarette ad, would rather fight than switch.
Pavone gives B of A a chance to see it would be easier to grant his request than fight it in court, noting that his request to reduce his rate to 10.99% would probably cost less than fighting any potential lawsuit.
Because for the banks that received tons of taxpayer money and still refuse to grant loans and screw with loyal customers over their credit cards, this is about money, not customer loyalty or support, pure greed. And Pavone tries to speak B of A's language: money.
Ann Minch deserves an assist on this week's Wings winner. Minch fought Bank of America via YouTube and was successful, and Minch inspired Pavone. Now by telling his story, Pavone might inspire more people.
One person after another gets fed up and speaks out: This is after all how a revolution starts, a credit card revolt, a spark is all you need.
And this isn't like these people were horrible customers. There used to be an unwritten code: if you were a good customer and made your payments on time, nothing bad would happen to you. Banks used to want those kinds of customers.
Minch and Pavone were good customers. Bank of America was making money off of them, since each one was carrying thousands of dollars on a credit card. Even at 10.99% on over $30,000 worth of debt, B of A was making a nice chunk of change off Pavone. And yet, it wasn't enough.
Pavone shows that you can fight back over the aggressively obnoxious treatment by the major banks against their customers, people with whom they theoretically want to keep doing business and want to tell others to do business with them.
Though the Credit Card Act of 2009 kicks into action in February, banks and others that issue credit cards are looking to increase revenue, no matter the long-term damage with customer relationships. In the worst financial year in generations, credit card issuers collected $22.9 billion in penalty fees (including late payments) in 2009, up from $19 billion in 2008.
Ben Pavone is doing his part, not only in standing up to Bank of America, but also in getting as much publicity about his scenario to inspire others to fight back against credit card customer abuse. For that, we give this week's BuzzFlash Wings of Justice award to Ben Pavone.
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Nominated by BuzzFlash staff. Click here to see a full list of past Wings of Justice honorees.
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Kudos to Ben
Most people don't have the wherewithal to stand up to the big banks like Ben does. It doesn't hurt that he has a legal pedigree either, but putting your foot down decisively in this manner, whether it's a big bank or a small one, is the place to start.
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Some people just have this
Some people just have this knack of standing up to things that are wrong and taking on them. They hate just being rolled over for no mistake of theirs'. Most of us would take a cut and assume that since the banks are in a mess is a step that will help them if not us.
I really like the spirit that Ben Pavone has shown and shown us that we like him should stand up for things that are wrong.
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I really hope that Pavone
I really hope that Pavone wins and it becomes a lesson for similar credit card companies and banks that issues credit cards. Its always better to fight than to switch.
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Incredible!
Unequivically the most inspiring thing I've read about fighting back. I hope he wins! Does anyone know how to apply for a credit card and request a certain credit line? I would rather have a card that has a low credit line and low interest rates than be given a high credit line which I'm not going to fully take advantage of and risk late payments. The most laughable thing about this was the bank citing "economic trends" as the reason for these monstrous fees and credit rip-offs. They're the ones inventing the trends! Maybe someday the leaders of these huge banks will realize lfie is terrible without a soul, and will do something about it.
Yes, I can hear the applause
Yes, I can hear the applause miles away, I think the guy is brilliant and he has the support of so many people that have been in similar situations. Economic trends are no excuse for banks to become predatory, banks should start focusing on some common sense limits. If I had similar troubles with getting my easysaver rewards I would have done the same. Lucky for me, it's not the case. You have my support Ben!
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Ben,
Iam in full support of your actions toward not only bank of america but the credit industry as a whole/ I ,to am a victim of credit card abuse (master card sponsored by cabels) unfortunatly I do not have the resources both financially or knowlege to contest the montobanc like behavior of these Giants.
sincerely
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