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Bank Of America Backdates Rate Hikes| Without Notice, Class Action Claims

CHICAGO (CN) - Bank of America and FIA Card Services retroactively increase interest rates on credit-card accounts without notifying consumers, a class-action complaint claims in Cook County Court. Plaintiffs claim BofA and FIA review cardholders' accounts at the end of billing periods and backdate the rate increases without notice, and without giving them the chance to pay off the balance to avoid the penalties. See complaint.

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