Ann Minch Triumphs In Credit Card Fight (VIDEO)

Two weeks ago, Ann Minch of Red Bluff, Calif. announced in a YouTube video that she'd launched a one-woman "Debtors' Revolt" and would refuse to pay off her credit card balance after an unfair interest-rate hike. Now, after her video made a huge splash, Bank of America has agreed to reduce her rate.

Minch said in a video posted Saturday that a Bank of America executive contacted her on Friday.

"He asked me to talk a little about my personal financial situation so we can negotiate some kind of agreement in regard to my existing credit card account," she said. The executive "tried to get me to agree to 16.99 percent and I said, 'No, nope, I believe because you guys are getting your money from the Fed at zero percent interest... that 12.99 percent is a more than generous profit margin for you guys.' So he did finally agree to that and he also agreed to send me that in writing."

A Bank of America spokeswoman confirmed to the Huffington Post that Bank of America got in touch with Minch, and, "based on additional information we received about her situation, we reached a mutually agreeable resolution." Citing customer privacy, the spokeswoman declined to provide details. Minch said she'd send the Huffington Post the confirmation letter as soon as she gets it. (Her rate had been 12.99 percent for a long time before it shot up this year.)

Minch's first video has been viewed over 240,000 times. After the Huffington Post featured the 46-year-old stepmother of two in a story, she found herself inundated with media requests from the likes of NBC, CBS, Fox News and also a local reporter.

Minch said the Bank of America executive was very polite and didn't bring up her video, in which she called Bank of America executives "evil, thieving bastards."

It's a sentiment that resonated with HuffPost readers, who flooded this reporter's email account with over 200 letters of praise for Minch and stories of credit card malfeasance. (To all who wrote in -- I'm reading through every letter and will have a follow-up soon!)

Assuming the rate is reduced -- Minch said her online statement from over the weekend didn't reflect the deal -- she will now pay off her credit card balance, which stood at $5,943.34 last week. In her latest video, she encourages others to keep the faith.

"Just because my personal account situation has apparently been resolved, which is a small victory for this debtors' revolt movement, we still have a war to fight," she said.

Here's Minch's victory lap vid:

Comments

[Fitfanatic37]

07:55 PM on 11/11/2009

I just found out that Citibank is going to increase my apr from 11.2% to 29.99% starting next month. When I called and spoke with a senior account manager, she told me flat out that there was nothing I nor she could do to lower it except opt out which would close the account. I have been a cardholder with Citibank since 1995 always paying on time with at least the minimum. I am so angry, upset, and almost on the verge of tears here.

[BluzySuzy]

10:54 AM on 10/27/2009

I am trying to follow Clark Howard's advice. I have gotten a credit card through my credit union - btw, they tell me that if I am late on a payment, they do not raise the rate, but simply apply a a late fee ~$45 -I amsure it is dependent on the balance. I do not use any of the other cards for purchases. I am working very hard to pay off the BofA before they hit me with some of these kind of rate hikes. I intend to ONLY have my credit union card as a purchase card after that.

[Catherine007]

12:23 AM on 10/18/2009

Hello everyone! I thought America was dead! You have resurrected yourselves! Ms Ann Minch is ingenious and courageous. Kudos to Ms Minch!! She actually did something and it was SO simple. Maybe if we approach all of our country's problems with this creativity, we will solve our ills. Her mastery was just like Reese Witherspoon's in her film, " Legally Blonde 2." Remember, if you do nothing, nothing happens! These banks are borrowing money at nearly zero per cent. To charge their clients ursury rates is immoral. If a local hardwood store charged 25.99 - 30.99 % on a customer's balance, the citizens would make sure the owners were jailed! America, get on the bandwagon and let's get this country straightened out!

[BluzySuzy]

10:47 AM on 10/27/2009

Local hardware (hardwood?) stores DO charge those kind of rates - Home Depot is part of CitiGroup - 26% interest!

[pepe68]

01:26 PM on 10/02/2009

What we need to do is unite. There is power in numbers and if we all, as one, united with purpose and persistence, raise hell with senators, house members, senate and house finance committees, bank executives, the Federal Reserve Board, the various regulatory agencies, and the President of the United States, we will succeed in our quest. But we need to get organized, we need to establish goals, and we need to establish an action plan. Just in the past few days, the Fed (Federal Reserve) announced that they are working in drafting regulation that would limit credit card rates, that would impose a one year limit between rate increase. These are just two of the items that they are currently working on. They also have other terms they are working on. But as usual, some members of congress have already found out about this and are indicating that they are opposed to this.

Ann Minch has established a web site, which is currently under construction, to fight this problem. Her website is http://debtorsrevoltnow.com/

I am not talking about signing petitions letters, we need to submit individual letters to everyone we can think can help us out. Swamp their offices with hundreds of thousands, perhaps millions of letters.
Banks and credit card companies are fully aware of the upcoming changes that will take place in the next 10 months and they are gearing up to come down on us, again. We need to act now.

[Karen Kaufman]

04:00 PM on 09/29/2009

Please join the Facebook Cause:

DON'T BANK ON ME!

To publicize the atrocious ways that the financial institutions are making credit slaves of us all - and to stop it.

1. All credit issuing institutions are charging ruinous rates
2. The government WILL NOT put a stop to it, even though the bail-out monies were designated to help with this problem.
3. There is NO regulation of credit-card rates other than what the financial institutions say they want.
4. Your credit can be ruined at the bank's whim by lowering your limits and concurrently raising your rates
5. WE are the only people that are capable of stopping this - by NOT using our cards!

Description:
A call to arms for all people who are struggling with BADLY overblown credit card rates imposed by banks that we OURSELVES have bailed out with tax-payer monies.

http://apps.facebook.com/causes/362839?m=cc366e79

[drewscorner]

02:54 AM on 09/24/2009

(Cont).
Now for my customer advocacy soapbox:

When we began to hear that these major banks were reporting profits just one year after the world's most dire meltdown since the Great Depression, you begin to wonder how they’re making that money back and where they’re getting all that cash flow. Here’s a theory --- perhaps this new money trough is coming from us regular creditworthy folks who regularly pay on time. It's folks like us who just got screwed over because the "profit gurus" at the banks realized it's this segment of the market (the bread and butter customers) that can best absorb sudden rate increases without risking default. It's these same customers, who even with the interest hikes probably won't cancel their cards for fear it may lower their credit score or have some other impact. And since most people are not wealthy, there may not be another option for buying things on credit.

What about the new market rate averages (12-14%)? Can we say collusion, anyone? These banking gurus probably figured out that if all the major banks are do the same thing at the same time (raising rates before the government-mandated regulations kick in) -- then there is no need for banks to worry about long term customer value (LTV).

[drewscorner]

02:54 AM on 09/24/2009

(Cont)
How many of us get junk mail from our banks that we never read? You know, those stupid blank checks we never use! “Paperless” banking is so much convenient because you don’t have to worry about rummaging through scores of promotional bank mailers and similar junk mail in order to find your current bank statement. The problem is that just because people agree to go “paperless”, it doesn’t mean the bank is obliged to inform you of changes electronically. That would make too much sense these days. Where’s the e-mail alert or the easy to notice “Important” hyperlink somewhere by the electronic statement? Well, it isn’t there, probably for good reason – it would be too easy to spot.

[drewscorner]

02:51 AM on 09/24/2009

I too was raked on the coals recently by BOA’s Credit Card division. My story and situation is different, but there's a thread going on here that's not just happening at BOA, it's the same story at all the major banks – “good [loyal] customers” with revolving accounts are picking up the tab for last year’s catastrophic bank losses.

Despite having prime credit status and 15 years of good history (rarely late) with the same organization, I surprisingly had a 5% "across the board" rate hike on two of my cards in June. The new rate caused my interest obligations to increase approx. $125 per month, or $1,500 extra per year. I called to inquire and was told by an agent BOA that “the cost of business” has gone up and I was selected among others for a rate increase. He also told me that BOA sent me a “rate increase letter” via mail in April which included a 30-day opt-out option. Because I had gone “paperless” on my account years ago, I had little reason to open any mailer from Bank of America – most are promos and the majority of their letters look the same. And so, I missed the opt-out deadline – aka screwed.

The current method of informing customers about pending rate increases are deceptively old-fashioned and the main source of my complaint, one that makes me want to write to my local Congressman.

[Kristen May]

02:15 AM on 09/24/2009

I believe that the companys are not in the wrong, I am 18 years old and i believe that the only ones hurting americans is themselves in most cases. Because simply we do not read our disclosures and the agreements we sign. I have just turned 18 and my signature is my name and my word. Reer'ed in the great state of west virginia we are taught this at a young age that only two things are handed to you in life one being your name and the second your family's love. You are adults with much more life experience than myself. I hold accounts with different banks and I have read everything that i have signed which means no surprises no hidden fees. I am looking to open a small credit line to build my credit. Now when people take out credit cards at "introductory rates" the key word being introductory. does everyone believe this rate is handed you as a birth right? no these introductory rates are for good customers that take a card put a small balance that they can control we can no longer rob peter to pay paul because peter is going to start looking for his money. So you tell me when will someone finally say "I did it on purpose not on accident" the control is in your hands not theres do it for yourself not me not anyone. -sincerely no more cry babies

[amandak]

08:02 AM on 09/28/2009

Kristen-

You obviously do not have the experience to comprehend this situation. Perhaps you still live at home and don't understand how bad the economy is- why we're forced to use credit cards. I have a job, but there are emergencies, groceries to buy, car repairs. You don't understand the frustration when you never miss a payment and yet are still taken advantage of. I too have copies of everything I signed, however, when you call a credit card company it is usually because there is a problem. You're upset because these people are literally playing with your financial future. They change your interest rate, they increase your monthly payments, they TAKE ADVANTAGE OF YOU. And they don’t care.

Rules are out sweetie- learn now that these companies don't follow rules. They do what they want because they can. And you're just one fish in the sea. You don't matter to them. (No you, but every single one of us), hence the request for a revolt.

I don't mean to insult you, but you don't understand what it is to be in debt- to have that dread hanging over you every month wondering what you'll have to call them about again. It's horrible. I agree that sometimes people can do this to themselves. But a lot of us have not. The control is NOT in our hands. That's why we're angry.

Hopefully you never have to go through this. Sincerely, We're not all cry babies. We're victims.

[hoobit]

12:29 AM on 10/20/2009

In support -and agreement with- amandak's statement, this is what I received from CITIBANK, (North Dakota), N.A., today:

"We may change the rates, fees, and terms of this Agreement from time to time as permitted by law. The changes may add, replace, or remove provisions of this agreement. We will give you advance written notice of the changes and a right to opt out to the extent required by law." Do you notice there is no "you" in that statement? No protection for the cc user...only 'gimmes' for the issuer.

IOW, *they* have control. Sure, you can "opt out" of any term(s) they decide to impose on you, BUT, *if* you do, "your account will be closed." When that happens, your credit score/credit 'worthiness', tanks. Tanks right into the bottom of the pond. And you know who checks your credit score? Just about everyone. Want to substitute at the high school? Want car insurance? Want to volunteer with the local youth organization? Want health insurance? You guessed it, they'll FIRST check your credit score.

You can be as honest, trustworthy, conscientious and fiscally responsible as all get out, BUT, when the lender *changes* 'the rules' (amends the contract between you and them) WITHOUT you having ANY say in the matter, and when *their* changes end up harming *your* credit rating/score, there is something terribly, terribly wrong.

Do you see, now, Kristen May, why so many people are so upset?

[Dan Hopkins]

01:46 AM on 09/24/2009

GMs. Minch,

You are to be hailed as a champion of the many victims of the predatory practices by the Credit Card Companies that has gone on for far too long. Unfortuntately, many members of Congress are to be held accountable for this outrageous state of affairs as well since they were the ones who passed legislation that made their actions legal.

Therefore, it is time to send those elected officials who voted in favor of the Bankruptcy law, which enabled the financial institutions to get away with their unscrupolous actions, packing at election time. They are as corrupt as the Senators of ancient Rome and have helped to contribute to the economic collapse that we are now experiencing.

Just because Wall Street says the economy is recovering, we should ask for whom it is recovering. The Wall Street Bankers, not those of us who are struggling to survive economically by paying outrageous interest rates that they have mandated we should incur. Let them eat higher interest rates! Marie Antoinette could not have said it better. However, Wall Street, like the Bastile, can be stormed.

Good luck!

[LittleIodine]

10:29 PM on 09/23/2009

I have been sending bills to merchants when they make mistakes and won't correct them.
For instance, one company failed to send insurance confirmation to a bank and I did all
their work to get it straightened out, I sent them a bill for my time, copies, etc. and every
month until it was paid, I charged a service fee and interest. At that time, it was 2% on the unpaid balance. Now, I charge a daily compounded interest rate just like they do plus late fees, just like they do. Have a bill for Dish Network. (In Attorney General's hand for unfair practices,) People thought I was crazy, but I was just mad and angry with all the gimicks they have. I call it theft by deception. Or unjust enrichment. I will not hesitate to go to small claims on stuff anymore. I am tirred of it all. Hope others stand up, too.

[artistinresidence]

03:10 AM on 09/25/2009

What you write makes total sense. These companies have the hubris to believe that our time means nothing. They are so wrong--we have to take time away from our jobs to effect justice from these evil thugs.
And YOU GO, LIttleIodine, on your claim against Dish Network!!!!
I'm standing up to verizon. I won't even capitalize their name....
they're swindlers too.
GO, Net 10--I just switched.

[mudshark12]

10:29 PM on 09/23/2009

You will notice that the credit card legislation, a few months ago, which was touted as a major victory for consumers had usurious interest rates excised from it. Kind of like owning a guard dog with no teeth. Effing banks, it's no wonder Thomas Jefferson despised them!

[tmphk]

06:45 PM on 09/23/2009

We got a letter from B of A two weeks ago telling us they were raising our interest rate from 10.99% to 27.24% because I paid online ONE day after the payment due date. We have had this B of A credit card for over 5 years and have spent 10s of thousands of dollars and have always paid on time and now that we are one day late past the due date they are increasing our rate. I just sent them a message requesting that Jeff Crawford or someone authorized to discuss our situation contact me immediately. I'm curious to what their response will be.

[artistinresidence]

03:07 AM on 09/25/2009

Keep pounding away at them.
What these companies don't understand is the collective power we all have.
Best of luck to you and keep on them!

[sabredance]

08:25 PM on 09/29/2009

My wife and I received a notice from Nordstrom's that our rates would not be effected, but that others would have their interest rates raised. We fired a letter back to Nordie's that we cut up our cards and that raising their rates to levels of usury just when the economy was doing the porcelain swirl was immoral.

[nwmother]

06:28 PM on 09/23/2009

Imagine if the government, instead of giving billions to banks, had paid off the debts of everyone and set up a 10 year repayment plan with no more fees or interest for each individual. Clean slate, no more ever-increasing interest rates, no more late fees, foreclosures, liens, garnishments, debt-fueled bankruptcy. Then Regulate the financial sector to cap the interest that they can charge at a reasonable flat rate, no more ARMS, no more exotic financial instruments, no more selling mortgages in bundles to foreign investors.
Americans would be made debt-free, the banks would be made whole, no more toxic assets on their books, housing decline would end.
Instead they gave it to the financial institutions who turned around and pocketed the enormous profits they made from tax-payer funded bailouts. So glad we let them borrow our money and no interest.

[jdpmn74]

08:18 PM on 09/25/2009

Gee - yeah that would be swell! Then all of us who haven't incurred any debt could pitch in to help all of you who charged up your cards living beyond your means! I have no sympathy for any of you - you used your cards, you signed the agreements, grow up and deal with it.

[nwmother]

05:35 AM on 09/29/2009

Do you have the same attitude regarding the failed banks and their horrible investment strategies? No bailouts then? For anyone?

[hoobit]

12:47 AM on 10/20/2009

jdpmn74 - a slight correction: *I* did NOT "sign the agreement" charging me [as of this upcoming 30 Nov] 29.99% APR. But that is what I'm being charged...whether *I* like it or not.

My "options" are to 'opt out' of the 3-fold increase and continue with my current 10.99% APR...and they will close my account, OR I can try (and fail) to meet their 29.99% interest for my *previous* purchases (made at 10.99%) at the expense of paying medical bills...in which case my credit will be blown to he// for defaulting on *those* financial obligations.

I certainly hope your horse isn't too tall...it's about time, maybe, you got down off of it.

[bigridge]

05:32 PM on 09/23/2009

Miss Minch,

YOU LET B.O.A OFF WAY TO EASY!!! IF the 240,000+ Bank of America card holders who watched your video TODAY DECIDED TO DO the same thing as you....

EVEN PRESIDENT OBAMA COULD NOT SAVE THEM(BOA)

IMAGINE!!

IT IS TIME FOR "THE PEOPLE" TO TAKE BACK THIS COUNTRY FROM THE CREDIT CARD
COMPANIES!!

MISS MINCH, YOU HAVE JUST PROVEN THAT IT CAN BE DONE!!!

GOD BLESS YOU!!