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NEA Pressure
Bank of America has decided to reverse its decision to change its existing Personal Loan accounts from fixed to variable interest rates. The bank had recently announced a bank-wide decision affecting all its fixed-rate Personal Loan customers, including those who are NEA members. This decision was particularly troubling to us because NEA Members purchased this loan to consolidate debt through a fixed-term fixed-rate program. Affected account holders may retain their existing fixed-rate loans. This result is due to our strong and persistent advocacy and some good people at Bank of America who listened to us and their customers’ feedback. Not only has the bank decided to restore the fixed-rate accounts for NEA Personal Loan participants, they are planning to do the same for Personal Loan customers bank-wide. Bank of America’s decision to maintain the current accounts reflects the importance of their relationship with the NEA. Through NEA’s intervention, the Bank made a choice to put what was right for our members ahead of a short term plan to recoup a portion of the millions of dollars they are losing from personal loan defaults. Bank of America will be sending all affected NEA Personal Loan account holders notification of the reversal the first week of December. If you have any questions, please feel free to contact me or Ms. Marie Mancuso, Financial Services Program Manager, at 1-800-637-4636, or by email at gphoebus@neamb.com or mmancuso@neamb.com .
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