POSSIBLE CHANGES IN NEA MEMBER BENEFITS CREDIT CARDS

Bank of America (BAC) intends to modify certain aspects of the NEA Credit Card Program and NEA Personal Loan Program to ensure the programs remain stable and competitive. 

NEA Member Benefits says that individual cardholders could experience some credit line reductions based on their use or misuse of credit. With these assurances in place, NEA MB and BAC worked collaboratively to create the fairest possible scenario for affected members.

 Approximately one quarter of existing NEA cardholders will be impacted by rate changes that take effect June 1, 2009. BAC will begin notifying members of these changes in April 2009 by letter and through statement messages and inserts. Members wishing to opt out of these changes will be instructed to call or write BAC.  Any use of a card after opting out will be considered an acceptance of the new terms and conditions.

Changes to the NEA Personal Loan Program are effective April 1, 2009, and apply only to new account holders. Due to regulatory requirements imposed by the Office of the Comptroller of the Currency (OCC), the NEA Personal Loan Program may no longer offer a four-month payment deferral feature.  

 If you have any questions regarding the information contained in this bulletin, please feel free to contact the NEA Member Benefits Service Center at 1-800-637-4636 or Marie Mancuso, NEA Financial Services Program Manager, at mmancuso@neamb.com.

Comments

[Laura Pendergrass]

Thanks for this information. I have been nothing but unhappy with B of A and this program. I have consulted with an attorney and been so shocked by the unconsciencenable terms.

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