Credit limit reassigned...over limit fees charged

[oregonguy]

Bank of America recently reassigned my credit card limit from five K to 2 K, the reason stated: "Proportion of balances to credit limits on this account or other accounts is too high." No problem here--I've been working on paying this account down for some time, and have been late three times this year, paid the late fees and am going with the flow. As soon as it's paid off, I'll never use their services again. It's my own fault for getting into their debt cycle. Here's the rub...my account balance is at five K, they lowered it to two K and are now charging over limit fees. Is this legal? What is my recourse? Thank you for any advice you can give.

[Jeanie]

I am sure somewhere in the small print of the user agreements it says they can change this and that at any given time. I know I have read that on the credit card agreements that I have gotten..

~Jeanie

[andibob]

I have the same problem with BOA! On 8/14, they approved and completed a $5000 transfer request. In early Sept, I remember getting a letter stating my limit was now being reduced due some sort of debt ratio thing. On 9/25, I get my next bill and there is a $39 overdraft fee. I was not notified before my transfer that my credit limit was being lowered. My complaint is this....

I did not go over my credit limit when I made that $5000 transfer transaction. THEY lowered my limit, which is fine with me. I only have a problem with being penalized $39 extra a month because THEY lowered my limit to a level that was $4000 less than that I currently owe! I would understand lowering the limit to clear any balance available to the customer but lowering it below what a customer already owes just so they can get an extra $40 a month? Ridiculous!

I'm calling today....

any further advice would be helpful!