I received a pre-approved offer from Bank of America for their "CleanSweep" loan. Bank of America wants to help me get out of debt so bad, they are offering me up to $50,000 at an interest rate of 8.99% to 21.99% based on my "creditworthiness". I am so glad I have educated myself about my finances and will not fall for their offer to "help". Not only could my interest rate be 21.99% but in the fine print, their is a transaction fee for each advance. So if I took out the entire $50,000.00, I would immediately be over my limit as this would add an additional $1500 to the balance. This would jack up my interest rate to the default rate of 27.99%.

You've been a pretty good bank for me and I still maintain a checking account with a very small balance, just in case I can't find an ATM that is free to use with my credit union. I appreciate all of your concern for my personal finances but NO THANKS. The only remaining debt I have is my Mortgage and student loans. The student loans have already been consolidated to a low rate and I don't plan to take on any additional debt anytime soon.

Have you received one of these crazy loan offers?

Image Credit: The Consumerist

I recently opened a MyAccess checking account at Bank of America to get a $100 bonus. I had planned to keep the account for a little while and then close it. I was browsing the Bank of America site and saw they have new account packages called MyExpression Banking. The theme of these accounts are that they represent various charitable causes. One of the big things that caught my eye was the rates for the Money Market account. I don't know if these are teaser rates or not. But for Georgia, the rates are as follows:

• Less than $2500 3.00% APY
  
• $2500-$9999 5.35% APY
  
• $10000-$24999 5.45% APY


• $25000-$49999 5.45% APY


• $50000-$99999 5.71% APY


• $100000- 5.71% APY

There is a $1000 minimum to open the account. If you already have a Bank of America checking or savings account, there is no hard pull. I'm seriously considering moving my money from ING to Bank of America. I love having my money local if I can get a great rate.

If you open an Advantage checking account, you also get the following:

• Free banking services and preferred rates
• Additional checking and savings accounts for no monthly maintenance fee
• Free Online Banking service with free Bill Pay
• Receive almost every banking service you need for free or at preferred rates
• A second checking account with no monthly maintenance fee
• Up to four savings accounts with no monthly maintenance fees
• Free Online Banking service with free Bill Pay
• Free Bank of America Check Card with Total Security Protection® and Photo Security®
• Free Advantage checks and checkbook cover
• Trade stocks online for as low as $0 with Banc of America Investment Services, Inc.®
• No ATM Fee on deposits and withdrawals at Bank of America ATMs
• No rental fee on standard size safe deposit box