Subscribe to our mailing list

X

BANK OF AMERICA, NATIONAL ASSOCIATION – CFPB Complaint

By on October 24, 2018
Consumer Complaint Submission

Date Received: 2018-09-23T00:00:00

Product: Credit card debt

Issue: Written notification about debt

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Bank f America – paying off credit card debt which was closed by Bank of America in XXXX. I paid Bank of America close to {$5000.00} during the first week of XX/XX/XXXX, in doing so, I paid the entire balance which was left on the already closed credit card account w/ bank of america ( this occurred over the weekend on a Saturday, and this there was a delay until the next week ( Monday ) as many banking institutions do ). Once BOA processed the amount, the closed credit card account was no longer linked or attributed to my view of accounts online via their own member website. In such, all that was visible to my remaining open accounts was visible and live as usual.

I reviewed my account using their financial reporting and administration tool ( their member website ). In doing so, I noticed yesterday ( XX/XX/XXXX ) that my account attributed to my closed and paid off credit card was again visible and worked as normal ( it wasn’t visible after I paid the entire amount weeks before and wasn’t available until another charge they assessed to the account ).

I dispute the fact that I owe anything to them, not because of the prorated interest they do have a right to receive ; but to the proper and more importantly reasonable and expected reporting they offer as a service to their members. The issue revolves around the fact that their bank of america business rules and logic which govern how they properly report member funds and other banking information via their online tool didn’t work or has a glitch.

The glitch itself caused a breach of their expected and contractually obligated service level to active banking members with which to have access to their own accounts using their agreed upon tool ( the member website ). This instance and practice is inconsistent with how my other BOA accounts operates as it does today.

READ  AES/PHEAA - CFPB Complaint

A real world example how their logic and application of it is flawed is that at one point my checking accounts had XXXX balance, despite that ; it still was visible online and reported as so. At no point in the past or currently would it have been not visible ( even if nothing was in the account or held money or held a negative balance ) for the fair and reasonably agreed upon sake of supplying financial information the active account holder.

Thus, carrying a XXXX open balance as a result of paying off the entire open amount/debt of the closed credit card account ( bank of america closed that account a year ago ( XXXX ) ) never should have triggered the account to be closed or not actively visible to me. The XXXX balance credit card account only became visible and active ( active meaning able to report and manipulate ie., able to pay interest and fees for the previous month ‘s prorated open reporting period ) for an additional payment. If they expected me to pay the credit card account for the prorated interest charge, they should have left it visible as it still is reporting and requires payment. — -This act was and is the same with my checking account with them. My checking account is still actively reporting because it is not static -XXXX, positive, or negative … and it would still be visible if BOA decided effectively closed it and it held a negative or a positive balance. If my checking account was at XXXX balance ( no money ) and closed by them or me, it would BE CLOSED and not visible or actively reporting- there would be no further action on any case ( me or the bank ).

Because they want interest paid for the previous open months open amount, they should have followed their own business rules and practice that allowed that active information to flow knowing that to the closed account which required an interest payment.

READ  Navient Solutions - CFPB Complaint

Anyway, that’s my beef – if I didn’t pay an open and agreed amount by an agreed and contractually obligate date- there is a penalty for a breach of the SLA that is understood and agreed upon by them and myself, the member. No business limits ( or in this case actively doesn’t provide ) the customers the ability to receive timely, fair and reasonable access to information only to then choose to grant fair and reasonable information once again, in order to make up for their flawed administration and application/action of how their own billing terms and arrangements are or are not applied and reported to the customer.

Company: BANK OF AMERICA, NATIONAL ASSOCIATION

State/Zip: AZ 852XX

Company Response to Complaint: Closed with monetary relief

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3027294

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Research Department

Here is where you will find important stories located from around the web which can impact you and your financial life.
%d bloggers like this: