I was told by Bank of America that my credit card account had been closed because a debt settlement company named Modern Money Mechanics was negotiating the debt on my behalf. This is completely untrue and my card was being paid automatically out of my Bank of America checking account every 2 weeks. I was also told that my account had been sold to Barclay Bank and I would have to straighten this out with them. Barclay Bank had sent me a new credit card with instructions how to activate. When I tried to activate, it also said the account was closed. However, when I spoke with a rep from Barclay, they told me that they should never have received my account from B of A because my account had been SOLD to Modern Money Mechanics (A new twist to the story). I recorded that conversation with the Barclay rep, and he states that I have no debt with them and should not receive any bills or see anything on my credit report. So right now, there are apparently 3 companies that MAY have info on my account, but they all tell me I have to resolve it with the other companies. As of 9-27-12, B of A tells me that they have NO records of my credit card account, even though it was only transferred from them last week. I have not been contact by Modern Money Mechanics, and can find no information on them. The number that B of A gave me for Modern Money Mechanics turned out to be the number of the Public Affairs off of the Chicago Federal Reserve. So it appears B of A has no idea who this company is either.
Consumer Action Taken:
I have spoken to both B of A and Barclay Bank and have been told by each company that they cannot help me, and if I want to have a credit card account I must re-apply. I have filed a complaint online with the CFPB so far.
Date This Problem Happened: September 20, 2012
State You Live in: Michigan
Age Range: 36-50
Total Amount of Fee Paid:
Company Name: Bank of America
Company Telephone Number:
Website of Company: bankofamerica.com
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3 thoughts on “Bank of America – Consumer Complaint – 9-27-2012”
Any update or help on this yet?
None at all. Each bank says they cannot help me and to contact other. I now have a closed account that was in perfectly good standing and it will affect my credit for several years.
I would go back to BofA and ask to see where your payments were going. You would probably do better by going into a branch office and sitting down with someone. It sounds like either you or BofA was defrauded. Either way, this would appear to be a violation of the Electronic Funds Transfer Act by BofA, and would have to be removed from your credit report. (I’m just recommending based on what I’ve been reading. This isn’t legal advice. Sorry to have to throw in a disclaimer!) Good luck