Credit card -- Fees or interest -- Complaint #8260526
Complaint Overview
Complaint ID: 8260526
Company: Bank Of America, National Association
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: New York
ZIP Code: 11003
Date Received: 2024-01-31T12:00:00-05:00
Date Sent to Company: 2024-01-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Bank Of America applied {$51.00} in interest charges to my credit card account. The Credit card had a balance transfer with separate terms and agreement, and at the time of accepting the balance terms and agreement it was explained to me that as long as I have available credit line and I make purchases and pay off those purchases within the due date that no interest will be charged. I contacted Bank Of America on XX/XX/XXXX and XXXX of XXXX and both employees that spoke with explained that was their understanding as well. The new charges which generated the interest was paid off way before the due date so those employees that I spoke escalated the issue to their back office as they called it for review because they did not understand either why the interest was applied to my account. The back office sent me an email XX/XX/2024 denying my request to reverse the interest charges and they did not give an explanation. When I call back the representative, explain that I would need to pay off the total new balance to avoid any interest charges. Otherwise any payments made would first apply to the minimum balance on the low interest rate, which would be my balance transfer and then to the new purchase, which has the higher interest rate, and the interest rate for the new purchases would apply immediately not like other credit cards where you have a grace period without interest and a due date. The wording in the terms on the conditions included with my statement, says that no interest would be applied to any new total balance generated from month-to-month if its paid off within the grace period. The Bank Of America customer service representative my statement with the new charges, resulted in a new total balance, and it meant that I would have to pay off that new total balance. This goes against the point of having a balance transfer and the availability of a credit line to make purchases and pay those purchases off. in essence, Bank Of America saying if you have a balance transfer and you make any new purchases, even if you pay those purchases off before the due date, you will still be charged on those new purchases because your new total now includes the balance transfer. This is a deceptive and manipulative practice for taking advantage of customers trying to follow the rules and do the right thing.
Frequently Asked Questions
What is Complaint #8260526 about?
Complaint #8260526 was filed against Bank Of America, National Association regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2024-01-31T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.