Mortgage -- Trouble during payment process -- Complaint #9674007
Complaint Overview
Complaint ID: 9674007
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
Sub-Issue: Paying off the loan
State: California
ZIP Code: 906XX
Date Received: 2024-07-31T12:00:00-05:00
Date Sent to Company: 2024-07-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I received additional interest amount accrued by BofA as well as a penalty of {$450.00} for early closing which I believe at the time of my application I was told that there was no penalty for early payoff. I have a Preferred Status account with BofA that enables me many free services, such as wire transfers, low rates on all types of loans, rewards points etc. I borrowed $ XXXX last year on XX/XX/XXXX and signed up with with BofA to make payments directly from my account each month on XX/XX/XXXX. Exactly a year later on XX/XX/XXXX I visited BofA and asked for payoff information. The representative made a call to inquire from the HELOC Division but was unable to get someone to answer, so I was given the HELOC telephone number to call and get the payoff amount myself. I thus made a {$10000.00} payment towards my balance and told BofA that I will bring the remaining due the next day. Following day after I was told the remaining payoff balance due was down to {$9700.00}, I went back to the bank and paid it off. Then few weeks later BofA sent me another bill for additional interest due. I am disputing the practices of BofA for gauging their clients with fees and charges that they create, as well as mistreatment by telling me that my loan was paid off and balance was XXXX, and later billing me with new accrued interest please. For a {$20000.00} HELOC I paid over {$1600.00} in interest from XX/XX/XXXX to XX/XX/XXXX and now BofA wants to charge me additional interest and penalty amounting to over {$700.00}. Thanks
Frequently Asked Questions
What is Complaint #9674007 about?
Complaint #9674007 was filed against Bank Of America, National Association regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-07-31T12:00:00-05:00.
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 (Mortgage) 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.