Consumer complaint received 2020-08-06
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
***THIS IS THE DETAILED LETTER I SENT TO THE BANK OF AMERICA EXECUTIVE TEAM on XX/XX/XXXX and XX/XX/XXXX. XXXX Dear Mr XXXX & MsXXXX XXXX - I'm writing because I urgently need your help. 
On XX/XX/XXXX, I received 4 different letters from Bank of America stating ALL my credit card accounts had been cancelled. Attached for your reference. 

My husband and I have had 8 different credit card accounts with Bank of America, 4 of which I am the primary account holder. 
This message is in reference to my accounts, which end as follows : XXXX XXXX XXXX XXXX These 4 accounts represent a collective total line of credit worth {$40000.00}. I gained this credit line with Bank of America by having exceptional credit history with you and my other banks. 
I've been active and in excellent standing since the accounts were opened ... some of which go back to the year XXXX. 

While reviewing the credit scores, there has never been a missed or late payment on any account ... until very recently. 
The credit history I have had with Bank of America has been nearly perfect. 

THE ISSUE- ACCT XXXX : As of my Statement End date of XX/XX/XXXX, I had a large balance transfer scheduled to expire XX/XX/XXXX XXXX {$2200.00} ) and another XX/XX/XXXX ( {$5300.00} ). 

I took the initiative to go ahead and proactively make a payment of {$6000.00} to lower the credit utilization of the account. 

This payment was made using a different very new checking account from XXXX XXXX. After I ensured the funds were available from XXXX, I initiated the {$6000.00} payment. 

For some unknown reason, the payment did not process correctly, even though I had more than adequate funds in that checking account. 

As later reflected in the next Statement Ending XX/XX/XXXX, there had been two different payments made of {$6000.00}, as I was alerted the first payment did not process. 

Subsequently, I resubmitted the {$6000.00} payment once again on XX/XX/XXXX. 

IN SUMMARY : PAID DATE XXXX - posted XXXX. STATEMENT CLOSING DATE - XXXX. {$6000.00} - RETURNED PAYMENT UNPAID - XXXX PAID DATE XXXX - posted XXXX. STATEMENT CLOSING DATE - XXXX. {$6000.00} - RETURNED PAYMENT UNPAID - XXXX During this time period, all required payments were made. Actually, I made payment well above the minimum payment due. For this account, the Minimum Payment for the XXXX Statement was {$32.00} and the XXXX Statement was {$92.00}, totaling {$120.00}. 

Total payments made, excluding the {$6000.00}, totaling payment {$300.00}, which is 141 % of the minimum payment required during that two month period. 

Since this occurred between billing cycles, once again I proactively made payments ( by phone - since my account was closed ) this past week ( XXXX ) and paid off the entire balance of this account, which was {$9100.00}. As previously noted, the letters were received XX/XX/XXXX. Yet, I took notice of some sort of problem based on the Statement Ending XXXX. This account was paid in full by XX/XX/XXXX. 

Would you please review this situation and determine if the appropriate steps were made for a very dedicated and reliable customer. Your decision, which I feel was in error, has caused my credit score ( as well as my husbands-as an authorized user ) to drop well over 150 points. 

My FICO score was considered 'Exceptional ' at XXXX, now it's 'Fair ' at XXXX - which is devastating based on the hard work I place into ensuring all banks are paid timely and accurately. 

I have yet to receive any type of documentation explaining the decision, other than 4 standard query response letters informing me that I had made a 'late payment ' on one of the accounts. For your reference, the letters are attached.

To date, no rationale has been provided regarding the unprecedented and immediate closure of the four accounts there has been no other rationale given.

Truly, I could not believe what I was reading. I thought it was some sort of system error at first. I haven't the faintest idea what financial institution would canc
el all it's business with a customer who has fulfilled all obligations for two decades.

If I had not made the effort to initiate extra payments to cut down the credit utilization, would this whole nightmare have occurred? The letter you sent pretty much answers that question.

I am hopeful once you review the situation in its entirety and my banking records / history with Bank of America, the following occurs immediately : 1- Full restoration of the 4 accounts 2- Credit for the few billing /finance charges caused by your actions 3- My credit report, as well as my husband 's, will be corrected 4- Clear, written communication defining what happened and why 5- Clear, written documentation of the final outcome demonstrating action taken to resolve. 

Very much looking forward to your detailed response in the very near future. 

Sincerely, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation