Consumer complaint received 2024-01-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
Subject : Request for Investigation and Resolution of Predatory Credit Card Practices Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX Dear Consumer Financial Protection Bureau, I hope this letter finds you well. I am writing to bring to your attention a concerning issue related to the credit card practices of Bank of America ( BAC ), a matter that not only affected me personally but also raises questions about potentially predatory practices within BAC. 

I have been a Bank of America credit card holder since 2005 and have consistently maintained an excellent credit history, with a credit score well above XXXX for over two decades. However, a recent incident involving my Bank of America credit card has had a detrimental impact on my credit score, and I believe it is indicative of practices that warrant further investigation. 

The issue I encountered revolves around Bank of America 's lack of autopay services for the outstanding monthly balance for credit card payments. While this service was available in previous years ( or at least I remember it was in the past ), it has since been discontinued or purposely shut off or difficult to turn on ( i.e have to call customer service and they are unable to do it over the phone ). As a result, I was required to manually input each month 's payment, leaving room for inadvertent errors and omissions. The AutoPay of monthly balance is a common feature offered by virtually every business and bank in the country and is not a new technology or sophisticated technology. 

Additionally, I found that Bank of America is quick to charge late fees. In my case, a {$35.00} late fee was assessed on my credit card, solely due to the absence of an autopay, and I made payment in full for my purchases and interest that had been charged. Although I promptly made payment for the late fee once notified of my closed account, the derogatory mark remains on my credit report, resulting in a significant drop in my credit score. 

This practice raises several concerns : Predatory Behavior : Bank of America 's decision to discontinue or make it extremely difficult to use autopay services, a feature offered by most banks across the country, appears to be a predatory practice designed to generate late fee income. 

Unfair Impact : Customers who have long-standing, positive relationships with the bank, like myself, may be disproportionately affected by this policy change, which can have severe consequences for their credit scores. 

Lack of Warning : Bank of America 's failure to provide adequate notice or alternatives before closing credit card accounts can be seen as an unfair business practice. At a minimum they should look at the history of the account, pattern of payment/non payment, and if they are closing an account due to THEIR FEES and not due to payments made for purchases. 

I am not alone in facing this issue, as I have come across numerous individuals via reddit and other thread groups who have experienced similar hardships due to Bank of America 's policies. Given the widespread nature of this problem, I believe it is imperative that the Consumer Financial Protection Bureau investigates Bank of America 's credit card practices thoroughly. 

I kindly request the following actions be taken : An immediate investigation into Bank of America 's decision to discontinue autopay services for credit card accounts and why it is so difficult to establish/not available at all. 

A review of the derogatory mark on my credit report resulting from the late fee, with the goal of its removal. My credit score needs to be returned back to good standing and not destroyed for a {$35.00} late fee BAC charged and was paid. 

An assessment of whether Bank of America 's actions are consistent with fair and transparent business practices within the credit card industry. 

I believe that addressing these concerns will not only benefit me but also serve to protect countless consumers from experiencing similar financial hardships. 

Thank you for your attention to this matter. I look forward to a prompt resolution and the restoration of my credit score. If you require any additional information or documentation, please do not hesitate to contact me. 

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