Consumer complaint received 2024-01-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
15 U.S. Code 1602 - Definitions and rules of construction ( e ) The term person means a natural person or an organization.

( f ) The term credit means the RIGHT granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

( g ) The term creditor refers only to a person who both ( 1 ) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required ( j ) The terms open end credit plan and open end consumer credit plan mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance.

( l ) The term credit card means any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit.

( m ) The term accepted credit card means any credit card which the cardholder has requested and received or has signed or has used, or authorized another to use, for the purpose of obtaining money, property, labor, or services on credit.

( n ) The term cardholder means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person.

Any false representation of material facts made with knowledge of falsity and with intent that it shall be acted on by another in entering into contract, and which is so acted upon, constitutes fraud, and entitles party deceived to avoid contract or recover damages. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

In the federal courts, it is well established that a national bank has not power to lend its credit to another by becoming surety, indorser, or guarantor for him. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

It is not within those statutory powers for a national bank, even though solvent, to lend its credit to another in any of the various ways in which that might be done. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

Under truth in lending regulation providing that disclosure of consumer credit loan shall not be stated, utilized or placed so as to mislead or confuse consumer, placement of disclosures is to be considered along with their statement and use. Truth in Lending Regulations, Regulation Z, Section 226.6 ( c ), 15 U.S.C. following section 1700 .XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

Any violation of the Truth in Lending Act, regardless of its technical nature, must result in finding of liability against the lender. Truth in Lending Regulations, Regulation Z Section 226.1 et seq., 15 U.S.C. Section 1700 ; Truth in Lending Act Section 130 ( a, e ), IS U.S.C. Section 1640 ( a, e ). In XXXX XXXX. XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX 

I initiated a Consumer Credit Transaction with Bank of America N.A. ( Bank ) XXXX XX/XX/XXXX using the prepaid account given to me by Congress to exercise my right to credit as a natural person. I am very aware that banks are not allowed to lend credit and that their authority to use credit is granted through the applicant. I am also aware of my hybrid prepaid account that it available through a separate credit feature attached to the social security number account and by provided Bank of America with the social security number and a signature it gives them authorization to make an electronic funds transfer according to Regulation E. Proof of this transaction is evident on my credit report in the form of an inquiry. I contacted the bank on XX/XX/XXXX, at XXXX XXXX  and XX/XX/XXXX, at XXXX XXXX expressing my rights to proceeds and was told I was stating opinions and the applications had disclosures. I did let the agent know the application would not allow me to opt of sharing my information with third parties and was ignored. I also alerted the bank to being in default and are liable to me pursuant to 15 U.S. Code 1681n - Civil liability for willful noncompliance which Bank of America is liable to me in the amount of USD {$200000.00} payable in lawful money.

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