Consumer complaint received 2024-01-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: WA
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
I had a 0 % balance transfer offer on my BofA credit card that was expiring on XX/XX/XXXX. I had set up an automatic payment to payoff the balance ( {$9100.00} ) on the due date of XX/XX/XXXX from my XXXX savings account. I decided that I wanted the balance paid off before the due date so I cancelled the automatic payment for the XXXX and instead, set it up for the XXXX of XXXX. 

My payment on XX/XX/XXXX posted for {$9100.00} as did the payment on XX/XX/XXXX. This gave me an overpayment credit of {$9100.00} on the card and left my XXXX account short by that same amount. Upon calling BofA on XX/XX/XXXX when I realized what had happened, I was told that the credit would be refunded in 10 business days.

Even though it had not been 10 business days, I called BofA on XX/XX/XXXX, as I had still not seen a credit on my XXXX account and my BofA credit card still showed a {$9100.00} credit. I figured I would check in on things. The person I spoke to said that nothing had been done on my account but that he would put in the request ( I believe his name was XXXX ). He told me it would take up to 60 days to receive my funds back which seemed ridiculous as the money can be pulled from my account in just a few days for a payment. 

On XX/XX/XXXX, BofA sent me a letter that said they refunded the {$9100.00} via ACH to my XXXX account ( they also noted the last four of the account number ). As of XX/XX/XXXX, there is still no deposit to my XXXX account and when calling XXXX, they do not show anything pending. 

I called BofA on XX/XX/XXXX and spoke to XXXX who told me that the credit would post that day ( XX/XX/XXXX ). I informed him that I just got off the phone with XXXX and they don't see anything pending so how can it post today? He then stated that maybe today, maybe tomorrow, but that it can take up to 10 business days to post. No where in the letter that BofA sent does it state this information and ACH transactions typically don't need 10 business days to post. When I pressed XXXX about what the process would be if I didn't receive the {$9100.00} to my XXXX account, he said that a payment error inquiry would have to be submitted which could take up to two billing cycles. 

The fact that it's now been a full month and I am still out {$9100.00} of my money is a severe adverse impact to me financially. Not only am I missing out on any accrued interest that I would have received, but more importantly, I have health issues and need to have that money available to me. I feel as though BofA doesn't have any desire to actually help figure out where the money is and keeps telling me to wait. How long am I supposed to wait to get my money back? How many people would be severely impacted by these practices if this happened to them? Even if I made an error and failed to cancel the original XX/XX/XXXX payment, why would a credit card company let two payments, especially for this amount, go through? The system should have seen that the balance was at XXXX and not taken the second payment as I doubt if I wanted to make a payment to put a credit on the account, BofA would allow that. I know none of my other credit cards let me pay anything over an additional 10 % of the balance due. 

Today ( XX/XX/XXXX ) is now the 10th business day and there is still no deposit into my XXXX account and nothing pending when calling them. Its clear that my money is lost somewhere, yet BofA wants me to keep waiting without trying to resolve my issue. In addition to submitting this complaint, I will be following up with BofA on XX/XX/XXXX if the money is not in my XXXX account and escalating if necessary.

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 monetary relief