Consumer complaint received 2023-04-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OR
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with cash advances

Complaint:
Bank of america product error ( balance cash advance : 18month 0 interest loan ) complete and utter nightmare that is still not resolved I had no problem paying what was owed - my problem began when they gutted my accts repeatedly and gut shot everything in my life by doing so As far as I can tell a transformed into a 18 day loan with APR daily compounding interest rate of 374.0060 % seriously why would anyone do this and they are still arguing this would be sane ... ...... 

the math was about the following for the loan ultimately lasting 18 days they called in full APR : 374.0060 % Total Financial Charges : {$4300.00} Amount Financed : {$12000.00} Total Payments : {$16000.00} Total Loan : {$12000.00} Monthly Payment : {$16000.00} Total Interest : {$4300.00} Total Financing Fees : {$0.00} XX/XX/XXXX arranged a cash advance XXXX at 0 % interest for 18 months from Bank of america to my checking acct. 

XX/XX/XXXX BOA CS DIRECT DEP PPD ID : XXXX ACH credit {$12000.00} all fine and good until I notice they had a Auto pay for the full amount- I canceled it XX/XX/XXXX and it showed as canceled- I even paid XXXX to the from the loan I had just received. 

XX/XX/XXXX BANK OF AMERICA Payment XXXX TEL ID : XXXX ACH debit - {$16000.00} They then autopaid the entire loan and CC balance to themselves, this cause hardships, late fees for othger services - emergency cash advances to be taken to cover food heat etc. all while ignoring all communication and asking why they ahve done this. 

Threw my main checking into disarray and caused more issues XX/XX/XXXX BANK OF AMERICA Payment XXXX TEL ID : XXXX ACH debit - {$22000.00} they did it again - now with more fees! causing the same turmoil fees last minute struggles cashadvance requirements etc. yet again ignoring please as to why they turned a 18 month loan into 18 days - heard nothing XX/XX/XXXX BANK OF AMERICA Payment XXXX TEL ID : XXXX ACH debit - {$27000.00} closed accts and a decade plus of a clean acct has been thrown into utter disarray - Thanks BOA XXXX XXXX, XXXX- they have removed online access so I can't retrieve any information regarding any of this that I already haven't - thank fully I have screenshots and balance statements saved and downloaded all I could getting my bank to realize what was going on. 

XXXX XXXX, XXXX -pending XXXX XXXX XXXX XXXX : BANK OF AMERICA CO ENTRY DESCR : Payment SEC XXXX TEL IND ID : XXXX ORIG XXXX ACH debit - {$27000.00} this will be rejected be my bank s I am now wildly in the red - going to close acct there because I can't ahve this happen randomly - have begged both institutions my bank cant do anything since they have the routing and acct # - BOA is sending computer generated letters and ignoring my plea for someone humanb to look at the damn thing. 


They have cost me so much time and trouble just running back and forth I don't even have a clue what is real imagined interest by a computer system that took a 18 month loan and called it due in 18 days - seriously they don't offer that product as far as I'm aware. salt in the wound they charged me well over XXXX $ for a loan that lasted half a month complete and utter nightmare that is still not resolved I had no problem paying what was owed - my problem began when they gutted my accts repeatedly

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