Consumer complaint received 2018-10-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Problem with personal statement of dispute

Complaint:
On a Friday in XX/XX/XXXX, I obtained a check for {$19000.00} via my Home Equity Line of Credit from my bank of over 40 years, Bank of America of Florida. My wife and I had successfully used this convenient option several times over the years, always repaying the loan within a few days. 

At the time I received the check, which I only obtained to buy a boat that I was afraid I would lose to another buyer if I didn't get there quickly, I asked the teller at the bank if there would be any interest charges if I paid the check back on the following Monday morning and was told there would be no interest if in fact I repaid the loan within 24 hours which I subsequently did. Because transfers of large sums of money must go through at the end of the business day, it was actually Tuesday before the transfer of my investment funds went through to B of A. Upon noticing this, I called the bank to confirm that there would in fact be NO charges for this and was told by the branch manager that there would be no charges and that if something showed up as a charge it would, as I am a loyal long-term bank customer, be credited to me. 

That was that as far as I was concerned. In the meantime, I was notified by B of A that it was time to renew my Home Equity LOC and we began the process. We supplied all the information that was requested by the processor. After 2 months with no reply, I called and was told the case " fell through the cracks '' and that they were assigning my HE LOC to another person, a Vice President named XXXX XXXX. Happy to get the issue with a manager, I was confident we were moving forward and waited for his reply. Another month went by without any word from Mr. XXXX so I called back and was told he needed more info. Irritated, I supplied the requested new info and he promised to make it go quickly then. Another 3 weeks went by with no reply. I called Mr. XXXX again and was told I still needed some other new info to which I became very agitated. There was no excuse for being handled like this ... we have been great and loyal customers for decades! I gruffly supplied what I hoped would be the last request for info. 

Out of the blue a couple of weeks later I received a call from Mr. XXXX telling me he needed a new proof of employment from my wife because she had started a new year at her school board job in XXXX. You can imagine how hot I was and I immediately penned a terse email to Mr. XXXX telling him that if he didn't have the info he needed to process our new HE LOC, forget about it ... we'd find a bank that would treat us the way we deserve! 

Lastly, on XX/XX/XXXX, we received in the mail a rejection of our application for a new Home Equity LOC because we had been " Seriously Delinquent '' with creditors. I couldn't believe how we were being treated by this mega-bank at this point. There was no explanation why we were being rejected and we were forced to contact the CR agencies to get the details which I immediately did. 

It turns out that the one day interest of {$11.00} on that {$19000.00} check I borrowed on a Friday and repaid on the following Monday was charged to my account without my knowledge. Having been told not to worry about it and not having received any notice of the amount due, the {$11.00} first hit the 30 day delinquent phase and then it became {$12.00} when it hit 60 days. At the point my old HE LOC was closed because we were working on a new one and all of this transpired without my knowledge. 

I am beside myself with anger concerning this petulant action by B of A and believe Mr. XXXX " had it in for me '' because of my final words to him about his work on my file and my HE loan rollover. My wife had her first bank account 60 years ago ( when it was XXXX XXXX  XXXX XXXX ... where her grandfather was an XXXX and one of the original XXXX XXXX )! To have been treated this way by B of A is unacceptable. My credit report ... FOR {$11.00} ... has been dinged by 75-100 points. All of the hard work by my wife and I for 40 years dinged for such a frivolous reason. We have successfully financed homes, cars, boats and college educations with B of A. We have loyally run over a million dollars through the bank in the form of daily banking and fees. Such a poor ending for such loyal and dedicated customers. 

All I am in search of now is to have my credit restored to it's rightful status. I am retired, we own no money to anyone, we have a paid off home worth {$400000.00} and XXXX of a XXXX dollars in liquid assets. there should be no question as to our suitability to be new Home Equity LOC customers. 

PS : There was apparently 1 late payment to XXXX XXXX in XXXX. It was in XXXX so I can only assume it had something to do with XXXX bills. No excuse for being late but it is the only late payment in decades of a fine relationship with B of A.

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