Consumer complaint received 2023-06-23
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
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 balance transfer

Complaint:
Financial Institution : Bank of America TravelCard Balance Transfer 1 ( XX/XX/XXXX ) On XX/XX/XXXX, I wanted to take advantage of BoA 's promotional balance transfer of 0 % interest payment until XX/XX/XXXX. I transferred over from 3 credit cards with the total amount of {$9100.00} to this balance transfer promotion. I set up my BoA to autopay from my checking account to pay $ XXXX. I made 3 payments in XXXX, XXXX, and XXXX. But on XX/XX/XXXX, BoA automatically paid off the remaining balance of {$7200.00} directly from my checking account. I also had the auto-pay make the {$640.00} payment in XXXX. When my checking account was low, I received a noticed from BoA that my checking was below the minimum balance. I contacted BoA and told them I didn't authorize this payment how come my balance transfer is paid off? They explained to me that I had a setting for auto-pay to pay off remaining balance if my checking account had enough funds. I asked well how am I going to pay off my mortgage or other bills if you took the funds from my checking account? I asked if I can have this reversed, credit the amount back to my checking account. They said yes, it will take a few days. I asked if I get this credited back, will I still have the promotional 0 % interest rate until XX/XX/XXXX? They said NO. Because I can't utilize the promotion, and my balance has been paid off, I asked not to transfer my credit back to my checking. As a result I had to tap in to my savings account to pay my other bills. 

Balance Transfer 2 ( XX/XX/XXXX ) On XX/XX/XXXX I decided to advantage of another BoA TravelCard balance transfer promotion for 0 % interest until XX/XX/XXXX. I transferred a total of {$8000.00}. And this time I will set up the autopay to pay $ XXXX from my checking account. I also cleared the settings to auto-payoff the entire balance from my checking account. On XX/XX/XXXX, I made the first payment {$700.00}. On XX/XX/XXXX BoA applied a Payment Adjustment by taking the balance that I paid off from my 1st Balance Transfer ( XX/XX/XXXX ) and crediting it to my checking account in the amount of {$6500.00}. With that I TravelCard account has a total debt of {$14000.00}. 

On XX/XX/XXXX, I called BoA and asked why do I have an additional debt of {$6500.00} added to my XXXX account totaling {$14000.00} in total debt? The representative said you requested to be credited. I told her, No I did not request it. I may have requested it initially, but I changed my mind because the debt is paid off ( Balance Transfer 1 ). I told them if I paid off the debt why would I want to re-borrow the debt? I did not request this. 

As the support person troubleshooted the issue, she said the newly added debt of {$6500.00} does not have the promotional balance offer and it will have a higher interest rate. And if you try to pay off {$6500.00}, it will go towards paying off your 2nd balance transfer. The lady generated a case # XXXX, and said maybe your newly added debt of {$6500.00} can also get the 0 % balance transfer, but her manager would have to reach out to me. I provided my number and never received a call.

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