Consumer complaint received 2016-10-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Credit card
Issue: Other

Complaint:
My name is XXXX XXXX and I would like to lodge a strong complaint against the Bank of America ( BOA ) for their unlawful charge of interest, despite having settled the account balance in full for XXXX of my credit cards issued by BOA. 

This is not the first time that I am being charged interest after paying in FULL my statement balance before the Due Date on the statement. I 've experienced this problem with XXXX, XXXX XXXX, XXXX XXXX, etc. From my past experience with Bank of America, I know it 's a waste of time to contact their customer service to reverse this charge ( XXXX XXXX is among the few banks that do reverse the charge after a long period of reasoning with them ) because they will insist that their charge is correct and they will refuse to refund the unlawful interest charge. They will refuse to provide documentary evidence that they are entitled to such charge and neither will they provide computations on how they had arrived at such interest charge. Hence, I 'm lodging this complaint in the hope that the CFPB will take this matter up with BOA and conduct a thorough investigation into the unlawful practices of many banks that charge interest on unsuspecting customers, after settling their statement balances in full before the due dates of their statements. 

As far as I know, for the 50 years or more that I 've used credit cards, both in the U.S. and overseas, only banks in the U.S. engage in such deplorable and unlawful practices. There 's a distinct difference between CHARGE CARDS and CREDIT CARDS, viz. interest on Charge cards ( like XXXX XXXX cards ) accrue from the day that credit is extended until the day the credit is re-paid in full, whereas no interest is payable on Credit Card balances if the entire outstanding amount is settled in full prior to the statement due date. 

That is the basis for me to secure refunds on interest charged from banks which are willing to listen to my logic and reasoning. But I have never had to do this for credit cards issued by overseas banks ( even American banks that are located overseas ). The problem occurs only with banks operating within the U.S., as if they 're all in cahoots with each other. 

As a case in point, XXXX of my credit cards from BOA ( account # XXXX ) was paid in full by XXXX XXXX, before its Due Date on XXXX XXXX, and I was disgusted to find that the current statement dated XXXX XXXX has a new balance of {$21.00}, which is the interest charged on a balance amount of {$1100.00} and I have absolutely no idea how did BOA arrive at this ridiculous amount, especially when the balance on the previous statement ( dated XXXX XXXX ) was {$1800.00} which I had struggled to pay off in full. 

I 'm attaching herewith a copy of both of these statements for your necessary perusal and retention. I would be grateful if you can act on my behalf and the millions of credit card users to require BOA to provide evidence on why are they entitled to such interest charge, after the account balance is settled in full, and how did they arrive at the amount of {$21.00} in interest. 

I intend to write to the Chairman & C.E.O. of BOA, XXXX XXXX XXXX within the next Fourteen Days, with a copy to the Director of CFPB, to demand for the interest to be reversed back to my account, in order to allow some time for the CFPB to commence its work on my complaint before I addressed this matter with BOA, so that they would not give me their standard reply that the interest charged is correct after their investigations and no refund is possible, which is a whole load of XXXX. 

I shall look forward to hearing from you in this regard at your soonest convenience. My contact address is XXXX XXXX XXXX, XXXX, TX XXXX, and my contact phone number is XXXX, and email address is " XXXXXXXXXXXX ''. Thank you so much. 

Best regards XXXX XXXX

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