Consumer complaint received 2018-08-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
This is regarding the Bank of America 'AAA ' credit card and policy. I made my payment IN FULL to BofA, so as to avoid interest charges. I try to pay all my cards in full to avoid paying interest. To my surprise, I noticed BofA sent me a statement, for interest due. I called to find out why since I was not late and I paid the balance in full. 

Representative told me, it was their policy to charge for daily interest - during the month that I am holding the bill, so even if I paid the balance in full, and it shows interest and balance amount being paid in full, that does not pay the " hidden '' interest which has been accruing since the bill was mailed out. This is deceptive, and completely different than any other credit card I have ever had in my 30+ years of adulthood. 

Example : XXXX statement, covers XX/XX/XXXX-XX/XX/XXXX. Assumed mailed out XX/XX/XXXX, due XX/XX/XXXX. for full balance due {$1600.00}, including interest charges for XX/XX/XXXX-XX/XX/XXXX. 

If I pay bill by XX/XX/XXXX ( due date ) in full for {$1600.00}, BofA is still accruing interest from XX/XX/XXXX thru XX/XX/XXXX. This interest is " hidden '' and not shown anywhere except on BofA computers. 

Next month, BofA sends a new statement for this " hidden '' daily interest from XX/XX/XXXX thru XX/XX/XXXX, now due XX/XX/XXXX. Even though the balance was paid in full. 

I explained that it will always be impossible to pay the balance in full and avoid interest, unless I call and ask what the " hidden interest '' for the previous 25-30 days was. Rep said the best way is to simply pay the balance in full every  month. Of course that would be best, but on occasion we have to float a balance. When I do, I do expect to be charged interest for holding that debt for another 30 days. But, next month when I pay the new balance in full, I should expect my balance to be XXXX ( just like with all other cards ). But it won't she said, because of the daily interest continuing to accrue while I am holding the statement before the due date. This is not fair, and how can consumers keep track and avoid paying exorbitant interest to banks with these policies? I told her that this is completely different than all my other cards, but she did not seem bothered by that fact. 

I want BofA to change their credit card policy to be more in line with all the other credit banks, and honor a XX/XX/XXXX balance when its paid in full, and not surprise consumers with another interest bill for the hidden interest during the past 30 days. 

I am sure BofA will say, their policy was disclosed to consumers like myself, and I knew what I was getting into. This is usurious and deceptive, because all banks know during the time of gaining credit, this sort of small print goes unnoticed. Especially when consumers are used to banks doing credit business a certain way. This was definitely a new gimmick to me, and I have to believe other consumers have been deceived just as well.

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