Consumer complaint received 2018-06-07
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Didn't receive advertised or promotional terms

Complaint:
Bank of America mailed me a promotional offer ( promotional offer ID XXXX check # XXXX ) along with my credit card statement. This offer included a blank check ( # XXXX ) which I could use for any reason I wished which was described as " OFFER 1 : LOWER RATE '' and offered a 0 % daily periodic rate Promotional APR untilXX/XX/XXXX. I read carefully all of the terms of the offer not only on the offer itself but also online details and the details set forth on my Credit Card Agreement. I never carry a balance of my credit card. I pay it off in full every month through Bank of America 's AutoPay. I wanted to make sure that continuing to use my credit card would not trigger an increase in the promotional rate or any changes to the terms of the offer before I accepted the offer. I also wanted to make sure I fully understood the terms of the offer before accepting the offer, After reading thoroughly all of the terms I accepted the offer because I felt the fee of {$100.00} on the amount I was considering using ( {$3500.00} ) was a reasonable amount of money to pay to have the interest free use of {$3500.00} for 18 months. I deposited the check for {$3500.00} into my checking account as a cushion against unexpected expenses. I was shocked to discover onXX/XX/XXXX that Bank of America had effectively rescinded their offer by debiting the entire {$3500.00} from my checking account along with a {$100.00} transaction fee! When I called Bank of America customer service to ask why they had rescinded their offer to me and still charged me the {$100.00} fee I was told that because I used Bank of America 's AutoPay which automatically paid my balance in full each month by debiting my checking account, Bank of America automatically withdrew not only the amount to cover the credit card purchases I had made but also the entire amount of the cash advance! I said I had no idea that would happen in spite of having read very carefully all of the terms and conditions of the offer and my credit card agreement. She said she understood exactly what I was saying and my problem but had no authority to refund the {$100.00} even though Bank of America took the money back before the end of the 18 month term it offered me. I asked if I could speak with her supervisor who would have the authority. She brought the supervisor on the line and I explained what happened and the supervisor said she understood the problem and confirmed that there would have been no way of me knowing that Bank of America would take back the amount it offered to lend me at no interest for 18 mo after only 1 month because I used AutoPay. I explained that the terms of the offer were therefore misleading since none of the terms stated that unless I stopped using the Bank of America AutoPay option which I had signed up for with Bank of America since I had opened my account, the cash advance would be for only 1 month not 18 months. I told her under these new terms which Bank of America never disclosed to me, paying the fee of {$100.00} made no financial sense and I would never had accepted the offer had I known the true terms. I asked for a refund of the {$100.00} fee. The agent said she could not refund the fee since I had accepted the offer by using the check. I explained again that I accepted the offer made to me but Bank of America effectively changed the terms but taking the money back after one month. She said she understood but could not refund the fee. I protested that the terms were misleading as no where did it explain that the money would be debited from my acount after just 1 month. She said if I wanted to know that I would have had to call up Bank of america and ask to speak with an agent and ask specifically if that would happen with AutoPay and then they would have told me this term! That is completely misleading and deceptive and I want the {$100.00} fee I was charged refunded.

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