Consumer complaint received 2020-10-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I will present this issue in chronological order, in numbered point format for easier reading : 1 ) Mortgage obtained on XX/XX/XXXX for {$220000.00} from Bank of America, N.A. 
2 ) Monthly payments made on the first of every month via automatic debit from checking account at same bank, Bank of America, N.A., in the amount {$1400.00}. 
3 ) All payments made timely. No missed payments. All good, right? No. Read on. 
4 ) On XX/XX/XXXX, in addition to the {$1400.00} regular, automatic payment, I also made an additional payment of {$1500.00} on the same day, XX/XX/XXXX, that was to be applied totally towards the principal balance as all of the interest to that date was paid by the regular payment made the same day. 
5 ) PROBLEM - Bank of America applied the additional payment of {$1500.00} to the payment that would be due on XX/XX/XXXX, and therefore applied {$640.00} to the interest that was not due until XX/XX/XXXX. THIS IS THEFT!! No additional interest was due on XX/XX/XXXX as the interest was paid the same day by the regular payment of {$1400.00}. 
6 ) I noticed the problem and immediately contacted Bank of America on XX/XX/XXXX. I was on hold for 1 hour and 15 minutes. ONE HOUR AND FIFTEEN MINUTES ON HOLD. the employee was nice, took the information, repeated it, understood the problem and said he would forward the issue, which would be resolved in 8-10 days. 
7 ) On XX/XX/XXXX, nothing had been corrected so I emailed XXXX XXXX of the XXXX XXXX Bank of America ( on New Montgomery ) office, whose contact information I had. I explained the situation in detail. I also called the customer service number and was on hold for 37 minutes. When I finally got ahold of someone, I explained the situation and requested to speak to a supervisor. I was on hold for ONE HOUR AND TWENTY-FOUR MINUTES before I had to hang up and get on with my life. 
8 ) The next day, XX/XX/XXXX, XXXX XXXX replied that she submitted a ticket for me and that the estimated resolution date was XX/XX/XXXX. 
9 ) On XX/XX/XXXX, I emailed XXXX XXXX that the problem had not been corrected yet and that I was going to make the XX/XX/XXXX payment as usual. 
10 ) On XX/XX/XXXX my online account showed that the next payment was not due until XX/XX/XXXX, so I made a payment of {$1500.00} for the XX/XX/XXXX payment. 
11 ) On XX/XX/XXXX, Bank of America TOOK TWO ADDITIONAL PAYMENTS FROM MY Bank of America ACCOUNT! In the amounts {$1400.00} AND {$1400.00}!! 
12 ) WHY DID THEY TAKE TWO PAYMENTS FROM MY ACCOUNT, WHEN I ALREADY MANUALLY PAID THE XXXX PAYMENT on XX/XX/XXXX??? 
13 ). HOW IN THE WORLD DID Bank of America COME UP WITH THE RANDOM NUMBER OF {$1400.00} as the THIRD PAYMENT AMOUNT??? 
14 ) XXXX XXXX emailed me on XX/XX/XXXX and told me that she contacted XXXX from the mortgage department and was told that the issue " should be resolved by Monday ( XX/XX/XXXX ) ''. The original case number was XXXX. 
15 ) I emailed XXXX XXXX on XX/XX/XXXX and informed her of the THREE mortgage payments that were taken from the account the day before. 
16 ) I emailed XXXX XXXX and informed her that nothing was done as of XX/XX/XXXX. 
17 ) XX/XX/XXXX XXXX XXXX emailed me that she updated the " Commit XXXX '' ( Case Id : XXXX ) regarding the duplicate payments and said that it was still showing up as " in progress. '' 18 ) I emailed XXXX XXXX on XXXX and XXXX requesting her supervisor 's name and contact information. 
19 ) XXXX XXXX emailed back on XXXX stating her supervisor was out sick, but she would have him call me when he gets back in. 
20 ) At XXXX 's doing, we had a conference call with XXXX XXXX, myself and XXXX of the mortgage department on XX/XX/XXXX. The Complaint number is SR XXXX. The number to get all of the excess funds applied to the principal is XXXX. XXXX stated that since XX/XX/XXXX was a holiday, this should be corrected on XX/XX/XXXX as she was forwarding it to the specialists as an " urgent '' request and they are very good at getting things like this done quickly. 
21 ) I emailed XXXX XXXX and informed her that the corrections were not made on XX/XX/XXXX as XXXX assured us they would. 
22 ) On XX/XX/XXXX, again, XXXX XXXX and I had a conference all with the mortgage department with a different lady, whose name I did not catch. Again, she said she would " expedite '' this issue as " urgent '' and that it would be done ASAP, but much quicker than the normal 10-15 days since this would be an urgent request. Again, an urgent request. Where have I heard that before?

23 ) TODAY, XX/XX/XXXX - Still nothing has been done on the account. 

This keeps dragging on and on and Bank of America took additional money as interest that had not yet accrued. This is THEFT!!!! Repeated promises have gone unfulfilled. I will be making the XX/XX/XXXX payment manually as I stopped all automatic payments because Bank of America takes money out of my account without authorization. 

BOTTOM LINE : Extra {$1500.00} payment on XX/XX/XXXX needs to be applied totally to principal as no additional interest was due on that date. XXXX 's payment should have the normal ( recalculated ) interest due ( on a reduced principal balance of {$1500.00} less than what it would have been without the additional payment ), and the extra two payments that they took need to be applied ONLY TO PRINCIPAL. 

Bank of America - Worst bank ever! That should be their slogan. I just want this issue resolved. It should not have taken almost seven weeks for this. Friday XX/XX/XXXX will mark 7 weeks since I first notified Bank of America of the theft of interest money that was not even due yet. This is an ongoing problem as it still has not been corrected. 

I have stopped automatic payments at this time because Bank of America takes more money that it is entitled to and makes up random numbers and took two additional payments on XX/XX/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 monetary relief