Consumer complaint received 2021-03-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
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:
[ Per CFPB instruction, removed personal and account info ] Company : [ Removed per CFPB instruction ] Credit card account # : [ Removed per CFPB instruction ] To : Consumer Financial Protection Bureau To Whom It May Concern, Good morning. My name is [ Removed per CFPB instruction ]. Would like to request assistance canceling a credit balance cycle that documentation shows is comprised entirely of interest. Details are below and documents attached. I have zero spending balance, zero late fees and apparently already resolved nearly 2 yrs of added interest. I would also like to deactivate the card. ( Thank you to that issuing company for accessing their card account thus far. ) Please see attachments. For years XXXX. Please review. Thank you. 

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - [ Details of Accountholder since XXXX, Account history since XXXX, Impact of interest and Current status : See attached ] History of accountholder upon XXXX activation : I attended XXXX. I have a work history. Have 700+ fico score. I have never yet requested any welfare, disability nor social security assistance. I have zero liens, zero unpaid federal & state taxes, zero unpaid lien property tax and insurances. Zero criminal history, zero arrests, etc. Zero everything. Please confirm at your convenience. Meanwhile, I was and am currently a homeowner, since XXXX. Approximately late XXXX early XXXX, I opened this [ Removed bank institution name per CFPB instruction ] credit card. ( Note : It is possible opened account a prior year. I can not fully confirm date. Info inaccessible thru online portals. The system also was offline when I went into local office to inquire. ) Meanwhile, I kept this card active with very few number of purchases since XXXX. ( Please see attached. Please note : older XXXX statements unavailable. Neither I nor bank retrieved records prior to XXXX. ) Account history : Credit line in XXXX was $ XXXX. Seemingly because of my XXXX credit-worthiness. I maintained relatively small purchases and balance. See statements. 

Example with this card : In XX/XX/XXXX, opening balance was {$2200.00} with $ XXXX limit. I made then zero purchases with the card XXXX, XXXX. Made only 7 late payments between XXXX - XXXX. Later, XX/XX/XXXX, balance began as {$3100.00} with $ XXXX limit. ( On XX/XX/XXXX, {$3100.00} ( more than {$3100.00} ) was interest accrued from XXXX - XXXX. The entire, inotherwords, XXXX balance was interest. From XXXX - XX/XX/XXXX, I made zero purchases and zero late payments. 

Furthermore, upon the 84 months period ( XXXX ), the 7 late payments total was {$230.00} for that entire 7yrs. All 84-months ' fees, purchase or withdrawal were paid. Accrued zero liens. ( I only made a total of fewer than 40 purchases, upon exclusion of 5 months from XXXX - XX/XX/XXXX. ) Additionally, statements seemingly reflect approx. {$950.00} in interest paid by me. ( That is 7yr-total interest of {$3700.00} minus {$2700.00}, the interest remaining upon XX/XX/XXXX. ) - Please note : I already paid some of the 7-yr interest. The average, annual interest charged per year, XXXX period 's annual average was {$530.00}. I seemingly paid apprx {$950.00} interest that same period. {$530.00} x 2yrs = {$1000.00}. Seems I already resolved apprx. 2 full years ( 24-months ) worth of average interest. Please confirm from statements attached. Thank you. Further statements are available upon request. 

Impact of interest : In conclusion, I resolved seemingly all purchases or cash advance long ago. I have no spending-related remaining balance. Plus remitted additional multiple-year 's sum of interest. Please review. Please note : Inotherwords, if the current balance was not entirely the company 's interest cycle, it should be able to present the 84-month balance, on XXXX XXXX, of XXXX then deduct the 84-months interest of {$3700.00} and yield an unpaid balance reflecting greater than {$0.00}. 

- Another impact example : Last year, XXXX, payments totaled {$980.00}. With zero XXXX late paid.Zero XXXX purchased. But, was charged {$590.00} in interest. Reflects an impact. 
Please see attached to confirm. Thank you. 

Account current status : I request, once again, company waive and cancel the small ongoing interest balance, {$2800.00}. That is card 's only balance as of XX/XX/XXXX. Thank you. 

I also politely request to avoid major penalty. No liens, no litigation, etc. I request, at most, a maximum possible penalty of only a credit score reduction and credit card deactivation. Please nothing more. I believe my account is exempted from more. On the basis of good history outlined above in aforementioned " Impact of interest ''. Thank you. 

So, CFPB please review. Please let me know if I can provide any further information. Thank you in advancefor any assistance you provide. 



Sincerely, [ Removed name per CFPB instruction ] Phone : [ Removed per CFPB instruction ] email : [ Removed per CFPB instruction ] [ Removed bank 's name per CFPB instruction ] credit card account : [ Removed info per CFPB instruction ]

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