Consumer complaint received 2023-07-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
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:
Company name : Bank of America Issue : Bank of America destroyed my credit over a {$29.00} fee which was added to my account late that came AFTER Id paid my credit card balance of {$13000.00} in full on XX/XX/ ( see Attachment 1 - statement snapshot with charge added ). What makes this matter serious is I feel that Bank of America intentionally didnt tell me about this charge and used this incident as a justification to reduce my line of credit by 97.9 % ( from {$24000.00} to {$500.00} ). Ultimately, this directly resulted in my credit score being lowered from XXXX to XXXX. 

This feels like I was singled out because I had a high credit limit with a low interest rate, and the manner in which this was handled seems like I was setup by Bank of America to get rid of this credit line. I most certainly had a reasonable expectation to receive an email from them that I owed a fee. For example, even XXXX XXXX has the courtesy to email me on the day my payment is due if theyd yet to receive it ( see Attachment 2 - representative courtesy email ). But the entire time that Id had a payment due for a bill I did not know was even going to be charged because it didnt appear on my account when Id checked they didnt email me a single time about this. They did however email 10 times during the time period this payment was past due, most of which consisted of marketing and advertisement materials ( see Attachment 3 - Bank of America Emails ). They were certainly able to email me when they lowered my credit limit ( see Attachment XXXX - Bank of America Emails Email 1 ), and also when they denied my request to have my credit limit reinstated ( see Attachment 3 - Bank of America Emails Email 2 ). Bank of America is my longest-standing credit provider, and I had every right to expect them to contact me if there was a problem of this nature. In fact, if it wasnt for the email about my credit limit being lowered, then I probably still wouldnt know thered been an issue. Once I opened this email, I promptly paid the balance plus extra for any additional fees that might arise ( see Attachment 4 - unknown charge balance paid off ). 

Furthermore, I tried to work directly with Bank of America to Resolve this issue, which Ive documented in Attachment 5 - Attempts to work with BoA, but this did not help whatsoever. In short, I was assured by the bank personnel that there was no way my credit limit was reduced by so much over this issue, and I was also told to contact XXXX XXXX about this. When I retrieved my credit report from XXXX XXXX ( see Attachment 6 - XXXX XXXX Information ), this was indeed the only issue on my credit report. No one at Bank of America could even properly explain what this charge was or why itd been added, nor was it explained to me why it was posted late. 

I would like this issue resolved as it will greatly cost me when I proceed with making my first home purchase within the next 12 months. The irony is that I paid off this balance to help with my debt-to-income ratio for the above-mentioned home purchase, and if Id just left this on autopay, none of these harmful and damaging actions would have been taken against me. Bank of America should correct this as it is in no way indicative of my credit worthiness, and because at the very least, I had a reasonable expectation from every conceivable point of view to expect an email notification about the past due bill long before being emailed that my credit limit had been decreased. Its very obvious from credit reports which I will provide if they are requested that if this issue had been properly brought to my attention, then I would have handled it immediately. 

Thank you for your assistance with resolving this deeply troubling and damaging issue.

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