Consumer complaint received 2023-10-05
Company: MOUNTAIN AMERICA FEDERAL CREDIT UNION
State: UT
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
I am writing to request your assistance and intervention in a matter of utmost importance concerning my credit account with Mountain America Credit Union. This situation has not only caused severe financial repercussions but has also had a significant negative impact on my credit score. 

In XX/XX/2023, I decided to transfer a substantial balance of approximately {$30000.00} from my XXXX XXXX XXXX to my Mountain America Credit Union credit card. My decision was influenced by the promise of a 3 % cash incentive bonus for transferring the balance to them, as well as their lower interest rate. It was explicitly communicated to me that as long as I did not transfer the balance to another credit card and paid off the debt with cash, I would be entitled to and retain this incentive, which amounted to approximately {$900.00}. 

I promptly paid off the entire balance, approximately {$30000.00}, in full, in XX/XX/2023, utilizing funds from my XXXX XXXX Account. To this day, I have consistently maintained a XXXX balance on my credit card account, as evidenced by numerous screenshots I have taken, each showing a XXXX balance. It is important to note that I rely on my online account information to monitor my financial status, as many modern consumers do, and I had no reason to suspect any discrepancies. 

However, unbeknownst to me, Mountain America Credit Union had calculated and accrued interest on the balance transfer. This interest was neither included in the initial payoff amount nor clearly disclosed in my online account. Instead, it was concealed within a PDF statement as " balance transfer interest, '' which was neither prominently displayed nor intuitively linked to my account balance. Given the contemporary digital age in which we conduct financial transactions, I did not routinely audit my PDF statements against the online account data, trusting that the XXXX would align. 

In XXXX of this year, I received a distressing notification from XXXX indicating a XXXX late payment on my credit report due to Mountain America Credit Union XXXX Shocked by this revelation, I promptly contacted them to rectify the situation. I conveyed my concern regarding the apparent discrepancy in my online account and the demand for {$320.00} in balance transfer interest. I also raised the issue of the unfulfilled 3 % cash incentive promised at the time of the balance transfer. 

Mountain America Credit Union acknowledged the XXXX balance in my online account but insisted that I owed the {$320.00} in accrued interest. They initiated an investigation and initially assured me they would inform the credit bureaus of my account 's good standing. However, subsequent correspondence indicated they would not take this corrective action. Additionally, they informed me that I was ineligible for the 3 % incentive, citing a promotion that commenced shortly after my balance transfer. 

This entire situation is deeply troubling, as I had significant funds available in my XXXX XXXX Account, a {$30000.00} credit line with a cash advance option, and substantial funds in my checking account throughout this period. Moreover, I have maintained accurate contact information, including email, phone numbers, and a physical mailing address, all of which could have been utilized to notify me of the outstanding balance. 

My primary complaint revolves around inadequate communication and the severe consequences I have endured, including a precipitous drop in my credit score from XXXX to XXXX overnight. Mountain America Credit Union failed to effectively communicate my outstanding balance, misled me through inconsistent online account information, and obscured the balance transfer interest within a monthly statement that was made available in the same online account that indicated a XXXX balance.

Company response to consumer: Closed with non-monetary relief