Consumer complaint received 2021-12-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with rewards from credit card

Complaint:
Im writing this letter to file an official complaint against Bank of America, N.A.. Between XX/XX/XXXX and XX/XX/XXXX, I received XXXX separate letters from Bank of America, stating that they decided to close my accounts because my risk profile no longer aligns with the banks risk tolerance, unsatisfactory performance on personal card service account, or simply no reason was given. Bank of America did not give any grace period for me to properly transition to other banks, especially for the credit cards. It caused a catastrophic interruption of my personal life and my business. Even worse, they forfeited the rewards on those credit cards immediately without any grace period or assistance for redemption. I have been primarily using Bank of America credit cards for personal and business shopping, and have accumulated a total of $ {$100000.00} in cash-back rewards and XXXX points in travel rewards points ( estimated worth of {$17000.00} ) across multiple accounts over the last decade. These are now all taken away without an explanation. My access to the redemption portal is simply shut down because there are no valid accounts associated. Ironically, I can still access my credit card accounts and check my balances and pay them off. Obviously Bank of America still hold me responsible for the debt, but does not want to be liable for his debt owed. 

I have been banking with Bank of America for the last XXXX  years ever since I was a student in Michigan. During these XXXX XXXXears, I have grown up to be a proud husband, father, and a successful businessmen. I have devoted majority of my financial assets and banking business, including personal and business checking accounts, savings, credit cards and loan accounts, to Bank of America. I deposited over a XXXX US Dollars combined oftentimes in Bank of America checking and savings accounts, far over the FDIC insurance limit, because my family and I trusted Bank of America so much. Now we feel like Bank of America betrayed us, and caused countless harms both financially and psychologically. 

It has to be emphasized that I have never been involved in anything illegal or immoral. My personal and business accounts have been in good standing all the time, and credit card balances are regularly paid off every month. If I had ever made any mistake, itd be that I gave too much business to Bank of America that they started thinking I earned too much rewards probably. I might not be the most profitable customer to them, but thats not a crime or violation of account terms. Simply closing my account without any grace period for rewards redemption is an unacceptable abuse of power. 

Im happy for people living in the State of New York because in XXXX their senate passed a bill ( XXXX ) that restricted such unfair abuses and allowed credit card holders whose accounts are closed or modified to redeem rewards during a mandatory XXXXday grace period. The only question is, why is Bank of America still allowed to do so in other states if we all know its unfair? Why can Bank of America take away my $ XXXX but still want me to pay his $ 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 explanation