Consumer complaint received 2015-12-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AZ
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Making/receiving payments, sending money

Complaint:
In XXXX of XXXX, I took out XXXX business loans from Bank of America. XXXX was in the amount of {$25000.00} and the other was in the amount of {$140000.00}. Each loan was given it 's own account number and each month I sent in XXXX checks as payment ... XXXX for each account. XXXX account number ended in XXXX and the other number ended in XXXX. In XXXX of XXXX, the bank erroneously credited both checks to XXXX account and I received notice that the other account was delinquent. I called the customer service number and resolved the issue, but in order to prevent future accounting errors, I decided to have the funds automatically debited from my checking account and applied to the appropriate loans. I received an email with what was supposed to be the proper paperwork, but it was only for XXXX. The next day I received another email with a form which I assumed was for XXXX, but it was also for XXXX. Once again, I called the customer service number and spoke with a woman. I gave her my name and XXXX account numbers. She informed me that both accounts had been consolidated and the new number ends in XXXX. I asked her what the amount was for the new consolidated loan, and she told me it was {$320000.00}! I was shocked, as this amount was twice as much as I had borrowed. She placed me on hold and when she returned, she said that they had another customer with my exact same name and exact same account number with the amount she had quoted me earlier. She told me that my loans had NOT been consolidated. She claimed to have resolved the issue and everything would be fine from here on out. Naturally, I was skeptical. So I sent an email to a customer service rep that I had been dealing with asking to send me XXXX ACH enrollment forms ; XXXX for each of my loans. From there on out, I began dealing with a man by the name of XXXX XXXX. He sent me an email with ACH enrollment forms which I completed and returned to him along with XXXX voided checks. He also asked me to send him XXXX separate emails, XXXX for each account with the following information : o Customer Name and Account Number ; o Customer 's Check Number ; o Amount of payment ; o Effective date of payment ; o Bank Name ; o XXXX Number ; o XXXX Number When I had completed all of that, I assumed I was finished. However, I received another email from XXXX XXXX about a month later stating that he had sent me the wrong form and that I needed to fill out another form. Once again, this form was for only XXXX loan and not XXXX. The email was addressed to XXXX XXXX ( My name is XXXX XXXX ), so I assumed that he had sent it to the wrong person. I replied to the email asking him if he had indeed sent it to the wrong person and asked for reassurance that the money was being automatically withdrawn from my account each month. He replied to the email stating that it had not. By now I had been dealing with this mess for over 4 months. I needed to speak with him personally and I could n't reach him by phone. I eventually became so busy that I forgot about the matter. A few months later, I was notified that my accounts had gone into default. They are now demanding full payment and are threatening me with legal action. I paid the smaller loan off completely and ca n't afford to pay the second XXXX off of about {$130000.00}. I asked to be put back on the original payment plan, and XXXX told me that I could. He sent me paperwork stating that over the course of 8 months, I would pay them about {$20000.00}. At the end of 8 months I would then pay off the entire amount of {$130000.00}. None of my {$20000.00} would be applied to principal. This is not what I was promised. I was promised that I could be put back on the original payment plan. Bank of America is as much ( if not more ) to blame for these accounts going into default. There was also no notification of delinquency before the default.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation