Consumer complaint received 2016-10-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
My promotion of 0 % APR with Bank of America, card ending XXXX, was ending with my XXXX. Statement which was not due till XXXX XXXX. My balance was {$4700.00}. I was transferring my BOA acct to my XXXX Acct to keep a 0 % APR for another year. I was also transferring my XXXX acct, card ending XXXX, in the amount of {$4400.00}, to my BOA card, ending XXXX to also keep a 0 % APR for another year. Okay, I made a payment of {$70.00} on my BOA card XXXX leaving a balance of {$4600.00} to transfer to XXXX. The payment due was only {$47.00}. ( XXXX pg of attached doc ) XXXX paid BOA on XXXX/XXXX/16, {$4600.00}, and it was posted on XXXX/XXXX/16 BEFORE my due date of XXXX XXXX. ( last pg of attached doc ). BOA is claiming my promotion period ended on XXXX XXXX, so they charged interest on the {$4600.00} from XXXX XXXX thru XXXX XXXX at 16.99 % on my bill I just received of {$29.00} which should have never been charged me!!! Any promotion period should end at the due date of any billing month and not at the first of the month ; that 's where the bank is ripping people off! On my bill ( last pg of attached doc ) you will see where my {$4400.00} ( XXXX balance ) was transferred to my BOA acct XXXX with my 3 % transaction fee of {$130.00}, which I agreed to that fee. BOA told me my minimal payment would be 1 % of the total balance. My mimimal payment is {$75.00} which is 1 % of the total amt of {$4600.00} ( which includes the XXXX ) and then they are adding the {$29.00} to the 1 % of {$46.00} which is {$75.00} or {$75.00}. Then BOA tells me, the {$75.00} payment WILL NOT be allocated to pay the interest charge of {$29.00} and then my 1 % of {$46.00}, that the whole {$75.00} would be going to my transferred balance of {$4500.00} ( XXXX + XXXX ) and for me to get that {$29.00} off of the bill I would have to pay it in excess of the {$75.00} pmt. XXXX! Otherwords, the {$29.00} would stay on there and build interest every month and would be added every month to my 1 % minimal pmt that would never be 1 %. Plus, the credit card would never get paid off. The XXXX would set and build and build and build. BOA ca n't tell me they ca n't allocate the {$75.00} first months pmt because I work in Finance and I know it can be done. I have an accounting degree and I am not stupid. This is crooked as a snake and it is dirty for a bank to this to people!! I am XXXX years old, single, have a house pmt, car pmt and all other bills on me with a minimal income and I do n't need no money hungry bank or institute ruining my credit after I 've spent about 40 years building it to an Excellent rating. BOA told me they would stop the interest from being applied hereafter to the {$29.00}, but I do n't trust that! I want the {$29.00} taken off of my account as I kindly requested, and they would not do it. As I said, it should have never been placed on my acct. It 's no wonder folks ca n't get out from under credit card debt, because of crooked, money hungry institutions doing XXXX like this!!! If it would n't be for me having another 3 % transaction fee and a 2 % or 3 % minimal pmt amount, I would transfer this money to one of my other cards, but here again banks do n't realize people ca n't afford 2 % and 3 % minimal pmts on the credit card balances. We 're living in a hurting economical world for people to live especially the middle and lower class folks like myself. Something needs to be done to stop banks from doing XXXX like this!!! I would appreciate if you could get BOA to take the {$29.00} off my bill. As I told the Rep and the Manager I was speaking to, I pay extra on my account every month and they would n't consider waiving this {$29.00} fee. How patethic is that!! CFPB, if you can help, I would appreciate anything you can do. If I can sue BOA, please let me know, cause I will!! Thank you for being here.

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