Consumer complaint received 2019-10-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Problem when making payments

Complaint:
I am a customer of 25-year standing with Bank of America. I ended up with Bank of America after several bank acquisitions. My wife and I have Checking / Savings / Line of Credit / Home Equity Line and 2 Credit cards with the bank. We typically have more than {$50000.00} balance in our Checking and Savings accounts and are classified as Platinum Status members. 

The Line of Credit is a safety to prevent an embarrassing bounced check. I don't remember the last time this facility was availed of until this complaint. On XX/XX/2019, there was a shortfall of {$200.00} in the Checking account ( the Savings account had a balance of more than {$60000.00} ) that was covered from the Line of Credit. Noticing that, we transferred {$10000.00} from Savings to Checking accounts the next day ( XX/XX/XXXX ). 

We thought the matter settled and assumed that the {$200.00} was automatically restored to the Line of Credit from the Checking account just as was the drawing from the LoC to cover the Checking shortfall. We received no email, text or visual warning on the BoA app against the Line of Credit that something was due. Apparently, the ( paperless ) monthly statements that one could get to after several page clicks, gives this information. We greatly value our credit record and assiduously and frequently check the mobile app to see if there are any flags but as the Savings and Checking accounts always showed healthy balances, we thought we were fine. 

Incidentally, the home page of BoA after signing in shows a summary of all the accounts. The Credit Card always shows a " Red Alarm Bell icon with Payment due '' notification even if it is not due for several weeks. No such warnings were displayed against the Line of Credit ( see attached picture ). 

There are always sales pushes for other financial products from BoA or their affiliate, Merril Lynch by mail and in-person when we happened to be at the local bank office. In fact, my wife and I have visited the local BoA branch several times in XX/XX/XXXX. At one such encounter with the bank staff when applying for a new credit card, a lengthy face-to-face session lasting an hour when our accounts and credit histories were combed over, there was not a word, comment or caution on the LoC withdrawal or payment. I was approved right there for the credit card but there was no warning that I owed BoA anything. 

The first and only warning of a problem came when we opened a BoA letter in XX/XX/XXXX ( dated XX/XX/XXXX but probably received a week later ). On calling the number, I found that I was talking to a debt collector and not a regular bank employee. I hurried to the local bank ( XX/XX/2019 ) and was told that I needed to pay the LoC, the amount now due with interest of {$210.00} and that I had already been reported to the credit agencies as delinquent. My FICO score has dropped from XXXX ( Excellent ) to XXXX. 

I have talked in person ( XXXX XXXX, BoA XXXX Branch -- XX/XX/XXXX ) and on the phone several times ( XXXX / HELOC -- XX/XX/XXXX. XXXX / HELOC said that a Supervisor will call me but no one did ) with BoA 's Line of Credit department. I have never been transferred despite several requests, to anyone higher up in BoA 's management to explain the situation. I called again on XX/XX/XXXX and talked to XXXX / HELOC. She said that a letter was prepared on XX/XX/XXXX to send it to me. I got that letter only on XX/XX/XXXX and stated that their review and actions were blameless. Speaking to XXXX / BoA XXXX, FL, she would not transfer me to anyone higher but said she will ask for a review and reversal. But there have been no further communications from BoA. 

Simple attention and communications ( in any one of several ways -- alerting in person, letter, phone call, email, text, red flag on the app, etc. ) to serve a long-standing customer would have averted this problem and my continuing anguish. But BoA hides behind its bureaucracy and requires its clients to be familiar with its fine print.

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