Consumer complaint received 2020-03-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
XXXX XXXX : Became aware that the CC was not being paid off as intended. 
XXXX XXXX : Called BofA ; held for ~25 min ( est. 4 min wait time ) Explained situation. Service rep. Agreed payment options confusing. 
Service rep. said refund request denied. 
I informed service rep Id be submitting complaints to relevant agencies. 
Rep said she would submit a complaint with BofA. 

Account opened : XXXX Bank of America Corporate Center XXXX XXXX XXXX XXXX XXXX, NC XXXX Submitted claim to Office of the Comptroller of the Currency : When I opened this account on XXXX XXXX, XXXX, I setup autopay. My intent was to pay off the entirety of the bill like I've done with 99 % of all statements for every credit card I've had for the past 20+ years. I've never intentionally left a balance on a CC ever. 

The options presented where objectively misleading. The four options were " Minimum Amount Due '', " Amount Due '', " Account Balance '', and " Fixed Amount ''. Given these options, I thought " Amount Due '' was clearly what was wanted as this would be the " amount due on the statement ''. And, by process of elimination, " Minimum Amount Due '' and " Fixed Amount '' were not that, and " Account Balance '' refers to the balance of the account at time of payment, and since only wanted to pay the statement balance, " Amount Due '' seemed the clear choice. 

However, seeing that the statements were not being paid off, I clicked the " help '' and it informed me that " Minimum Amount Due '' and " Amount Due '' are effectively the same option and that " Account Balance '' is ( it seems ) actually the " statement balance ''. Redefining a common term as something else and offering two options which are equivalent is at best confusing and, given the resources and knowledge of BofA, I assume intentionally misleading. 

After setting up auto-pay, I had logged in to ensure that a first payment was scheduled. Believing I was covered, I may have checked the account a few times, but didn't pay attention to the payments or balances since I was sure that I was paying off the balance. On XX/XX/XXXX, I became aware that this was not the case. I called BofA using the number on the back of the card. After explaining the situation, my request for a refund of the interest charges was denied. I informed the company I would be lodging complaints with the relevant agencies. 

The more common options, that I have seen ( confirmed with XXXX account ) are " Minimum Due '', " Statement Balance '', and " Fixed Amount ''. By using less clear, factually incorrect, and ultimately misleading options, BofA created enticed myself ( and I assume others ) to select the wrong option. I am requesting a refund of all interest payments and that BofA be advised to change their options to match standard terminology. 

Interest payments to date equal are {$150.00}. I have paid off the balance of the card, including interest fees, in order to mitigate further damage. I may incur additional interest depending on settlement and payment timing. This payment in no way represents a concession to BofA in this matter. 

Complaints submitted to BofA, OCC, CFPB, and 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