Consumer complaint received 2023-11-14
Product: Credit card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

I seek your help to resolve a critical issue that neither the BofA or XXXX XXXX customer service representatives have been able to assist me with and desperately need your engagement and intervention. On XX/XX/2023 I made two separate balance transfers from my Bank of America credit cards to my XXXX XXXX card, and to this day the money appears to be lost as neither Bank of America nor XXXX XXXX have been willing to track the funds. In the meantime, I am being charged monthly by BofA for the repayment of the balance transfers, causing undue monetary harm and distress. Let me provide you with more specific details. On XX/XX/XXXX, I made an electronic balance transfer from my BofA credit card account ( XXXX XXXX XXXX XXXX - reference number XXXX ) to my XXXX XXXX debit card # XXXX XXXX XXXX in the amount of {$6000.00}. The same day I also made an electronic balance transfer from my BofA credit card account ( XXXX XXXX XXXX XXXX reference number XXXX ) to the same XXXX XXXX debit card in the amount of {$6300.00}. I thought that these transfers would post within two weeks, however, they never posted to my XXXX XXXX account. On XX/XX/XXXX, I called Bank of America customer service and they informed me that there was no way for BofA to track electronic balance transfer funds and that the receiving bank ( XXXX XXXX ) should have the funds somewhere in their records ( and that perhaps they were allocated to a different account or somewhere in their system ). They also informed me that balance transfers are not allowed to debit cards and that this may be why the funds had not posted correctly. I mentioned to the representative that I was not aware of this and that I didnt see that in the disclosures when I initiated my balance transfers. On XX/XX/XXXX, I called XXXX XXXX and they informed me that they did not see any record of the {$6000.00} or the {$6300.00} balance transfer transactions to my debit card and suggested that I call Bank of America back to have them trace the funds. On XX/XX/XXXX, I called Bank of America again and explained the above situation and they informed me that there was nothing they could do unless the funds were returned or rejected by XXXX XXXX. I told the representative that XXXX XXXX told me that they did not have the funds and that BofA should open an investigation. The representative told me that he could not assist and that I should talk with XXXX XXXX as they may have allocated the funds to an erroneous account or the funds are somewhere in their system. On XX/XX/XXXX, I called XXXX XXXX and explained the above situation and they transferred me to the monetary team who performed a more thorough search of funds, however, the representative told me that they did not see any unallocated transactions for {$6000.00} or {$6300.00} and that I should call Bank of America to ask them to recall or trace the funds or open an investigation. I told the representative that both banks are pointing at each other and that in the meantime, I am making payments to BofA on these funds, which were never posted to my XXXX XXXX account. On XX/XX/2023 I opened a case with the CFPB to investigate this matter. On XX/XX/2023 the company responded that they were not able to resolve the matter and that perhaps in 60 days the money would turn up- which is completely unacceptable.This letter is sent to you in hopes that you may be able to assist me in resolving this very vexing and time-consuming problem. I desperately seek your help and would very much appreciate anything you can do to help remedy this situation.