Consumer complaint received 2025-02-14 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Problem with rewards from credit card
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Dear CFBP Staff, I trust this message finds you well. My name is XXXX XXXX XXXX, and I was the primary account holder of the Bank of America XXXX XXXX XXXX XXXX XXXX Credit Card ( Account number ending in XXXX XXXX XXXX XXXX ), which was opened and activated in XX/XX/2024. I am writing to formally lodge a complaint regarding the closure of my credit card account by Bank of America, which has resulted in my inability to access the {$290.00} in earned rewards. Additionally, Bank of America has imposed late fees on the outstanding balance of {$290.00}, further damaging my credit score. ( documents proof attached ) On or around XXXXXXXX XXXX I received notification from XXXX through XXXX indicating that my credit card account had been force closed by Bank of America. Upon following up with XXXX, I was advised to contact Bank of America directly. I then reached out to Bank Of America customer service department twice to understand the reasons behind the account closure. I was informed that a letter was mailed to me on XX/XX/2024, which I never received. I subsequently requested that the letter be resent, and I received it on XX/XX/2024, which stated that my account had been closed due to the bank determining that " my risk profile no longer aligns with our risk tolerance. '' ( letter attached ) To my surprise, Bank of America made the decision to force-close my account after a mere two months from its opening and following a significant purchase of {$6000.00}, which I made in reliance on the cash rewards offer advertised by the bank at the time of account opening. As a result of this transaction, I accrued {$290.00} in cash rewards, which were available to cash out in my account. ( rewards screenshot attached ) However, when Bank of America force closed my account without a notice, I was unable to access these rewards. After contacting customer support, I was provided with the email address XXXX to submit my formal complaints. I sent an email on XX/XX/2024, detailing the issue. Subsequently, I followed up with customer service representatives multiple times, at which point I was instructed to leave a balance of {$290.00} on the account to be settled via the rewards cashback. I paid off {$5700.00} of the balance and left the {$290.00} as instructed, with the understanding that the funds would be redeemed from the rewards. I was informed that this process would take a few days to resolve. ( email to Bank of America attached ) Despite multiple follow-ups and the passing of considerable time, I have not received any resolution. In my recent calls - I was recently informed by Bank of America that my rewards would no longer be issued, and to my dismay, I discovered that late fees have been charged to my account, negatively affecting my credit score down from XXXX to XXXX and also increasing my balance from ~ {$290.00} to $ XXXX. ( XXXX XXXX impact attached ) I would like to make it explicitly clear that I have never made a late payment on any transaction in my name till this incident. I have always paid my debts promptly and in full. The actions taken by Bank of America have not only caused significant financial harm but also unjustly damaged my credit profile. 

Moreover, I previously communicated with Bank of America requesting that this matter not result in collections or the application of late fees or any impact on my credit score. Unfortunately, Bank of America has violated these requests. This was stated in the email I sent to them on XX/XX/2024. 

Furthermore, I wish to formally contest the reasoning behind the forced closure of my account, which I believe to be unjustified and potentially unconstitutional. Bank of America has stated that my account was closed due to a reassessment of my risk profile. However, I have consistently maintained an exemplary credit score of approximately XXXX, and I have never had any late payments. It is therefore incomprehensible to me that Bank of America would deem me a credit risk based on an arbitrary and unexplained reassessment of my profile. 

In light of the above, I am submitting this complaint to formally dispute the actions of Bank of America. I believe that the conduct exhibited by their institution is not only highly negligent but also reflects a systemic issue of mistreatment toward banking clients. I respectfully request the following resolutions : 1. ) Immediate correction and payout of the {$290.00} cash rewards balance.

2. ) The removal of all late fees applied to my account and the restoration of my credit score to its previous standing.

3. ) A formal apology from Bank of America for the mishandling of my account, the delay in communication, and the unjustified actions that have adversely impacted my financial standing.

4. ) A written explanation detailing the rationale behind the closure of my account and the decision to apply late fees, given my history of responsible account management. 

I trust that Bank of America will address this complaint with the urgency and seriousness it warrants. Should this matter remain unresolved, I will be forced to explore additional avenues to ensure that my rights as a consumer are protected. 

Thank you for your immediate attention to this matter. I look forward to a prompt and satisfactory resolution. 

Sincerely, XXXX XXXX XXXX XXXX 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