Consumer complaint received 2024-03-07 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PR

Complaint narrative:
On XX/XX/year>, we made a payment of {$5000.00} to our VISA credit card with Bank of America. That evening, while at a restaurant, our card was declined. Upon returning home, we accessed the bank 's website and discovered that instead of processing a payment for {$5000.00}, a payment of {$50000.00} was being processed. We disputed the payment, indicating that it should be for {$5000.00}, and instructed the bank not to proceed with the {$50000.00} charge. Simultaneously, we contacted a representative who informed us that the card was declined because we made a payment for a much higher amount than it was due. They confirmed that our note was in the system and released the hold on our credit card. 

The following day, we contacted our bank, XXXX XXXX XXXX XXXX XXXX, where the funds were to be withdrawn. However, they could not locate any pending payment for that amount, and therefore, they informed us that there was nothing they could do. On Monday, XX/XX/year>, we called Bank of America and spoke with a customer service representative who confirmed the existence of the note and the pending charge. However, they stated that the matter needed to be escalated to a supervisor, promising to call us back. Unfortunately, we did not receive a callback despite our repeated attempts throughout the day. The customer service representative explained that it usually takes 24-48 hours to reverse such transactions. 

To rectify the situation, we proceeded to post the correct payment of {$5000.00} that afternoon of XX/XX/year>. It is important to note that the VISA statement due on XX/XX/year>, reflected a balance of only {$2400.00}, although there were ongoing transactions totaling close to {$8000.00}. 

We did not receive the promised callback from the supervisor, so we continued calling every single day, sometimes more than once, but received the same response each time. However, yesterday afternoon, we noticed in our bank account that the VISA payment had been collected, despite our explicit note instructing otherwise. They collected the {$50000.00} in addition to the {$5000.00}! We called again, and the customer service representative apologized, acknowledging that they had not processed the credit as requested. She assured us that she would initiate the reimbursement immediately. 

However, she informed us that they could not reimburse the entire {$50000.00} due to a balance on our card. They could only reimburse {$46000.00}. We clarified that the balance on the card was not yet due, but she stated that they could only credit us the {$46000.00}. Although we agreed, as it was better than receiving nothing, she mentioned that it would take at least 10 business days for the credit to appear in our account. 

When we mentioned that since Friday, XX/XX/year>, they had been telling us it would take 24-48 hours, she admitted that was a mistake and clarified that it would indeed take at least 10 days. Therefore, Bank of America will receive interest payments for our {$50000.00} incorrect payment, despite our immediate notification of the mistake. 

In the meantime, our bank account did not have the {$55000.00} funds available, so the bank utilized our reserve line of credit to cover the VISA payment, while other authorized transactions remain pending. We are uncertain about the total interest we will incur until the cycle closes, as our line of credit has a variable interest rate. Ironically, despite paying more than was due, our credit card with Bank of America still has a hold, preventing us from utilizing it!

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