Consumer complaint received 2025-05-05 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Problem with balance transfer
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL

Complaint narrative:
Rebuttal to Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Violation To Whom It May Concern, I am writing to provide additional documentation and a formal rebuttal regarding my original complaint against Bank of America , N.A . for the delayed issuance of a \ {$10000.00} credit balance refund. 

Original CFPB Complaint ID : XXXX XXXX Case Number : XXXX ( Referred to CFPB ) Per my phone conversation with a CFPB representative, I have been informed that additional documentation can not be appended to an existing complaint. Therefore, I am submitting this new complaint with a full cross-reference to my original CFPB case. 

On XX/XX/year>, I received a phone call from XXXX XXXX, who identified herself as part of Bank XXXX XXXX escalation team. During the call, she stated that XXXX XXXX does not apply to my case, claiming that the refund issued was a payment refund, not a credit balance refund. 

However, I wish to clarify that this statement is inconsistent with Bank XXXX XXXX own documentation : On XX/XX/year>, Bank of America emailed me a notice confirming receipt of my credit balance refund request, and that a check would be mailed within XXXX business days. 
The email specifically refers to this transaction as a credit balance refund, not a payment refund. 
I did not initiate a payment error, overcharge, or dispute this was a balance overage on my account, which qualifies under 12 CFR 1026.21 of * * Regulation Z. 

As of that XX/XX/XXXX notice, the bank was legally required to issue my refund within XXXX business days. However, my funds were not returned until XX/XX/year> more than XXXX calendar days later. Despite repeated follow-up calls and a confirmed delay, Bank of America has stated that they will not issue any interest or compensation, offering only an apology. 

During the call, the representative also refused to provide any additional information about Regulation Z or the internal decision, and advised me to do my own research. 

Why I Am XXXX Bank XXXX XXXX XXXX : XXXX. Bank of America has mischaracterized the nature of my refund to evade regulatory responsibility under Regulation Z. 
XXXX. The delay was well beyond the legally required timeframe, and they have refused compensation while continuing to retain my funds interest-free for over XXXX months. 
XXXX. Their own internal documentation contradicts what they are now claiming by phone. 
XXXX. I believe this represents a clear Regulation Z violation, or at minimum, an attempt to deflect regulatory oversight by mislabeling the refund type. 

Requested Action : I respectfully ask the Consumer Financial Protection Bureau to : Reaffirm that Regulation Z does apply to credit balance refunds such as mine Require Bank of America to provide a written explanation for denying interest compensation Encourage the bank to offer a reasonable remedy ( e.g., interest compensation of \ {$93.00} ), given the documented delay I am attaching the following supporting documentation : A copy of the XX/XX/year> refund acknowledgment email from Bank of America confirming this was a credit balance refund A letter from the Office of the Comptroller of the Currency ( dated XX/XX/year> ), which acknowledges my complaint and confirms that it has been formally referred to the CFPB due to jurisdiction and the nature of the regulation involved Thank you for your continued attention to this matter. 

Sincerely, XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX XXXX, IL XXXX ( XXXX ) XXXX [ XXXX ] ( mailto : 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