Consumer complaint received 2024-10-27 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: TX

Complaint narrative:
XXXX BANK OF AMERICA XXXX  XXXX I am reaching out regarding account number XXXX to address a billing error. I understand there may be some confusion about my actions, and I apologize if this has caused any misunderstandings. My intention is not to create confusion or engage in fraudulent activity. Rather, I am actively learning about negotiable instruments and following relevant legal guidelines outlined in the Texas Business and Commerce Code, Section 3.104, which applies to negotiable instruments in Texas.

Loan notes, or promissory notes, are considered negotiable instruments under Texas law. These instruments represent an unconditional promise to pay a fixed amount, due at a specific date, without any additional acts required to tender payment. My actions in this matter are in accordance with the Texas Business & Commerce Code and follow established legal principles surrounding negotiable instruments.

The negotiable instrument I submitted to Bank of America was endorsed. Additionally, I have provided collateral for this instrument, which indicates Bank of Americas familiarity with handling such instruments. Despite this, no explanation was offered to me on negotiable instruments when I submitted my document with a blank endorsement, allowing Bank of America to potentially collateralize and benefit from it on the U.S. securities market without my consent. This lack of disclosure conflicts with the fiduciary duty attached to such instruments, and I would like to resolve any resulting misunderstanding.

Given these circumstances, I request that Bank of America place my account under billing error status until this issue is resolved. This action will prevent any adverse impacts on my credit report or any further misunderstandings while we work towards a resolution. 

Bank of Americas communications, including any suggestion that I might be attempting fraud and issuing threats, contradict my rights to informed use of credit, as protected under 15 U.S.C. Chapter 41. I am requesting that Bank of America refrain from suggesting, in writing or otherwise, that I am engaging in fraudulent activity.

Moving forward, I intend to submit payment using an unconditional order to pay, commonly known as a " check '' or " bill, '' which meets the criteria for a negotiable instrument per Texas Business & Commerce Code, Section 3.104. I have accepted, endorsed, and am now tendering payment with these instruments. Bank of America is required to accept and present these instruments for payment, per Section 3.501 of the Texas Business and Commerce Code.

Bank of America must comply with negotiable instrument laws and should exchange these instruments as appropriate. Any further failure to recognize these instruments or attempts to issue baseless accusations may result in legal action to rectify the situation.

Thank you for addressing this matter in accordance with the Texas Business & Commerce Code and for ensuring that my rights as a consumer will not be violated in the future.

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