Consumer complaint received 2024-10-03 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
I applied for a 0 % interest balance transfer offer from Bank of America through their XXXX mobile app to consolidate my existing account debts of XXXX XXXX dollars ( {$17000.00} ). During the application process, I was informed that a one-time balance transfer fee of XXXX XXXX XXXX dollars ( {$680.00} ) would be charged, which I accepted as part of the terms of the offer. The promotional offer was presented as 0 % interest for a set period, but upon receiving subsequent monthly account statements from Bank of America, I noticed that the account was being charged a 23.34 % APR on the balance instead of the 0 % promotional rate that was supposed to apply. 

Timeline of events : Application Process ( Date : XXXX XX/XX/year> ) : I applied for a balance transfer promotion through the Bank of America XXXX app. I agreed to a one-time balance transfer fee but expected a 0 % interest rate to apply to the transferred balance. 

First Billing Statements : After receiving my first billing statement following the balance transfer, I noticed that Bank of America had applied a 23.24 % variable interest rate on my account balance instead of the 0 % promotional rate that was part of the balance transfer offer. The interest continued to accrue at the standard rate, contrary to the terms of the offer I had accepted. This has translated into approximately XXXX XXXX XXXX dollars ( {$350.00} ) per month. 

Contact with Bank of America Customer Service ( Date : XXXX XX/XX/year> ) : Upon discovering the interest rate discrepancy, I contacted Bank of America customer service to explain the situation and request a resolution. The representative I spoke with over the telephone stated they were unable to find any record of the 0 % balance transfer offer in their system. Despite my insistence that I had applied for and accepted the offer through their mobile app, they informed me that there was no documentation on file supporting my claim. 

Instruction to Visit a Branch : The customer service representative then directed me to visit a physical Bank of America branch to resolve the issue. The representative stated that an employee at the branch would need to confirm to the bank that the 0 % balance transfer offer was not correctly applied due to a bank error. 

Visit to Bank of America XXXX ( Date : XXXX XX/XX/year> ) : Following this instruction, I visited a Bank of America branch and spoke with a branch representative in XXXX, MD. I provided all relevant information, including details of the 0 % balance transfer offer, my billing statements reflecting the 23.24 % interest rate, and my interaction with customer service. The branch representative assured me they would escalate the issue internally, and I was told to expect a resolution shortly. 

No Follow-up or Resolution ( Over XXXX Week Passed ) : It has now been more than a week since my visit to the branch, and I have not received any communication from Bank of America XXXX The issue remains unresolved, and I am still being charged 23.24 % variable interest on the balance that was supposed to be at 0 % under the promotional terms. I have received no updates or further instructions, despite multiple efforts to address the problem. 

How this affects me : Bank of Americas failure to apply the agreed-upon 0 % interest promotional rate has resulted in me being charged an excessive interest rate ( 23.24 % V ) on a balance that should have been interest-free. This has significantly increased my debt burden and caused undue stress. Despite following their instructions and seeking resolution through multiple channels, I have received no clear explanation or remedy for the issue.

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 monetary relief