Consumer complaint received 2024-05-14 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Paying off the loan
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: RI

Complaint narrative:
On Sunday, XX/XX/2024, through the automated system, I requested a pay off for my mortgage with Bank of America. The payoff amount was good until XX/XX/XXXX for {$19000.00} Account Number On Monday, XX/XX/2024, I called the BoA contact center and said, I received my pay off letter and can I XXXX the payment, they explained XXXX was not an option, the funds needed to be certified and either a wire or mailed. I asked can I bring it into a XXXX, and the contact center representative said, yes but the check must be certified. On Tuesday, XX/XX/XXXX I arrived at the XXXXXXXX XXXX Bank of America XXXX. The loan representative ( I believe XXXX XXXX was very courteous and attempted with XXXX calls to the BoA XXXX XXXX to process my payoff but since my pay off was {$9.00} more ( due to the pay off until XX/XX/XXXX ) the pay off kept rejecting. After XXXX mins, I asked is it easier for me to mail the check and he said probably. So I drove to a XXXX XXXX XXXX and paid {$30.00} some odd dollars to overnight the payment, XXXX more interest and in frustration I called the XXXX XXXX and asked why was I told to go to a Branch to pay and why wouldn't BoA accept my pay off and make me incur more interest and a fee to overnight. The representative couldn't answer the questionn and kept repeating that they are converting their systems and I could attempt another BoA branch. I said, why would XXXX XXXX around the state when I was told to go to the XXXX XXXX to make my payoff. He said the representative must not have realized the conversion occurred at the XXXX XXXX and I said, but your team not having the correct information isn't really my issue, each time the representatives options were that me, the customer, was wrong or had to be inconvenienced to pay my loan off how I was instructed. So the question comes to mind, how much more interest does BoA get by delaying pay-offs with their new converted system that won't allow a XXXX pay-off? Interest to the Bank, additional cost ( oh and the representative on Monday said, no fee if you had a BoA account to move the funds from instead of my savings bank I use ) to overnight the payment or wire it. Is this not unfair or deceptive practice? 

The pay off letter even states they have escrow they will return per the regulation - so if I overpaid my payoff they would be sending back the escrow and the extra amount would be refunded as most banks do. 

This XXXX XXXX is good to - XX/XX/2024. 

XXXX the XXXX XXXX for account number XXXX. Keep in mind, this is good to XX/XX/2024. 

How we calculated the payoff amount : Principal Balance as of XX/XX/2024 {$19000.00} Interest $ XXXX XXXX Recording Fee {$49.00} Total amount required to release XXXX As of XX/XX/2024 Total Amount Due {$19000.00} THE CURRENT ESCROW BALANCE IS {$3300.00} AND MAY NOT BE USED AS A CREDIT TOWARD PAYOFF. BANK OF AMERICA, XXXX A. AUTOMATICALLY PROCESSES ESCROW REFUNDS XXXX BUSINESS DAYS AFTER THE PAYOFF POSTS IN ORDER TO ENSURE ALL OUTSTANDING FUNDS HAVE CLEARED.

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