Consumer complaint received 2024-10-08 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ

Complaint narrative:
In XX/XX/XXXX, I obtained an auto loan from Bank of America. I was previously an employee of Bank of America and had preferential loan pricing. I immediately set up automatic payments via Bank of America 's website using an external bank account to autopay the monthly amounts. The third party bank account has always had sufficient funds to cover the payments, which I can prove with monthly statements. However, in XX/XX/XXXX, I was unexpectedly informed by Bank of America that payments for XXXX and XXXX had been missed. Confused because of my understanding autopay was setup, and because I received monthly loan account statements confirming receipt, I promptly made the payments, with late fees applied, and re-initiated autopay using the same external bank account. 

To ensure no further issues, I set up email alerts confirming when payments were scheduled. From XX/XX/XXXX through XX/XX/XXXX, payments were successfully made. 

However, on XX/XX/XXXX, I received a vague voicemail from a person claiming to be from Bank of America, which I suspected was a fraudulent call due to the lack of detail. The next day, I discovered through a third-party credit reporting app that my XXXX XXXX had dropped significantly. Upon investigation, I found that Bank of America had reported my loan as " charge-off, '' claiming that multiple payments were significantly overdue and they had not received any payments in XXXX, though they were vague and told me different information depending on the person I spoke with. 

I have since provided Bank of America with documentation showing that payments were made. However, upon further investigation, I have found that the autopay service on Bank of America 's website failed for all of XXXX and some months in XXXX, without any notification. After reviewing all of my emails from Bank of America, I do have an email from them stating that bill pay features would be turned off for a BoA checking and savings accounts I had with them that were not in use. Since my payments to the loan were coming from a XXXX party bank, and not those BOA accounts, I disregarded. That is the only communication I can find. During the entire period where the autopay was not going through, I continued to receive monthly loan statements from Bank of America indicating that payments were being received. At no point was I informed that payments were missed, nor was I notified that the autopay function had stopped working. The balance in my XXXX XXXX XXXX  account, where I pay multiple bills, always has sufficient cash in the range of $ XXXX {$50000.00} available, so I do not micro-manage the monthly debits. 

This failure of Bank of America 's autopay system and their lack of communication regarding missed payments has caused this inaccurate charge-off status and has made a significantly negative impact on my XXXX XXXX and potentially my financial situation as they are claiming the balance on the loan is due in full.

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