Bank of America Credit Card Complaint

Bank of America Credit card department,

Payoff process Illinois

I am writing to complain about practices of Bank of America -. I am writing specifically about their policy for interest fees on balances paid in full. We made an error that we fully recognize as our own in shorting a payment by $260.00 approximately. Upon receipt of the next statement dated - -, 2015 we received, we immediately paid any difference. Additionally we paid our full balance on the - - statement including the interest charge. Upon receipt of our statement dated - -, 2015 we were charged an additional interest amount based upon all of our purchases the previous month - approximately $4700.00 of purchases were subject to the rate ). Upon calling Bank of America I was told that while no where on the front page of the bill, which contains the summary and any interest charges, that on the back on page -, in small print, it is written that


misleading as it states Balance '' in the Account Summary '' section on the - page of the bill and does not specify Pay Off Balance ''. It is my belief that credit card companies should include the payoff balance at the time of the statement so that customers can avoid large residual interest charges. I am a consumer who has never made this mistake in my 14 years as a customer with this company, and in doing so was charged on the mistake of $260.00 a total of approximately $80.00 due to the poor information provided. I made the payment within - day of the closing of the new statement to bring my account to what I thought was in good standing. ( i.e the short payment was - on a due date of -, statement closed -, I realized it on - and made an immediate payment ). This is an abuse of the fine print and of the agreement. It is deceptive as well as probably the reason so many people who are much less educated than I are struggling with so much credit card debt. The company was without my short payment of $260.00 that would have paid off the balance in full for a total of 4 days and earned $80.00.