Bank of America Credit Card Complaint

Bank of America Credit card department,

APR or interest rate Wisconsin

On statement - - - - -, 2015 with a balance of $8500.00 and Total Minimum Payment Due of $150.00 a payment was made on - -, 2015 in the amount of $7000.00. With an outstanding Balance of $3800.00 at 14.99 % APR and an additional outstanding Balance of $4700.00 at 5.24 % payment in excess of the Total Minimum Payment Due was not properly applied to balances with higher APRs before balances with lower APRs. With this $7000.00 payment, per Federal Law and per Bank of America written policy I should not have any balance remaining on the 14.99 % APR. As of - -, 2015 ( statement - - - - -, 2015 ) there is still an outstanding balance subject to the 14.99 % APR. This is not correct, with a payment of $7000.00 on - -, 2015 ; the entirety of the outstanding balance at 14.99 % should have been $0.00. Instead, Bank of America allocated the excess to the smaller APR of 5.24 %. Per the Credit CARD Act of 2009 SEC. 104. APPLICATION OF CARD PAYMENTS. Section 164 of the Truth in Lending Act ( 15 U.S.C. 1666c ) is amended - ( b


bearing the next highest rate of interest, until the payment is exhausted. Per Bank of America BankAmericard HOW WE ALLOCATE YOUR PAYMENTS - Payments are allocated to posted balances. If your account has balances with different APRs, we will allocate the amount of your payment equal to the Total Minimum Payment Due to the lowest APR balances first ( including transactions made after this statement ). Payment amounts in excess of your Total Minimum Payment Due will be applied to balances with higher APRs before balances with lower APRs.