Bank of America Consumer Loan Complaint

Bank of America Consumer Loan department,

Vehicle loan Managing the loan or lease Arizona

I have been making biweekly payments towards my auto loan through my bank 's bill pay service for more than a year. The monthly total has been more than the minimum due. Come to find out the payment overage has not been being applied to the principle balance, but to the next payment due. I called to have each payment overage applied and was advised this could not be done, but they would adjust - payments as a courtesy. Going forward the only way to have a payment applied to principle is to mail a check ( Who uses checks? ) or get a bank account through them ( obligating me to get another product through them to reduce my principle loan balance! ). That 's ridiculous and not the case with other loans! I pay more than the min due on a credit card and it goes to principle not the next payment! I originally set up the biweekly payments for more than the minimum due to payoff before the maturity date. The plan I chose, with a financial planner, should have paid off the loan 6 months quicker. Now all my long term financial plans have been delayed by 6 months. I made the choice to be responsible consumer and now I am being punished for B of A can make a little extra money off me and derail my financial goals.