Bank of America Credit Card Complaint

Bank of America Credit card department,

Billing disputes Washington

I currently have two active cash-advance promos on the - MasterCard issued by Bank of America ; $15000.00 owed on a promo that was taken out in -/-/- and is due -/-/- and $14000.00 owed on a promo that was taken out in -/-/- and is due -/-/-. It is my desire to pay both promos off before their due dates to avoid interest. I contacted BofA on -/-/- to check how a recent payment was allocated - the payment was substantially above the minimum payment required. Much to my surprise, I was told that my payment had been applied the promo that expires on -/-/-. I then asked the representative to re-allocate the payment to the promo that was expiring on -/-/-. This is where things went downhill. The Customer Service manager I spoke with indicated that the law was very specific that banks had to allocate payments to the promo that had been on the books the longest, even if that promo does n't mature first. Most likely in 90 % of the cases, this payment allocation


in. After reading the Payments section of the Card Act, I find what the manager told me regarding payment allocation to simply be untrue. The payments section was very specific regarding applying payments to the highest APR balances first and then to promos within two months of their expiration. Nowhere did I see that a bank was required to paydown the oldest promo balance first. Additionally, section 1026.53.b.1 ( ii ) of the Card Act provides for the card issuer to reallocate any amount above the min pay among the balances on the account in the manner requested by the consumer. Given this, I 'm not sure if this is a technical issue for BofA or if the capability exists but the customer service staff simply is n't aware. Either way, the way that I 'm being forced to have my payments allocated is harming me as a consumer by essentially robbing me of three months ( - ) to pay down the promo that expires in -/-/- and I am not at all happy about it. Additionally, I ca n't be the only consumer in this situation so I 'm sure that there are other BofA customers being harmed by their unfair practices.