Bank of America Credit Card Complaint

Bank of America Credit card department,

Other fee Pennsylvania

I was incapacitated recently and spent quite a bit of time in the - and dealing with - issues. Because of that, I was not as attentive to my other affairs which included my usual check of my credit card status. I noticed two charges on my card that I could not understand and contacted the Bank of America VISA offices for an explanation. We send funds on occasion to someone in a - through a company called " - ''. We expect to pay a fee for this service [ - or - dollars per transaction ] but we did NOT expect our credit card company to stack two additional fees for this transaction on top of the - charges. The fees were called " Minimum Interest Charge '' and " Cash Equivalency Fee ''. Having heard of neither before, I inquired as to what these charges were based. Evidently, as best as I could understand the convoluted explanation, I had in essence given " cash '' to the person who received it and therefore had to pay a " Cash Equivalency Fee '' of $10.00! I maintained that I had purchased a " service '' from - just


given to the recipient! Consequently, our gift of $50.00 had now cost us $68.00! Even though I process a significant amount every year through this VISA card they refused to remove this unfair practice from my account. I think this type of fee is one of the reasons for the existence of the CFPB and I wanted to protest this sort of usury by the Bank of America. I will be happy to assist in any way necessary to correct this unfair practice. Just a few years ago, when we would participate in a phone call to this person, we had to pay $12.00 for a 20 minute call. There were so many complaints about this abusive practice that the situation was addressed and now it costs less than $2.00 for the same call. If the CFPB had a hand in that change, I applaud your involvement. I think that my issues with B. of A. are equally as abusive. Thank you for your work.