BoA charges interest on 0 balance - Bank of America Credit Card Message Board Discussions on Bank Of America Sucks : Official Bank of America consumer opinion site :

sonicanatidae

Zeroed my BoA card a few weeks before the due date so it could rot with
similar garbage and BoA STILL charged me interest on a PAID/0 balance account.

I called and the rep immediately removed the charge, no questions.
ANYTIME BoA nixes a charge, without even a question, it should alarm you.

I wonder how many other people on the planet BoA has scammed with
invalid interest fees that customers didnt catch? I'm guessing that's all
part of the BoA business model of shafting each and every customer for
as much money as possible before they wise up and go to a credit union.

Thanks BoA, we're so very glad to have bailed out a company that
has become the flagship for graft, corruption and anti-consumer practices!

Stay Classy!

xassociatecurrentcustomer

Had you zeroed out the balance the month before? You can only avoid interest charges if you had paid off the balance the cycle before. Otherwise you owed them interest for each day you had a balance outstanding, which would have been billed the following month. When you've been carrying a balance you can't avoid an interest charge in the final month by paying it to zero.

So, you likely owed the interest. The agent actually did you a disservice by not explaining why you had been charged interest when they waived it.

sonicanatidae

Was zero on the 27th.

Charged $300ish on it on the 28th of the month.

Paid in full on the 10th of the month.

Statement cuts on the 18th of the month.

Yet somehow, I still owe interest?

xassociatecurrentcustomer

[quote="sonicanatidae"]Was zero on the 27th.

Charged $300ish on it on the 28th of the month.

Paid in full on the 10th of the month.

Statement cuts on the 18th of the month.

Yet somehow, I still owe interest?

What was the balance on the 18th before the purchase on the 28th? The charge was a purchase of merchandise, nothing that could be considered a cash equivalent?

Rhode_Island_Red

If they removed the interest charge I'd think that means they were wrong in charging the interest. Keep a record of it and if the same thing happens again report it.

sonicanatidae

[quote="xassociatecurrentcustomer"][quote="sonicanatidae"]Was zero on the 27th.

Charged $300ish on it on the 28th of the month.

Paid in full on the 10th of the month.

Statement cuts on the 18th of the month.

Yet somehow, I still owe interest?

What was the balance on the 18th before the purchase on the 28th? The charge was a purchase of merchandise, nothing that could be considered a cash equivalent?

Considering the creditor we're talking about, I'd have to be insane to withdraw cash from that card,
so no cash. Merchandise only.

The balance was actually zeroed around the 14th of the month. Remained zero until the 28th
when I charged $300ish on it. The balance was paid in full on the 10th of the next month, specifically
so I wouldnt be lining BoA's pockets with any interest.

My concern is who wants to deal with a bank where you have to watch
your statements weekly, to insure the lender isnt screwing you by charging
interest or fees that you actually didnt incur...

sonicanatidae

[quote="Rhode_Island_Red"]If they removed the interest charge I'd think that means they were wrong in charging the interest. Keep a record of it and if the same thing happens again report it.

Whats the point?

Report it to whom? The regulatory agencies that BoA owns outright or
to BoA, the source of the problem to begin with?

xassociatecurrentcustomer

[quote="sonicanatidae"][quote="xassociatecurrentcustomer"][quote="sonicanatidae"]Was zero on the 27th.

Charged $300ish on it on the 28th of the month.

Paid in full on the 10th of the month.

Statement cuts on the 18th of the month.

Yet somehow, I still owe interest?

What was the balance on the 18th before the purchase on the 28th? The charge was a purchase of merchandise, nothing that could be considered a cash equivalent?

Considering the creditor we're talking about, I'd have to be insane to withdraw cash from that card,
so no cash. Merchandise only.

The balance was actually zeroed around the 14th of the month. Remained zero until the 28th
when I charged $300ish on it. The balance was paid in full on the 10th of the next month, specifically
so I wouldnt be lining BoA's pockets with any interest.

My concern is who wants to deal with a bank where you have to watch
your statements weekly, to insure the lender isnt screwing you by charging
interest or fees that you actually didnt incur...
Still trying to follow this. So, the balance was zeroed on the 14th, and remained zero until the 28th? So, the statement on the 18th reflected a zero balance?

Rhode_Island_Red

[quote="sonicanatidae"][quote="Rhode_Island_Red"]If they removed the interest charge I'd think that means they were wrong in charging the interest. Keep a record of it and if the same thing happens again report it.

Whats the point?

Report it to whom? The regulatory agencies that BoA owns outright or
to BoA, the source of the problem to begin with?
Both the federal and the agency in your state that regulates banks. The point is that it has the potential to accomplish more than just talking about it on the internet. That's good too because it gets people involved in the situation but you need action as well.

unvaluedtaxpayer

Surprise, surprise I am not the only one who continues to be charged interest on a 0 balance card! I paid off my CC in full only to be billed interest over a week later. Bunch of BS if you ask me. After going through 7-8 different account reps, I finally got one who fixed the account.

unvaluedtaxpayer

Same thing happened to me, have the screen printouts to show their arrogant practices. Ill be filing this with the proper authorities.

nads1111

Wow tats really very informative, hope to get more informations.

morrocco

Has anyone thought to start a class action lawsuit against BofA??

abbyblake

Money matter is really important nowadays.While I was browsing I have read an article that the Bank of America declared that it would start billing $5 per month to customers who use their debit card. The shift has drawn harsh grievance from customers and the president equally. But a small bank in Florida is lashing back by offering a $5 monthly reward to its debit card users.Well I guess, I should fly to Florida soon!

Article source: Regional bank pays debit card users $5 per month

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