IN BRIEF: Bank of America offers their customers two forms of paying their bill (online or via mail), however there is huge problem with their electronic Online Statements. There is a variance between what the electronic statement shows due when compared to what the paper version shows.in the event you pay short of total minimum due, or fail to pay ontime you will get a late fee, however on your next months statement you will see two different minumum payment amounts due; the online will show a minimum due that is not the same as what your paper statement will. The result of the differing statements can cause you to incure additional late fees because the online statement does not account for any past due amounts.
As of July 5th, Bank of America has no explanation on why there are variances between the two statements. This is unethical and misleading.in-short, they tell you that you should always pay based on your paper statement, but they do not tell you when you are making a payment online that there could be a variance from what is shown due vs. What is actually due as indicated on the paper statement. There should be no difference between the statements.
I want to express to you how upset and frustrated I am following my experience on the phone while searching for information regarding my online banking account.
While online today looking at my accounts I noticed that my credit card statement showed a late fee for payment due 06/20/07 even though I had made a payment seven days before the due date. It was then that the phone transferring, unhelpfulness and customer service nightmare began.
I called 800-522-730 and was advised I should direct my call to another number 800-933-6262. After calling the second number I was then told to call 866-797-8479. I called the last number as suggested and after speaking with a total of 8 different people, being on the phone for 45 minutes, not getting any answers to my questions, I was ultimately hung up on by a Bank of America representative named Betty.
After being hung up on I called 866-797-8479 again and held for another 25 minutes before a representative by the name of Karen answered. Karen was very helpful and advised me that they (Bank of America employees) had received an internal memo stating that there was a glitch in the system that caused there to be a variance between what the Online-Statements showed as compared to what the Monthly-Paper statements show.
Karen advised me to pay based on what the monthly paper statements showed until Bank of America can correct the glitch. That is fine and good knowing that now, but I never pay based on what the paper statements say, I pay based on what the online electronic statements tell me. I am 100% certain that I made my June payment based on what the minimum due was as indicated on my Online Statement.
On line banking credit card statement
In my case, as you can see by reviewing Online Statement, I made a payment on June 13th of $155.00 and for some reason I paid short of what was actually due I was then charged a late fee of $39.00.
As of July 2nd the online statement shows that my minimum due is $143.00, due by 7/20/07, however after speaking with Bank of America representatives and in reviewing my paper statement I see that my true minimum due is $198.00 since my June payment was short by $55.00.
There should be ABSOLUTELY NO variance between what the online statement shows and any other statement connected to the same account. There is no explanation you can provide to me that would justify the existence of two varying statements. A variance in statements whether paper or electronic is very misleading and can cause the customer to incur additional late fees. Paying your bill on line should have the same result as mailing the payment.
Here is what the online statement shows as of july 2nd.
Payment Information as of Statement Date: 06/25
Minimum Payment: $143.00
Minimum Payment Due Date: 07/20
Pay in Full Amount: $4,481.25
Pay in Full Due Date: 07/20
Needless to say this was absolutely the worst experience I have ever had with Bank of America, or for that matter any other experience where customer service actually matters. I want to know how long this glitch has been going on and in all fairness have my late-fee charges removed.
Check your online banking credit card statement vs. Your monthly paper statement. I assure you that it will be different if you have any late or past due amounts.
Alyssa
Edgewood, Washington
U.S.A.
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