Took a $30,000 draw on a $35,000 Personal Line Of Credit on 06/24/08 that posted on 06/26/08
-tried to make payment early but their system would not take any payments
-called and spoke to representatives who apologized but said there is nothing they can do - that I must wait for the first statment.
-recieved first statement today (07/28/08) - statement is dated 07/25 (30 days after I received the funds)
-interest charge is $436.13 - statemnt says it is based on cash advances of $32,114.31 (don't know ehere that number comes from?)
-called to point out error - met the most rude and obnoxious customer service reps I have ever encountered in over 30 years of business.
-they did nothing but argue with me and hang up on me when I got upset that they felt the charges were correct
-APR is supposed to be 15.99%
-was told I did not owe any payments until 90 days - they could not seem to understand that I did not want any "compounding" to occur, but I can tell they knew exactly what was going on here-they were clearly trained to stick to their guns on this absurd process.
-I pointed out that $436.13 interest charge on first months statement amounts to 17.40%, not 15.99% of the $30,000 received - got argument that charge is based on "2 extra days I had the money... Let's see... Posted 06/26 - statement date 07/25...??? WHAT EXTRA TWO DAYS, and why would they not bill it within 30 days anyway??? Why can't I make a payment?
-questioned that statement clearly states I am being charged based on "cash advances" of $32,114.36 - they said that was correct??? But failed after three attempts to make a rational explanation.
-tried to make payment again - system still won't allow it
-after trying with 4 different representatives (three hung up on me), I asked for a supervisor, who also argued with me, so I asked to have her manager call me tomorrow - we'll see what happens.
-I have been extremely pro-active to prevent any missed payment on any account ever -and to keep balance under control - I could not be more frustrated - these folks need a lesson in customer service - been dealing with several other banks over the years - Wells Fargo, Wachovia, First Union, Bank of Oklahoma, Citibank, and more - NEVER encountered anything like this. If Bank of America does not correct this in 72 hours, I will be looking to start a class action suit - I can't be the only one going through this.
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