Closed Bank of America CC due to Annual Fee

Anonymous · ‎01-21-2011

Hey everyone. Hoping I can get a couple opinions on this.

I have had my BOFA CC for just over 5 years now. I barely use it so once I realized I was charged an annual fee earlier this week, I called and asked to have it waived. The agent told me (in her exact words), "The only way we can waive the fee is to close the account." So naturally, I replied, "Sounds good. Let's close it."

Of course, she tried her hardest to get me to re-apply with them on a CC that doesn't have a fee, but I played right and continued to cut ties with this company.

This morning, I signed into my BOFA account and realized the account appeared to still be open and the $29 balance (annual fee) was still showing owed. I then created a bank mail message that basically read:

"This message is just a written confirmation/verification to the phone call I made yesterday to close this account and remove the $29 balance... " and I included more information containing reasons I am not paying an AF when I receive no perks/benefits.

BOFA replied: (the quickest reply I've EVER received by the way HAHA)

"Dear J_____ S_____,

Thank you for your inquiry dated January 21, 2011 regarding your account status. We are happy to assist you.

Please be advised that your account ending in -XXXX was closed per your request on January 20, 2011. Unfortunately we are not able to refund the annual fee because of the following:

- The annual fee was assessed prior to the cancellation of the account.
- The card was used after the annual fee was assessed.

We apologize for any inconvenience this may cause you. Should you have any further inquiries regarding any other concern, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
C_____ F________, Bank of America "

The annual fee posted on 01/15, and I used my card once on 01/16 at Cheddars which posted on 01/18. Does anyone know if this is legit or should I be furious and make a couple phone calls?

Thanks for any advice.

MarineVietVet · ‎01-21-2011

It sounds like you owe them $29. I believe BoA is correct when they say that the AF was charged and posted before you attempted to close the account.

But I could be wrong.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

laz98 · ‎01-21-2011

sounds like you used it after they charged the AF, even if you didn't know about it, so i think that means you're stuck on the hook

Anonymous · ‎01-21-2011

Sorry remy - you owe.

In spite of your frustration, be sure to pay it before the due date so it is not late.

andre181 · ‎01-21-2011

IMO, they should refund at LEAST half. The proper thing for them to do would be to refund all but $2.50 of it for this month. That is the fairest thing.

But I can see their rational behind them keeping it, you did use the card after the fee was charged.

But, I personally would be furious and would fight it. But that is probably because I have dealt with BoA's incompetent "customer service" before.

Anonymous · ‎01-21-2011

You are all right in certain ways.

I guess the reason I am not accepting it this way is -- I called to get the fee waived and continue to keep the card. The BOFA rep is the one that told me the only way to have the fee waived is to cancel the card.

She didn't say to have the fee waived NEXT year, cancel the card before it's charged.

Of course, the reason I sent the bank mail message to them to begin with is because my phone calls are never documented correctly, if at all. I have used BOFA for checking and savings since 2000, so I well aware of the "pulling teeth" I have to do to get anyone competent to even answer the phone.

I actually tried to call them just now at 888-801-3723, but after 23 minutes of hold music, I hung up. [Fun times.]

Anonymous · ‎01-21-2011

I hope you have good luck with getting them to remove your new AF - that would be great.

I've had cards with AF's. I know to cancel the card before that AF hits - once it's billed, I owe it. If I cancel the card at any time during the year, I will not receive a rebate of the unused AF. I also know I can call in to request an AF removal or reduction - and if I don't receive either the reduction or removal, I will owe the entire AF.

I think you're splitting hairs over the CSR's verbage. And it's not something you can choose to "accept" or "not accept." You've agreed to the AF when you opened the card. You've been billed the AF, and you've closed the card.

My biggest concern at this point is that you will shoot yourself in the foot. Even if you plan to contest the new AF (and I wouldn't recommend that - you're not on solid ground); the best solution is to PAY first. Failure to pay before it's due will only hurt you - and nobody wants that for you. So keep in mind paying that AF (I actually would do it today and get it over with) before the due date so you're not hit with a late. You've already been hit with the AF - and you don't want to top it off by hitting yourself with a late.

Again, I wish you the best in getting the AF removed. If they do, then hurrah! If not, pay it and move on. And thanks for posting this info - it's a helpful reminder to everyone when it comes to dealing with AF's.

Anonymous · ‎01-21-2011

Of course, I will pay the $29 fee before the due date. I would be crazy if I let a $29 fee add $35 late payment fee on top of that.

I'm not as worked up about it as it may seem. I already had made up my mind to stop using credit once I opened my PerkStreet account in November... so this was step 1. It does add on to my satisfaction to ditch these companies while they are proving to continue to nickel and dime me in the last hour of the game.

Thanks for everyone's opinions!

Creditaddict · ‎01-21-2011

I thought you ALWAYS had 30 days from time of annual fee billed to close the account and have the fee reversed... I would call an underwriter with BofA and ask them to product change your card into something without annual fee... why should you have to apply again.

Anonymous · ‎01-21-2011

UPDATE:

I just decided to go ahead and call BOFA Credit Services and ask what notes were listed for my last call to them. She read them verbatim, "Customer wishes to close account." *sigh*

Anyway, after explaining the issue to her (Kendra), she advised me that the fee is reversed if a customer cancels the account during the period of time between the billing of the annual fee and the due date of the annual fee.

She said this fee will be returned before the due date (up to 30 days), but I will still be watching my next statement to make sure I don't get a new load of fees soon!

Maybe this information will help someone in the future.