Credit Cards Center Credit cards from our partners
Reply
Visitor
Posts: 1
Registered: ‎02-28-2013
0

Residual Interest

Hi,

 

I've had a Bank of America Signature World Points Visa for 8 years. In 8 years, I've carried balances of up to $13,000, always paying the balances off. In 8 years I never missed a payment, once. I never made a late payment, not once.  In October, I paid off a $7800 balance completely. I paid the entire statement balance off. The online balance read $0.00.  In November, they charged me $24 in residual interest. I thought the card was paid off, so I wasn't logging into my account, and I didn't notice until last night that this balance existed. I immediately called them. It took me directly to collections. I explained the situation, paid the $24, etc.  The agent informed me that they closed my account 10 days ago and reported "account closure due to delinquency" to the credit bureau.  I insisted to speak with a manager. However, they won't even talk to me because I no longer have an account. I tried to explain that in 8 years I never missed a payment and that I felt that I was at least owed a phone call or letter before closing the account and they disagreed. I also explained that I have over 28,000 points on the card worth $250, so technically, I wasn't in debt to them at all and in fact, they owe me money. Again, they said "no"--because the account was closed due to non-payment, they will not distribute my points or my money.

 

I am wondering: (1) which department I should attempt to call to see if anything can be done, (2) if there are other avenues I can pursue to address this.

 

Any ideas or thoughts you have are appreciated. 

 

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Residual Interest

I would also try posting this in the rebuilding section of this forum.

 

Have you tried talking with a branch near by? If you have been one of their loyal customers and they see you fairly often, they may fight on your side. Even if you don't have a checking account with them, I think it would be worth talking to somebody in person. See if the bank manager can give them a call.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 252
Registered: ‎11-27-2011
0

Re: Residual Interest

Wow.. 

 

The residual interest is valid, however it is a bank fee, not a purchase. Most CCC's will not report a balance delinquent or enforce AA if it is only from their fees. That being said, I suppose since the interest is valid, they are in the right, if their terms are written as such. 

 

If you feel you were never contacted, let them know you stopped receiving statements and would like a reinstatement. 

 

I am sure others will chime in here on who to get in touch with otherwise. 

Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Residual Interest


nada9188 wrote:

Wow.. 

 

The residual interest is valid, however it is a bank fee, not a purchase. Most CCC's will not report a balance delinquent or enforce AA if it is only from their fees. That being said, I suppose since the interest is valid, they are in the right, if their terms are written as such. 

 

If you feel you were never contacted, let them know you stopped receiving statements and would like a reinstatement. 

 

I am sure others will chime in here on who to get in touch with otherwise. 


I would keep calling every number you can find until you got someone to help you, if you're story is accurate you should be able to get someone to help you.  do you have a branch nearby?  if so going to the branch manager might help!

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Regular Contributor
Posts: 140
Registered: ‎09-27-2011
0

Re: Residual Interest

[ Edited ]

ptomaselli wrote:

Hi,

 

I've had a Bank of America Signature World Points Visa for 8 years. In 8 years, I've carried balances of up to $13,000, always paying the balances off. In 8 years I never missed a payment, once. I never made a late payment, not once.  In October, I paid off a $7800 balance completely. I paid the entire statement balance off. The online balance read $0.00.  In November, they charged me $24 in residual interest. I thought the card was paid off, so I wasn't logging into my account, and I didn't notice until last night that this balance existed. I immediately called them. It took me directly to collections. I explained the situation, paid the $24, etc.  The agent informed me that they closed my account 10 days ago and reported "account closure due to delinquency" to the credit bureau.  I insisted to speak with a manager. However, they won't even talk to me because I no longer have an account. I tried to explain that in 8 years I never missed a payment and that I felt that I was at least owed a phone call or letter before closing the account and they disagreed. I also explained that I have over 28,000 points on the card worth $250, so technically, I wasn't in debt to them at all and in fact, they owe me money. Again, they said "no"--because the account was closed due to non-payment, they will not distribute my points or my money.

 

I am wondering: (1) which department I should attempt to call to see if anything can be done, (2) if there are other avenues I can pursue to address this.

 

Any ideas or thoughts you have are appreciated. 

 


 

If calling won't resolve the issue, I strongly suggest writing complaining letter to their executives.It won't hurt you anyway and most of time it does lead to good result. 

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Residual Interest

Wow, I am sorry to hear about this.
You definitely need to keep calling until they resolve this for you. As much as they can try to justify this, I think it's unreasonable to screw over a paying customer of 2+ years over a mere $24.

Definitely drop by a branch and ask to talk to a banker or manager. Don't blow up on them though, since you will need them to help u call the relevant departments to appeal your case.

Do you have a checking or savings account with them? If u do, mention it as well in your calls and appeals. It will help greatly.

If you cant be bothered with jumping past all kinds of hoops, i would just tell them to remove all that delinquent notices and negative reports they did, pay the $24 and whatever associated late fees and be done with it. Hopefully they can at least budge on that.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
Posts: 160
Registered: ‎01-28-2012
0

Re: Residual Interest

This happened to me from a Cap1 account 2006.  The 120 late is still on my cr for a couple months.  I didnt know much about credit at that time and thought when I paid my balance to $0.00 that I didnt have to look at the bills any longer.  I mistakenly felt helpless and just ignored it.

I am sure you will be able to get this taken care of with Chase--I would definitely email the executive offices.  I read many success stories going that route.  Dont ever give up on this like I did!

 

Starting Score: 580 2/03/12
Current Score: 810 EQ // 829 TU(Walmart)
Goal Score: Achieved!

Wallet: Citi Forward(13.5k), Ink plus(18k), CSP(13.5k), Freedom(6k), BoA123(13k), Alliant CU(5k), Walmart(2k), Kohls(1.4k), QuickSIlver(7.5k) Amex Simplycash Business(46.5k)
Established Contributor
Posts: 769
Registered: ‎04-20-2012
0

Re: Residual Interest

What kind of crap is this? If you pay off your card to zero and dont charge anymore they can't all of a sudden charge you interest and then shutdown your account, there's gotta be more to your post cuz that's just illegal otherwise.

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA Cash Rewards Sig $6.5K | BOA BBR $1K | Discover IT $13.5K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $8K | CapOne Spark BIZ Cash Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k | Sallie Mae WMC $4.4K | Citi Double Cash WEMC $5k
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Residual Interest

When u pay in full, depending what day into the cycle when you paid, there's still a few days to few weeks worth of interests for that cycle. I'm guessing the fee is from that.

It is legal. I learned about this from Macy's a few years ago when I was surprised I saw them charging me interests when I paid in full. They told me since I paid on the last day of cycle, I had to pay a few weeks worth of interests. Not a lot of fees, but still considered as money owed to bank.

As a result of that, Macy's reported a 30 day late payment onto my credit report for 92 cents owed. They refused to remove the late no matter what so I have been living with it.



JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Residual Interest


linux007969 wrote:

What kind of crap is this? If you pay off your card to zero and dont charge anymore they can't all of a sudden charge you interest and then shutdown your account, there's gotta be more to your post cuz that's just illegal otherwise.


if you have been carrying a balance, even though you payoff your statement balance you are going to owe them for the interest you accrued between the statement you paid off and you're next statement.  it's call residual interest

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.