No More Custom Amount for Autopay BofA?

[10022016]

There are only two options now: minimum payment ($25) or statment balance. I think this is some strategy by BofA to increase odds of collecting more interest by removing custom amount for monthly autopayments.

[Andrewhosking]

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@10022016 wrote:

There are only two options now: minimum payment ($25) or statment balance. I think this is some strategy by BofA to increase odds of collecting more interest by removing custom amount for monthly autopayments.  prepaidgiftbalance

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Hello,

Banks occasionally update their policies and features based on various factors, including customer demand, industry trends, and regulatory requirements. If Bank of America has indeed removed the option for custom amounts for autopayments and only offers the minimum payment or statement balance options, it could be part of their strategic decision-making process.

While it's possible that the removal of the custom amount option could be a strategy to increase interest collection, there may also be other reasons behind the change. Banks often aim to streamline processes, simplify options, or align with industry standards to enhance user experience or comply with regulations.

To get accurate and up-to-date information regarding Bank of America's specific policies, I recommend reaching out to their customer support or visiting their official website for the most recent details on autopay options and any associated fees.

[10022016]

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@Andrewhosking wrote:

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@10022016 wrote:

There are only two options now: minimum payment ($25) or statment balance. I think this is some strategy by BofA to increase odds of collecting more interest by removing custom amount for monthly autopayments.  prepaidgiftbalance

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Hello,

While it's possible that the removal of the custom amount option could be a strategy to increase interest collection, there may also be other reasons behind the change. Banks often aim to streamline processes, simplify options, or align with industry standards to enhance user experience or comply with regulations.

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The later doesn't make any sense, but okay.

[FireMedic1]

This was recently discussed. I cant find it at the moment. Cant remember where its at. Maybe someone can post the link. Apparently its true.

[squarecandy]

Yeah, this is a bummer.

I ended up just scheduling a dozen individual payments. 5 minutes of drudgery, but doesn't seem to be a limit on the number of scheduled individual payments you can do.

[Thomas_Thumb]

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@10022016 wrote:

There are only two options now: minimum payment ($25) or statment balance. I think this is some strategy by BofA to increase odds of collecting more interest by removing custom amount for monthly autopayments.

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This seems like it would conflict with regulatory compliance. Can you can still pay current balance as an alternative to statement balance?

[squarecandy]

@Thomas_Thumb , you can make one time immediate payments in any amount, including minimum, custom, statement and full balance. You can also schedule any number of future single transactions for any amount on any date in the future. But what is now restricted: you can only setup indefinite "autopay" on the account as minimum balance or statement balance. Definitely a **bleep** move, but probably not out of compliance.

I'm guessing they are trying to make it just a little bit harder for what they know everyone does which is open an new card with 0% 18 month intro offer, make one huge purchase, then do the math to make 18 even payments, and then never use the card again.

[squarecandy]

LOL, it bleeped me.

[Thomas_Thumb]

It would seem that setting up indefinite autopay of full balance on a certain date each month should be an option, not just statement balance.

P.S. It was a bonehead move.

[Kforce]

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@squarecandy wrote:

@Thomas_Thumb , you can make one time immediate payments in any amount, including minimum, custom, statement and full balance. You can also schedule any number of future single transactions for any amount on any date in the future. But what is now restricted: you can only setup indefinite "autopay" on the account as minimum balance or statement balance. Definitely a **bleep** move, but probably not out of compliance.

I'm guessing they are trying to make it just a little bit harder for what they know everyone does which is open an new card with 0% 18 month intro offer, make one huge purchase, then do the math to make 18 even payments, and then never use the card again.

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One could switch to pushing payments from bank/CU billpay service.

Auto payments what ever amount when you want, outside of BofA's system limits.