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Bank of America - CO Removal Help!

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cyrusvalentino
Frequent Contributor

Bank of America - CO Removal Help!

So let me explain where I’m at Bank of America claimed I owed $665 I settled the debt for $413 about 3 weeks ago. Reached out to their executives who called me today and stated they do not do GW removals. She stated they would update the account to report a $0 and paid in full.

She’s supposed to call me back on Wednesday but I’m curious if I should file a BBB complaint or what my next course of action should be.

The BBB complaint would be based on the fact the credit card was partially secured and when the account fell behind I opted to close the account had the security deposit applied to the balance owed and began paying down the balance. BoA then even with the account closed still charged late fees which is why the card ended up as high as it was even with the partial security balance applied.

My believe was when the account was closed I shouldn’t incur interest or late fees, and just had to satisfy the amount due in a reasonable or arranged amount of time. What’s everyone’s thoughts? Thanks again for any help or ideas anyone can share.


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Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Bank of America - CO Removal Help!

I am partially confused by your note. Why would you believe there would be no interest or fees on your card if it wasn’t paid off in full? No secured credit card has 0% promotional APRs. Did they tell you that you would have no interest or fees if you were late with payments or paid over time?
Message 2 of 5
cyrusvalentino
Frequent Contributor

Re: Bank of America - CO Removal Help!

Because the account was placed into a closed status, which allowed the balance of the security deposit to be applied to the account. By sheer definition a closed account means just that it is closed, or so that is what I incorrectly got from the conversation with their rep 5 years ago.

In short what the rep said is they would close the account I would need to satisfy the balance due (what was left after the security deposit was applied to the balance). He never mentioned that the account would remain open, meaning it would still run a regular billing cycle or that i would incur late fees. Mind you they closed the account as I was unable to overcome the late fees and was delinquent at that time, which is why they agreed to it and applying the security deposit. From what I can see over the course of 6 months after account closing on a $500 limit card I paid $271 plus my $250 security deposit was applied to the account. So the $665 was from late fees or other assessed fees.


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Message 3 of 5
Anonymous
Not applicable

Re: Bank of America - CO Removal Help!

Sounds like the rep wasn’t clear with you which is unfortunate. Closing an account, pre charge off, without a agreed upon term, only means that you won’t be able to make charges to the card anymore. It won’t prevent late fees from occurring for non payment or interest accruing for non full payment. Post charge off no interest/fees accrue. If you paid it off I wonder why they charged off, that happens with 180+ days of no payment or not enough payment to meet the minimum. I wish you luck!
Message 4 of 5
cyrusvalentino
Frequent Contributor

Re: Bank of America - CO Removal Help!

So BoA updated the account on Experian to Paid in Settlement, $712 written off? But when I made a payment the balance owed was $665 which I paid $413 of. I’m confused what the written off notation is for?

Yeah the representative wasn’t clear, as the whole point of “the account being closed at consumers request” was because of the inability to overcome the stacking late fees which were increasing the minimum due to a point I could never bring the account back current which was the point of me even closing it or calling them to.


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Current Score (03/01/2022):

Goal Score (01/01/2023):

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Message 5 of 5
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