Dinnie suits
Junior Member
What is the name of your state (only U.S. law)? New Jersey
I received a letter from Bank of America requesting payment for an outstanding balance on a line of credit. I withdrew the money over a year ago during a hectic time in life and forgot about it. The bank for 13 months never sent a bill or an account statement for this account. When I got the letter requesting payment I immediately called the bank and after 3 hours they agreed that there were no bank statements sent or bills requesting payment for the entire 13 months. They agreed to waive all fees and interest and gave me a payoff amount. The payoff amount did not sound correct (lower than what I thought I owed) and I asked for a supervisor to verify the payoff amount. The supervisor verified the amount and I paid the outstanding loan at that time over the phone. I was told I was paid in full.
3 weeks later I get a bill from Bank of America stating that I owe them more money and all the late fees and interest was also on the bill. I called Bank of America and after another 2 hours they finally stated that the representative from the previous phone call calculated the payoff amount wrong and also applied my payment improperly and that part of it went to principle and part of it went to interest and late fees. I told them the late fees and interest were waived. They told me this is in fact noted on the account that the fees and interest would be waived but because my phone payment was applied incorrectly by the bank employee (a portion of the principle and a portion to interest) there is nothing they could do and I now owe them for the balance of the principle and all back late fees and interest.
1) The bank never sent any statements or bills is this legal?? I thought that by law they need to send out at minimum quarterly statements on all accounts.
2) If the bank gave me the wrong payoff by 2 different people do I still owe them the money??
3) If I do owe them the principle do I owe them the late fees and interest especially since I was told it would be waived and there is written documentation in regard to this as well??
Thanks
I received a letter from Bank of America requesting payment for an outstanding balance on a line of credit. I withdrew the money over a year ago during a hectic time in life and forgot about it. The bank for 13 months never sent a bill or an account statement for this account. When I got the letter requesting payment I immediately called the bank and after 3 hours they agreed that there were no bank statements sent or bills requesting payment for the entire 13 months. They agreed to waive all fees and interest and gave me a payoff amount. The payoff amount did not sound correct (lower than what I thought I owed) and I asked for a supervisor to verify the payoff amount. The supervisor verified the amount and I paid the outstanding loan at that time over the phone. I was told I was paid in full.
3 weeks later I get a bill from Bank of America stating that I owe them more money and all the late fees and interest was also on the bill. I called Bank of America and after another 2 hours they finally stated that the representative from the previous phone call calculated the payoff amount wrong and also applied my payment improperly and that part of it went to principle and part of it went to interest and late fees. I told them the late fees and interest were waived. They told me this is in fact noted on the account that the fees and interest would be waived but because my phone payment was applied incorrectly by the bank employee (a portion of the principle and a portion to interest) there is nothing they could do and I now owe them for the balance of the principle and all back late fees and interest.
1) The bank never sent any statements or bills is this legal?? I thought that by law they need to send out at minimum quarterly statements on all accounts.
2) If the bank gave me the wrong payoff by 2 different people do I still owe them the money??
3) If I do owe them the principle do I owe them the late fees and interest especially since I was told it would be waived and there is written documentation in regard to this as well??
Thanks