Beware ML (BOA) CC Charges

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Beware ML (BOA) CC Charges

Postby Hoya08 » Fri Jun 21, 2013 9:04 pm


I just go through a tedious dispute with my ML Wealth Management CC over $1.50 interest charge. It's a trivial number, but ML was adamant on assessing that charge!!! I took over 3-weeks, 4-phone calls to ML, and 1 email to BOA, which was punted back to ML, to resolve.

My ML balance had been "0" for the previous 6-billing cycles and I made a balance transfer to my ML account on the last day of the 7th billing cycle. As soon as the statement came out (25 May), I expected the balance transfer fees, but was surprised to see a "minimum interest charge".

I called the customer service number on 28 May to inquire about the interest fee. The CS rep was just as surprised as I was and forwarded my challenge to be reviewed. I was told I would be contacted in 3-5 days via email.

Well, on 10 Jun, after not hearing a peep, I called to inquire about my status. I was told a the "reviewing agent" had attempted to call me, had left messages, and that the reason I was assessed an interest fee was: "I had a balance on the last day of the billing cycle [of the current statement]" and the fee was levied against that. Although I'm still overseas, I checked my stateside cell's voice-mail, nothing; my stateside office number, cannot access voice mail.

I asked the rep, "How does having a balance on the last day of the billing cycle, which is the current billing statement, cause to be charged interest? Interest is accrued only after I carry over a balance from one statement to another, not before. I have not carried over a balance? I haven't had a balance since Oct 2012." She did not have a response.

I asked for the "reviewing agent" to provide the explanation via email. I emphasized that I was overseas and cannot receive any phone calls. The CS rep noted my request and stated I should receive a response soon.

Ten days later, no explanations. I called again and this time was told, "Your case has been closed and that the reviewing agent had left you numerous messages." Do the CS reps and reviewing agents know how to read? When I told her to review my dispute, she then realized I asked to be contacted via email and couldn't explain why no one had contacted me. Moreover, I had to reiterate, again, that I'm overseas and you cannot call me because I'm in Afghanistan! At least she realized my predicament and re-assigned my case to another "reviewing agent". She then reassured me I'd be contacted within 2-3 days via email!

After 30 minutes, I call back to ask for a written statement of MLs reason as to why I was assessed the fee, and at that point, found out the fee had been reversed and someone left me a voice-mail about it!!! I asked the CSR why they called me instead of email, she couldn't provide an explanation [after I pointed her to the notes in my case]. Moreover, when I asked for a written explanation for my interest charge, she placed me on hold, and then said, "you require a subpoena to receive that information. We can only release that information if you have court documents."

I was dumbfounded with that statement. I asked her, "So what you're saying is you can say whatever you want to the customer regardless of what your printed policies say." Her response, "You will require a subpoena."

Have I hit upon something here where ML (BOA) is hiding dirty tricks (charging minuscule fees here and there so the consumer wont notice)? And when challenged, they make un-written statements contradictory to their policies? Is this why they keep refusing to explain to me via email?

I have filed a complaint with the FTC and Consumer Financial Protection, but wholy-cow, a subpoena is required for a written statement after an "investigation" is completed?!

So much for the FCBP.

Sorry, I had to rant...

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