Bank of America Formerly MBNA division Credit Card division has incorrectly calculated the closing date to misapply payments, and then uses it to authorize default interest rates. Wilmington, Delaware

13 years of paying the same way and this thing springs up for the first time now?  There's no way, especially when the oldest time frame was 14 days.  The statements all tie except this month.  Yeah right.  No follow through on agreements...perfect.  Statements can't be mathmatically recreated.  Why should they. 

A couple hundred thousand dollars spent and repaid on this card and I can't even get past some front line joker making $12 an hour.  Forget it then.  Pulled out $25K from the bank side today to establish elsewhere.  Had to laugh as I saw someone had recently tagged the signs and buildings in this very not gang infested neighborhood.  Apparently I'm not alone.  All my accounts will be closed as soon as activity wraps up.  They won't care, but I will.

Of course, some of us little individuals work at big companies. 

I believe billing cycles are every 30 days, not every month ( which would explain the difference in date some months).Some months it will be sooner due to the fact the previous month had 31 days. Paying at least 15 days in advance will solve the problem all together. Hope this helps!

Why can't you just make your payments after your account bills and before the due date like everyone else? You are making things sound like some conspiracy. The terms of agreement I received with my credit card state the number of days in the billing cycle may change depending on the month and so forth. You sound like you are just mad because you had a little flub with making your payments and need someone to blame.

Hello Ronny,

You are correct, I make the payments timely and try to pay very early because I know too well what happens if you get in their cross hairs.  The quintessential problem is that my October payment was applied with my September payment on the September billing cycle and my payment made November 2nd was applied to my November statement. 

When I look closer at the statements, they do not bear out this change.  In fact they conflict with each other.  What the credit card has essentially done is given the customer, without clarity, two time periods the cardholder must juggle.  The cardholder must make their payment before the due date, but not pay before the end of their billing cycle period. 

Perhaps this is legal.  But this other time period is never stated until after the time period has ended.  Additionally, what they have done is augment the variance between when a cycle ends and a payment is due.

But to simplify it, (it is complex because they make it that way) I made two payments.  One on 10/5 and one on 11/2.  I am being penalized for not making a payment in the 30 day cycle time (per statement) in between those two dates.  Pick any dates you would like, you can't fit a 30 day period inside a 28 day span.  One payment or the other would had to have posted during that period.

Unfortunately, I was unable to get a customer service representative to comprehend this today.  She got quite nasty actually that I didn't understand.  At least I got the $39 fee waived, but the real bogey of 26.99% interest is very much alive and well yet. 

However..if the bank raised any interest rates without notifying you first..even if by "default"..you may have grounds against the bank.

Court Faults Default Rate Practice  <-- this link is to the details of a case against Chase Bank for Truth in Lending violations..and the customer prevailed.

As far as the inconsistency with the seemingly arbitrary number of days per billing cycle..perhaps someone can clarify that..I have no idea how they get away with that one. You would think it works as such to = 365 days or 365 divided by 12. However different months have different amounts of days so maybe that is how they determine? I think 30 days is the norm. As long as the payment is not late it shouldn't matter..it looks to me like you were making payments early so where were you late?

This is an example of billing cycles for a year with BofA..I guess you would have to ask them how they come up with this.

Start Date End Date CycleDays Due Date
12/4/2008 1/7/2009 34 1/6/2009
1/7/2009 2/5/2009 29 2/4/2009
2/5/2009 3/5/2009 28 3/4/2009
3/5/2009 4/4/2009 30 4/3/2009
4/4/2009 5/6/2009 32 5/5/2009
5/6/2009 6/4/2009 29 6/3/2009
6/4/2009 7/6/2009 32 7/5/2009
7/6/2009 8/5/2009 30 8/4/2009
8/5/2009 9/2/2009 28 9/1/2009
9/2/2009 10/4/2009 32 10/3/2009
10/4/2009 11/3/2009 30 11/2/2009
11/3/2009 12/4/2009 31 12/3/2009