BofA Accused Of Soaking Cardholders With Autopay Options

Law360 (June 3, 2020, 6:40 PM EDT) -- Bank of America NA was hit with a proposed class action Wednesday alleging the financial giant tricks its credit card holders into choosing the highest interest option for their monthly payments, in violation of debt collection law.

In a New Jersey federal court complaint, BofA customer Michael Jette of Hoboken claimed the bank's online autopay interface doesn't make clear that the default option is actually the minimum amount due, which is the most costly method for the customer.

"As a result, their credit card debt grows, and they accrue the interest they were trying to avoid — to Bank of America's...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!