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...

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