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Bank Of America


gold option fixed rate loan

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Lyman, South Carolina
United States
Will someone be kind enough to send me the original Gold option Agreement? I seem to have misplaced mine. I took out a Gold option loan and the agreement was for a fixed rate loan to be paid off within 5 years. They changed the loan to a revolving variable rate account. I need the original agreement to take to a laywer. Email it to me at stevee123@charter.net Thank You
Complaint comments Comments (12) Complaint country United States Complaint category Banks


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N  12th of Dec, 2009 by    +2 Votes
We also have that Gold option "Loan"...it's not a loan at all. It was pushed as a non collateralized "Loan" but it's simply a unsecure line of credit. Our interest rate never went up but we cannot borrow against it because BOFA sent us a letter telling us that if we did our interest rate would or could go up to over 27% without notice. So we have a so called Loan which was not a loan with a supposedly fixed rate of interest that is not a fixed rate of interest and we cannot borrow against it because our rate would go so high we could no longer afford to pay it. Ours was for 96 months too...we are about 4 years into paying on it, hardly made a dent. It appears that 13.99 percent interest rate really comes out to about 50% interest since only 1/2 of what we pay goes towards the principal the way they have it structured. It would be less if it were a credit card. We are thinking of moving the balance off on a credit card.
N  21st of Dec, 2009 by    +2 Votes
I also have a Gold Option account. I was just on the phone with a representative and, by the way, they are not well-trained to answer all questions: They tend to use "I am not trained in that area" as an excuse when they do not want to asnwer a customer's question. I contacted them because, much to my surprise, the Gold Option account, suddently was called "a credit card account" on my monthly e-mail reminder, even though online it is still Gold Option. It was originally a loan I obtained after fighting for it accusing them of descrimination; indeed, they recanded and gave me the loan. It is small actually, and I have been paying for 5 years now. Apparently, it was a revolving type of line of credit, but I was not used it as such. I considered it a loan, period. I suppose, it was not good enough that for BofA that I was not borrowing from it and paying on time and it was in good standing. The rep I spoke to informed me that they are closing and discontinuing all Gold Option Loans/accounts. I then asked if they could review their decision and let ME close it instead of the bank, so it would look better of my credit reports. He said they cannot do that: "once an account has been closed, they cannot reopen it so the customer can close it". I know this is a lie, because I know people who did just that with other banks. In any event, no letter was sent to inform me ahead of time this were to happen and that my account (although it still shows as open online), it was going to be closed. It is hard to know if BofA feared I would borrow from it or was displeased with the fact I paid on time and never used it.
It is always a no-win situations with crook banks. I have been a loyal customer for 11 years. My credit union is starting to look really good...:)
N  10th of May, 2010 by    +2 Votes
I have or had a Gold Option account and also had a 780 or better FICO score. I opened my account in December of 2009. By March I had a balance of $4, 800 on the $10, 000 line of credit. I payed $2, 500 for April's payment knocking the balance down to around $2, 300. Two weeks ago i tried to use the account to complete my new bathroom installation and was denied. Several confused representatives told me that the Gold Option accounts had been discontinued bank-wide.

Now I am stuck with an unfinished house renovation, balance and no available credit on this account. My current statement states that the account has $7, 300 available credit. All of my payments have been on time and in excess of the minimum amount due.

I spoke with a rep for a third time to resubmit my credit application to obtain or continue with a different line of credit. They sent me a letter denying me credit based on a review of my credit. They passed this off on me. My credit has not changed in 4 months time? Bank of America must be bordering on illegal business practices I would think. I am surprised that they can get away with these unethical practices.
A  14th of Jul, 2014 by    +2 Votes
I agree! These stories well match my own. I took out a Gold option credit line for 42580 in 2008 for a 5 year term. It is now 2014 and I am still paying on it and accruing interest and mysteriously it now states I took out a cash advance in 2013 ( which did not happen ) No one tells the same story when you call there...You can be assured I will be contacting an attorney over this one. Oh and coincidentally, they no longer offer this loan
A  8th of Jan, 2015 by    +2 Votes
I took out the Gold option loan in 2008 $35, 000 for the 60 months at 835.00 a month . Right from the start they put two payments on the same month and claimed I was late for that month. When I noticed that the balance never went down I called them. They assured me that it would. They just get all the interest up front. Not to worry it would be payed off in the said time. After six years and $58, 000. They claim I still owe them $27, 000 and have sent me a letter from their lawyer. Why in gods name do that get to keep robbing people!!! Is it too much to ask to be able to borrow money and not be scammed. God knows they make plenty of it without being crooked. I would have been better off going to a loan shark at least then I would know who I was dealing with. I feel as if I have payed them plenty. They got their money back and made interest off of it. Why do they get to rob me blind. What a dirty dirty dirty business they run!!! As they fly in their private planes. Go on vacation after vacation. All from the money they have scammed out of people who are just trying to make ends meet and they want to take more.
A  12th of Aug, 2015 by    +1 Votes
I also have a bank of america gold line of credit and have had it for seven years since april 2008 paid timely but have been told I cannot use it and it is showing late fees assessed and that all that can be offered to me is a credit card at 22 percent. I spoke with several customer reps to no avail and finally have submitted a complaint through the consumer finance protection agency which got me to the assistant vice president at boa. They now have sixty days to respond to me but I have 11 days left to make a payment on the account. I have been told I can use it for balance transfers but going online it says I cannot use it that way and have to apply for a new account to make balance transfers. Also that person said if I did make a balance transfer they would pull a hard credit check on me which is illegal. And it doesn't even make sense. I remember calling in at some point to ask if I borrowed off of it what the payments would be and they said they would shorten the term from 96 to 36 and raise the monthly amount to an amount I could not afford. Therefore I have had this line of credit for seven years without having access to funds in it and that has in turn affected my credit report and fico score for seven years but now they're telling me they will check my credit report and even more negatively affect me even though they are and have been affecting my credit score for seven years??? Doesn't even make sense and I am pretty sure the whole thing is illegal.Plus I have already applied for and gotten a new credit account because I was told I could not use the account at all. I would advise anyone having or who has had problems with this account to complain to the consumer finance protection bureau because the more complaints they get the more likely they are to investigate.
N  15th of Oct, 2015 by    +1 Votes
All your stories are like mine has anyone called a lawyer or consumer protection bureau? If so did anyone receive any results?
A  6th of Nov, 2015 by    0 Votes
I am 10 years into this 5 year account and have paid them over $35K in interest. This has got to be illegal. I'd appreciate any information on a class action suit or legal advice.
A  6th of May, 2016 by    +1 Votes
We are all in the same sinking boat. I just found out today they no longer offer this Gold Option Scam. Well they tell me they are now closing it and will not affect my credit since it is no longer offered. I called and said so how does this work? If I carry a balance and there is no available credit will that not impact my credit ratios since my score is almost 800. They transferred me 4 times then finally some lady laughed at me and promptly hung up. Well I was beyond livid with these thieves and explained I am closing on a home this Friday and they are like oh send a note and we will find that department for you. What ??? Find the department? How did you lose it? It is on my paper and this is the number and now I am talking to you so could you direct me to a supervisor? Dead air, music and then disconnect again. Now I am escalating this as it is beyond shameful and we should all get into a class action together for this shameful organization. We have all worked hard to be able to pay loans and borrow money only to have this place fly their CEO around and have lavish vacations on our interest and their fat bonuses. I say we all get together and wait for some real answers. I am still trying to figure out my situation. I am just appalled at no warning and then this bogus letter with no real department to assist customers.
A  11th of May, 2016 by    0 Votes
I finally paid back double the amount of my 5 year loan after 10 long years. After that I called and asked for a statement of interest paid on this loan and was told it would go out in two weeks. Now I've received a letter asking me to call them about my request. I'm sure they will not give me what I'm asking for because they are afraid we may all band together and do something. Please, please notify me if someone starts a suit against them over the gold option loan ripoff.
N  10th of Mar, 2017 by    0 Votes
@Jacquelyn928 where you able to get the interested paid statement? Also, have you heard anything about a class action suit? I've been dealing with this headache for 10 years and I'm about 3 months away from paying this beast off.
N  11th of Mar, 2017 by    0 Votes
@am2ruff No, they wouldn't send me anything and told me I can pay to have 10 years worth of statements mailed to me. I haven't seen anything about a class action suit but I'd be happy to join one if anyone is able to get one started.

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