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BIG Problem with Merchant Bank and Bank Of America


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I have always had perfect credit. until 2 years ago . I had 6300 USD on Direct merchants bank CC, I sent full payment and wanted to close the account. besides I was moving to another state.

My checking account was tied to my savings account were I had 120,000 USD at the moment. I sent a check from the checking account to Merchants bank for the 6300. The check bounce as some stupid in Bank of America did not see that the checking account and the savings account were tied together.

With the moving vacation and everything did not notice for 90 days. when they called me i stated that I had send payment 3 months ago. I went to bank of America and the person there apologized that they would call them and send a Wire transfer free of charge.

Direct Merchants bank got the 6300 pocketed , and charge additional interests and late charges that I refuse to pay and the bank refuse to pay either but now my credit score on direct merchants bank looks like


EQ:Credit Card Charge OFF account.

EXP : Transfer to another lender

TU: purchse by another lender

My score went from over 750 to 605

what should I do I have absolutely no idea.

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You might try a goodwill letter to Direct Merchants Bank telling them the situation ie. what happened and why you didn't notice it sooner. They may or may not reverse the fees. You may be out of luck as far as making BOA pay the extra fees or interest because you waited 90 days to contact them. I don't know about BOA but on my monthly bank statements it has a notice that says that if you don't dispute within 30 days they assume everything is correct. But, if you could talk to a higher up at Direct Merchants or send a good will letter(with a letter from BOA if you could get it) they may not report the late pays as you honestly believed the account was paid off and in good standing, that would atleast help your score come back up.

Good Luck!

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Well a good will letter don't think that will do because over the phone one year ago , they told me that they did not receive the payment and went to the bank and they wire the funds they continually harrassed me for the interest and penalties.

I don't need a mortgage now and the car lease will lease me another one at the end of the term because I paid fine the other car. But because of this SHHH..t the other 2 CC I have lowered my available balance a lot and increased the Interest to the maximum????

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