We had an existing Home Equity Line of Credit ( HELOC ) established with the Bank of America. This was to expire in XXXX, 2016 so we began the process of applying for a new HELOC to be able to transfer the existing balance from the old program to the new one. 

After successfully establishing the new HELOC we began to get statements which stated that our MINIMUM payments were to include both principle and interest. We assumed that the terms of the new HELOC would be the same as the old and that interest only payments would be sufficient until we totally paid the loan balance planned in a couple of months. 

To our shock, subsequent statements showed that the MINIMUM payment balances were rolled over to subsequent statements WITH A LATE PAYMENT PENALTY APPLIED! 

At no time during our application and signing process were we told that interest only payments were no longer sufficient and that the new HELOC program REQUIRED a MINIMUM payment that included principle AND interest. 

When contacted, the Bank of America did forgive the penalty for 1 month but required that we pay the total outstanding amount ( principle, delinquent principle as well as interest ) or otherwise be charged with another delinquent payment penalty. 
