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What is Bank of America CashPro?

Dena Standley | April 11, 2023

Summary: The CashPro platform from Bank of America allows you to manage your cash flow, payments, and other financial transactions online. While it offers many benefits, CashPro is not a tool for managing outstanding debts. Bank of America may sue for the debt owed if you fail to pay its debt. But Solosuit can help.

CashPro is a digital platform that lets customers create payments, receipts, liquid assets, investments, and foreign exchange transactions. Many find the platform effective and efficient in managing their finances, making it a popular choice. With CashPro, you can connect via desktop, mobile apps, APIs, and file transfers, bringing convenience and efficiency to the next level.

The CashPro Suite provides comprehensive tools and services to help manage cash flow and streamline payment and receivables operations. The Bank of America Corporation is the world's leading financial institution, providing products and services to consumers, businesses, and institutions.

Discover more about CashPro, how to deal with Bank of America lawsuits, and how SoloSettle can help you settle a debt with Bank of America once and for all.

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How does Bank of America CashPro benefit consumers?

With 23 different credit card options, Bank of America is one of the biggest credit card issuers in the world. In addition, it offers branded credit cards with perks in partnership with many third parties.

Since introducing CashPro, almost $400 million has been approved for payments. Spending in 2018 reached $378 billion, with records broken weekly. CashPro's steep adoption rate helps clients feel more comfortable and confident when managing a broader portion of their treasury needs.

CashPro has many benefits, but some users have found themselves on the wrong side of the bank despite the benefits because the Bank of America is known for suing individuals or businesses who can't pay their debts.

The Bank of America CashPro platform offers businesses cash management services online. It simplifies the management of cash flow, payments, and other financial transactions by providing a centralized view of all the business's accounts.

Businesses can benefit from CashPro's features in several ways, including:

  • Account management: By integrating all accounts into CashPro, companies can track their finances conveniently
  • Payment management: With CashPro, businesses can securely receive and make payments online
  • Reporting: CashPro pro

Can Bank of America sue me?

It is possible. Bank of America may sue you, but you can fight back, win, and settle the case at any stage. This lawsuit might mention FIA Card Services, Bank of America's main debt collector. In either case, you can settle your Bank of America account before your court date, but there are some steps you'll need to follow:

  1. Respond to the lawsuit with a written Answer.
  2. Send a settlement offer.
  3. Document the settlement agreement.

Keep reading to learn more about each step listed above. Don’t like reading? Check out the following video for more information on how to settle a debt from Bank of America CashPro.

1. Respond to the lawsuit with a written Answer

Take the time to read Bank of America's entire Complaint. Compare the facts with your records and note the amount they request. When responding to the lawsuit, you can point out any discrepancies.

Even if you intend to settle the matter before your court date, you should file an Answer to Bank of America's Complaint. Answer each claim directly in the Complaint by admitting or denying. Most attorneys recommend a general denial, or denying everything.

Filing an Answer into the case prevents the court from granting a default judgment in favor of Bank of America. Responding buys you time to negotiate a settlement.

2. Send a settlement offer

After you’ve responded to the case, it’s time to make a settlement offer.

Some cases may be settled or repaid outside of court by negotiating with Bank of America. This can be a practical option if you struggle financially and must address debts while avoiding legal action. Knowing your financial status is essential for these negotiations.

Find out how much Bank of America will accept and calculate how much you can afford. According to some settlement services, Bank of America will likely settle for 30-40% of the debt. A fair amount for your first offer might be 60% of the total lawsuit value.

SoloSettle, powered by SoloSuit, simplifies the settlement negotiation process. Using a tech-based approach to debt settlement, SoloSettle’s software sends and receives settlement offers with Bank of America. An employee of Bank of America will review each offer and decide whether or not to accept it. Sometimes it takes several rounds of negotiation to reach an agreement.

3. Document the settlement agreement

After Bank of America has agreed to a settlement, you should get a written contract. Ensure you follow the settlement terms, including timely payments. When Bank of America agrees, ask them to report your account as settled or paid in full to all credit reporting bureaus.

SoloSettle can help you manage your debt settlement agreement documentation. Once the agreement is signed, SoloSettle will transfer the settlement payment on your behalf, keeping your financial information private and secure. And best of all, Bank of America will dismiss the pending lawsuit against you.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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