Update, points posted to my account and SO's account, clearly visible in online banking but not redeemable. In total points worth ~$12K. We are unable to redeem the points as cash back. We called customer service and they just told us points are forfeited and they won't redeem the points for us.

We are going to report BoA to CFPB. But it looks like BoA does not pay anything for such incidents.

We'll probably join some class action lawsuits against BoA. I don't think we have the resources to sue BoA alone.