Massachusetts will withdraw more than $231 million of state funds from a Bank of America Corp. account because the lender refuses to cap credit card interest rates at 18%, State Treasurer Timothy Cahill said.

The decision followed a meeting in which the Greater Boston Interfaith Organization asked Bank of America to comply with the state's usury law, which caps rates at 18%, Cahill said Tuesday. When the bank refused, the state said it would invest its funds with banks and other companies willing to adhere to the rate limits, Cahill said.

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