Reposting this because we’ve gotten a lot of questions relating to this recently.
Banks and credit unions don’t have the best reputation for customer service, especially when it comes to paying consumers money. Recently there have been a few examples of financial institutions not honoring bank account bonuses, most notably Wells Fargo has dragged their feet on this $100 bonus and Alliant claims that this $150 offer was targeted, even though they accepted applications and the fine print never stated it was a targeted promotion.
In cases like this, the financial institution is legally required to pay you the bonus. The onus is on them to ensure that the fine print states whether the promotion is targeted or not, furthermore they should be using unique invitational codes so that consumers can’t sign up for offers they aren’t eligible for.
[Read: Best bank account bonuses]
In the event that this bait and switch happens to you, here is what you should do:
- Re-read the fine print carefully. You should always take a screenshot of any offers you sign up for. This way you have evidence of what the offer was like when you signed up. In some cases there might be a reason as to why you haven’t received your bonus (e.g sometimes bonuses take 120 days after the requirements are met to post). In the case of the Wells Fargo bonus, Wells Fargo requires consumers to have their W9 on file for the bonus to post.
- Contact the banks customer support. Usually you can send a secured message or e-mail. If you call, make sure you get the customer service representatives name or employee ID and also get a reference code for the call. If you don’t get an adequate response (e.g they pay out the bonus) then it’s time to escalate.
- File a complaint with the CFPB. You can file a complaint with the Consumer Financial Protection Bureau online here. Make sure to include as much information as possible, here is what I recommend including:
- Screenshot of the offer at the time of your application (if you forgot or lost your screenshot, we take and post these on our site as well)
- Any correspondence you’ve made with the bank and any outcomes of this correspondence. E.g, “Called bank on 11/11/2013 customer service rep employee ID 129513, phone call reference number 028457. Representative stated that the bonus would post to my account within two weeks. It has been three weeks, bonus has still not posted)
The CFPB is extremely pro-active about these complaints. They’ll forward your complaint to the financial institution, in every instance I’ve seen a valid complaint made in regards to bank bonuses the financial institution has responded within 5 working days and a satisfactory outcome (e.g the bonus being paid) has been achieved.
[Read: How the CFPB complaint process works]
You should not worry about ruining your banking relationship by using this complaint process, adverse action taken on this basis is extremely illegal and no financial institution in their right mind would take this risk. Financial institutions are required to play by rules and if they fail to do so, making a CFPB complaint is the easiest way to get a positive outcome.
I had a bonus expected end of July, the bank gave me the runaround (closed one of the accounts literally the day the bonus was due for no apparent reason other than to prevent paying out the bonus), I tried for a good 2 weeks to get them to honor it, filed CFPB complaint which was forwarded to the Office of the Comptroller of Currency- my complaint has been in limbo ever since, going on two months now, how long does OCC usually take to resolve issues? Every time I check the status, it just says “Complaint Received. Review in Progress.”
Hi Doc, a question.
We recently opened a Citibank account for the $300 bonus. I deposited the $15,000 but we lost the debit card so requested a new one. In absolutely no uncertain terms I stated about 4 times that I did NOT want overnight delivery and wanted it delivered 5-7 days for free and even confirmed that the customer service rep understood, and she said she did.
However, Citi, in their infinite competence, did it anyway and charged me $13 for the privilege, causing my account to overdraw into negative figures. I’ve yet to be charged an NSF fee (which is weird), but I expect I will be. The deposit was pending at this time but had not yet posted.
The thing I’m getting at is, this is clearly Citi’s fault. If they say in 3 months time that I fell below my minimum of $15k as a result of the NSF (even if I get it reversed) and refuse to honour the bonus, will I have a case with the CFPB that they screwed up? I didn’t meet the requirements in the strictest sense, but only because of their incompetence.
As an aside, I have read many complaints of “terrible” banks and thought some of them sounded a bit dramatic but nothing prepared me for the experience of dealing with Citibank when things go even slightly wrong.
Yes you will have a case. Just file with CFPB if they refuse to pay out
They charged me an OD fee and apparently could not refund it without escalation, which will include listening to the call that was made. I anticipate further grief over this overdraft fee, but I imagine the CFPB will be able to help me there too.
Thanks Doc
Does anyone have experience with Bank of America? They emailed me to get more information asking me to call them. I called the number and extension but it always goes to voicemail.
I would like to thank you for your advice. I am super frustrated from getting the run around from B.B. & T Bank located in NC. took all the proper steps and waited the allotted time. I did everything that was required of me to receive the promotional bonus that they were advertising in May of 2019. I transferred my social security deposits to this bank. I applied for the bonus online and in person when I opened the account with a fifty dollar deposit. We are now in the month of September and they tell me now that they do not see a code for me on their computer system, and they will get back to me later, because, they are “investigating the matter”. The bank rep where I opened the account says she is waiting for feedback from the promotional dept via email. She says she can’t communicate by phone only through email with them. This all matter is very fishy and has caused great anxiety to me, because of the run around and deception. It is affecting my health! I did not take a screen shot because, I never imagined this terribly frustrating situation would happen to me. Thank you, again!
I was denied the Discover online savings account bonus because when I transferred funds they were held in limbo for security purposes. The money had been cleared and was shown as being transferred out on the originating account, but it did not post on my Discover account until the day after the deadline. Response from Discover reps was “Sorry we needed to hold the funds for security. Too bad.” Is this something the CFPB could help with?
You can always try, but don’t get your hopes up too high. I believe if the bank didn’t violate a law, the CFPB can’t enforce it. However, maybe by bringing it to some supervisors attention, you can get a favorable result.
I got Amex Platinum credit card 03/2018 and met the requirement for welcome bonus but I have not got the bonus. The agent from Amex told me that there is no welcome bonus when I applied that credit card. I thought the welcome bonus should be always there regardless the various amount of MR points you got when you apply.
The is my first platinum card so I think I am eligible for the bonus.
I want to File a complaint with the CFPB, so my question is how can I get a screenshot for the welcome bonus page of the time I applied the platinum card(03/2018)?
You need to apply from a link that shows the signup bonus. If you did that, then you can file a complaint with CFPB. Otherwise, it’s a tough error 🙁 , but I don’t see it as a valid complaint.
I definitely applied from a link that shows the signup bonus.
according to the link below, I need a screenshot of welcome bonus webpage at the time I applied to file a valid complaint. Do you know how to get one?
https://www.doctorofcredit.com/met-the-requirements-of-a-bank-bonus-and-havent-received-it-heres-what-to-do/
“Screenshot of the offer at the time of your application (if you forgot or lost your screenshot, we take and post these on our site as well)”
I guess you can try the wayback machine
So BMO Harris bank had a 200 dollar promotion run around the time I set up my account. I click the link and made sure the promotional code was added. Then I summited my application, the stipulations of the promotion was to have 2 direct deposit of more than 500 dollars from a job and make 10 credit/debit card transaction within a certain time frame. Then after a 120 days from opening account. Guess what never got the 200 dollars, BMO customer service refers to the bank, and you go to the bank get referred back to customer service. Went to social media got a little help and was told the promotional code was not on the application. So I tell them it was and I was told by one of there rep it was on there. Not is gone, very deceiving how BMO gets customers to sign up for accounts and take away from other banks that do thing correctly. Know BMO is telling I can’t get the promotion, seem legit illegal and I am not the only one this has happen too. But I will keep up the fight and any suggestions to what I should now. BMO Harris make it right if your reading this.
The CFPB is your friend!
I applied for a platinum checking account through Citizens Bank and never received the $250 bonus. I tried customer service at Citizens and their office of the chairman and got nowhere. Their marketing dept claimed that I needed a promo code, but there was none when I clicked on the web page for the offer. So I complained to the CFPB and they did nothing. Stay away from Citizens Bank because they do not honor their advertising/promotions.
I guess – “live and learn”. As stated by others on this page, you need to save a copy or a screenshot of the terms and conditions when you are signing up. I myself have seldom done so. Should do it every time if you want to have ‘documentation’ that you followed their rules and met their conditions.
Thank you so much for the information. I, like someone else who earlier, am dealing with US bank not giving me my sign up bonus. I unfortunately lost any sort of fine print or offer details. It was this exact card I signed up for:
https://www.usbank.com/splash/credit-cards/cash-plus/aff/index.html
I called for the first time today and they wanted to say I may not have qualified for the offer. However, there are no details on their site about qualifying for that specifically. Will that website be sufficient proof to send to the CFPB or would you possibly be able to offer more advice on where to look for the full agreement