Recently we reposted a $200 checking promotion for Seacoast as they were accepting nationwide applications and applying the bonuses to those accounts. Unfortunately it seems like they will not be honoring this promotion for people that signed up outside of Florida, where there branches are located.
If you log into your account, you’ll probably see the following (via Travel with Grant).
How Will Funds Be Refunded?
One of the benefits of this account was that you could initially fund with a credit card. A lot of readers took advantage of this to rack up some easy no fee credit card. Some customer service representatives have stated that a check will be sent out, others have stated that funds will be refunded to a credit card if that is how the account was initially funded.
Fingers crossed they sent out the checks so that at least people were able to get $1,000 in credit card funding out of it. Personally I’ll be surprised if this happens as from a logistical stand point it would be easier just to process refunds directly back to the credit card.
What Are Your Options?
Before looking at your options, let’s have a look at the fine print of the offer itself. You can view these terms and the page (with pictures) at Way Back Machine.
*Offer valid through 6/30/16 and subject to change or withdrawal at any time without notice. May not be combined with any other offers. Valid for new Seacoast checking customers only. Not valid for Free Checking. Limit one $200 bonus per household. The new checking account must have qualifying Direct Deposit(s) credited to the account of at least $500 within the first 60 days of account opening to qualify for the $100 bonus. The new checking account must have at least 15 Seacoast debit card transactions post in the first 60 days of account opening to qualify for the other $100 bonus. The bonus will be credited to the eligible account within 65 days of opening if the aforementioned requirements are met. All account openings subject to approval and underwriting guidelines. The bonus will be reported on the recipient’s 1099INT.
**No monthly service fee when you receive E-statements and perform 7 debit card purchase transactions per monthly statement cycle OR receive E-statements and receive a direct deposit of at least $250 per monthly statement cycle. Otherwise a $7 monthly service fee will apply.
***No Fees at Publix ATM, Online and Mobile banking features not available for Personal Free Checking. You may be charged fees by the provider of the wireless network you are using to access mobile banking and mobile deposit services.
As you can see, there are no terms about this being available to Florida only and other states were available in the drop down. In addition to this, they also processed previous applications with a drivers license ID from somebody out of state. In terms of your options you basically have three:
- Try to escalate the matter with Seacoast Bank, pointing out the terms of the offer didn’t include any state requirements and you applied in good faith
- File a complaint with the CFPB. You can view more details on this process by clicking here.
- Mark it down as a failed bonus and move onto another bank account bonus.
Personally I’d be doing option #3, it really does suck that they will not be honoring the promotion according to the fine print. If my account had been open for awhile and I’d completed the requirements, I would probably have recommended option #1 (followed by option #2 if that didn’t work) but at this stage I think your time will be better spent just moving on.
That being said, I wouldn’t begrudge anybody that did want to go with either of the other two options as the fine print clearly doesn’t state anything about being required to live in Florida. Let me know your thoughts in the comments about what you will be doing.
Got same apologize letter and a check for $200. I did filed report if that make any different.
Maybe it’s Christmas early or threat of pending CFPB action, but Seacoast actually honored the promotion on this. Got a check for $200 and a letter explaining that they would honor the bonus because of vague terms.
Oh happy day! Easy to get promo considering I only had to signup for the offer, not actually complete it. I imagine that this will be reported as 1099-INT taxable income,but still it feels good to receive something for the hassle of this!
When did you sign up? Was your account still open after the wave of out of state closures? TIA
Opened when this first appeared on DofC. They quickly closed my account, even though it was fully funded. Returned deposit and haven’t heard from them since. I am from Midwest, so I was definitely out of service area.
I just received a letter apologizing and a check for $200
Whoa.. that’s some news! Could you go into more detail about steps you took to get to that point? TIA
I actually did nothing, I was pleasantly surprised.
Hope my inaction is rewarded too. Were you outside of FL and did you file a complaint
Ny and no
Same here. Thanks to Seacoast for honoring the terms.
When did you sign up? Was your account still open after the wave of out of state closures? TIA
Right after DOC posted it. They closed the account during the first wave of closures. I filed a report although it looks like others have received a check without doing anything.
Got same response after OCC filed. They said a certain “blog” published falsely information. Oh well, on to the next.
Are you including screen shots in your complaints that show Seacoast did not target the promotion exclusively to Florida residents?
I’d still sue them in small claims court. When they get hit, they will find religion real fast.
OCC case file opened. Received response from Seacoast regarding OCC today, stating everything they said before. Targeted promotion for Fl residents etc.
Received this response from CFPB today:
“We received your complaint and after our review found that the best agency to help you with this issue is the OCC. We have forwarded your complaint to them.
If you have questions about your complaint or to get an update on its progress, contact the OCC at:
http://www.helpwithmybank.gov
Phone: (800) 613-6743
Fax: (713) 336 – 4301
OCC Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
Thank you,
Consumer Financial Protection Bureau consumerfinance.gov (855) 411-CFPB (2372)
”
Not exactly sure if this is good or bad. Anyone know?
Received the same email on the 20th. Had to call in to get my OCC case number. The OCC received and forwarded the complaint to Seacoast and are awaiting Seacoast’s response as of this morning
This issue is elementary contract law.
If Seacost refuses to pay, sue them. This is one of those rare cases where you can’t lose. You will get your $200, filing fees and, sometimes recover misc expenses associated with filing the matter.
Small claims court is your friend. It will cost Seacost about $1,000 per case they lose and teach those idiots a valuable lesson.
I’ve drafted a letter you’re welcome to use. Haven’t sent yet. Still going thru direct channels.
Like most of you, I don’t think this is the right way to run a business. I hope they get what they deserve.
https://www.dropbox.com/s/gufiwgwwr3zfaz7/Seacoast%20Form%20Letter.docx?dl=0
As another reference point, I missed the Web200 offer, but aimed for the CC spend anyways. At this moment, the account remains open, the spend has cleared and is “available”, and I have received no hostile messages. Perhaps they are still working down toward my account, and perhaps they are ONLY taking issue with the accounts opened with Web200, which only highlights the nonsense. Will follow up if they close the account before I do.