Published on May 18th, 2016 | by William Charles96
Seacoast Has Closed Accounts Opened Outside Of Florida For Their $200 Promotion + Your Options
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.