Consumer complaint received 2023-03-08
Company: CENTRAL BANCOMPANY, INC
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
Apparently I have until XX/XX/XXXX to submit feedback on previous complaint ( XXXX ) but would not let me add to it. 

There are really two complaints anyway, one for the checking account and one for the savings account. I accept the resolution to the savings account and my account has been credited for {$100.00}. I do not accept the statements regarding the checking account and forfeiting the bonus. Below is my comments to incorrect and inaccurate statements. 
My initials XXXX will be used to notate my comments and CB for Central Bank 's comments. 
See below : CB : " The accounts were opened at the XXXX, MO branch on XX/XX/XXXX. 
The Join 400 promotional mailer you brought in was for new customers who could potentially receive up to a {$400.00} bonus for opening an eligible checking and savings account. If all requirements were met a {$300.00} bonus for the checking account and {$100.00} bonus for thesavings account would be paid. The requirements were disclosed on the mailer and a copy of the Truth in Savings bonus disclosure was also given at account opening. '' XXXX : " Why are you writing this as if we ever talked or had any interactions. How can you make these charges against me when you weren't even there and we've never once communicated. I did not bring in a mailer. Why lie? You know this. As I've mentioned numerous times to others at Central bank, your new bank associate and manager XXXX offered me a XXXX tickets and jersey when I came into branch to inquire about opening an account. I asked if there were other promotions going on or any for multi-product openings and the 3 of us found on your own webpage a promotion that was going on with a quick XXXX search. No bonus disclosures were provided to me at account opening. I have what was given to me and still has the original staple, unaltered. '' CB : " On XX/XX/XXXX, you opened a XXXX checking account and a XXXX savings account. The checking account was opened with {$550.00} of which {$500.00} was transferred to the savings account. The checking account had a balance of {$50.00} from XX/XX/XXXX, until XX/XX/XXXX, when you then transferred {$49.00} through XXXX to yourself. That brought your checking balance down to {$0.00}. Two direct deposits were made for XXXX dollar each. The first dollar was deposited into the account on XX/XX/XXXX, and the second dollar was deposited into the checking account on XX/XX/XXXX. After these transactions occurred your account was left with a balance of {$2.00}. No other activity occurred, and no further deposits were made after XX/XX/XXXX. On XX/XX/XXXX, a {$3.00} maintenance fee occurred, and your account became XXXX  XXXX XXXX. The account was overdrawn from XX/XX/XXXX, until XX/XX/XXXX, when {$500.00} was transferred from your savings account into your checking account. '' XXXX : " As you've pointed out correctly, my account opened on XX/XX/XXXX incurred a {$3.00} maintenance fee on the XXXX day after opening. According to the monthly bank statements Central Bank provided : 31 days in statement cycle XX/XX/XXXX - XX/XX/XXXX 32 days in statement cycle XX/XX/XXXX - XX/XX/XXXX 28 days in statement cycle XX/XX/XXXX - XX/XX/XXXX As the last day of my third statement incurred this " maintenance fee '' of {$3.00} on XX/XX/XXXX, this would have fallen on the 91st day ( XXXX + XXXX + XXXX ). 
On XX/XX/XXXX, I called Central bank to inquire about this fee as I got an alert from XXXX, an app I use to monitor my finances over the night. I spoke to XXXX and asked him to explain why I got the fee and how to prevent the fees from incurring. After XXXX explained, I asked if he would be able to waive this fee as a XXXX time exception for new account holders as I legitimately thought it was a true " free checking account. '' XXXX refused to reverse the {$3.00} charge. As this charge left me with a negative balance of - {$0.00}, I inquired if there were going to be additional charges as my account was negative and he said there would not be. I then asked him about the status of my signup bonus indicating I had just made it past the 90 days and he said it would be in my account in 21 days. With that being said, I told him since I wasn't going to get any more charges, I'd leave the account at XXXX since the signup bonuses will then make it positive. '' CB : " As disclosed at account opening in order to avoid a monthly maintenance fee on a MyChoice checking account you must have electronic statements and one of the following : Maintain a recurring direct deposit Use your debit card at least ten times for a point-of-sale transaction ( must be posted during monthly statement cycle ) Keep an average daily balance of at least {$500.00} Set up a monthly recurring transfer from MyChoice checking to XXXX XXXX account or a money market account. '' XXXX : " I asked for a free checking account. Apparently there was a free checking account as after getting charged a maintenance fee, I called in on XX/XX/XXXX and spoke to XXXX XXXX XXXX who switched me into the free account and also waived my maintenance fee. It appears therefore it truly is possible to waive maintenance fees but I now believe XXXX knew I was going to get screwed over by Central Bank on a loophole/technicality which is why he didn't mention for me to get a {$1.00} deposited into the account as soon as possible. 5 star to XXXX btw ... he was a rockstar XXXX. '' CB : " The customer service representative went over the requirements to avoid any maintenance fees at account opening in addition to you being provided with an Understanding Your Deposit Account Disclosure and Truth in Savings bonus disclosure. '' XXXX : " This again is a lie. Pull the tape. What you'll see is me sitting with a brand new associate/rep at her desk with XXXX the manager hovering over her directing her what to do. You'll see me get up from the table and then be handed a packet that XXXX went to go print out and give me. We certainly did not go over this information. If we did, what logical person would think I'd let my account get charged a {$3.00} fee just to possibly lose out on a {$300.00} bonus? Come on XXXX. 

CB : " The promotional mailer and the Truth in Savings bonus disclosure both stated the checking account must be in good standing up to and including the date any earned bonus is paid in order to receive the bonus. '' XXXX : " Again, that's a lie. I did not have a promotional mailer. This was offered on your own website where the associate and XXXX pulled the promotion code for the application. Again another lie. In my " packet '' that I was sent out the door with, I have a page that is page 1 of 1, states CSR : XXXX XXXX at the bottom. This has a table for " XXXX XXXX '' and lists annual percentage yield from ranges $ XXXX {>= $1,000,000} which all levels/ranges are at a 0.30 % annual percentage yield. After which the 1 page Truth in Savings Disclosure states : 'The annual percentage yield assumes interest remains on deposit. A withdrawal will reduce earnings. You must maintain the above balance in your account every day to obtain the annual percentage listed above. ( Next Paragraph ) : An interest rate of 0.15 % with an annual percentage yield of 0.1500 % will be paid on the entrie balance if a monthly transfer into your savings account does not occur each statement cycle. Transfers include : automatic funds transfer, direct deposit or online banking transfer. ' So XXXX, where do you see it 'stated the checking account must be in good standing up to and including the date any earned bonus is paid in order to receive the bonus '? '' CB : " You did not meet the requirements to avoid a maintenance fee, therefore a {$3.00} fee was assessed on XX/XX/XXXX, and the checking account became negative. Since the account was not in good standing as required by the promotion and information on how to avoid a maintenance fee had been provided to you, the bonus was not paid. After the 90-day period you called and requested another copy of the bonus disclosure, which was then emailed to you. At that time, you also acknowledged you had received the Understanding Your Deposit Account disclosure at account opening. '' XXXX : " See XXXX, I don't lie. I called in on XX/XX/XXXX and spoke to XXXX XXXX who said I was provided " all the information about the bonus in the packet. '' So I went and grabbed the packet and yes, I was sent on my way with an 11 page " Understanding your deposit account, single spaced type 6 size font ( btw, can you really expect anyone to be able to see/read that?? or is that just another one of the " tricks '' to " gotcha '' loophole for your customers? " ). Now, I did look through it to see if it could possibly be my mistake/oversight with any responsibility, and after reviewing, I DID NOT have a copy of the bonus disclosure included XXXX accused XXXX of receiving. Just to double check to make sure I wasn't missing something with the tiny print disclosure packet I was provided with, I asked XXXX to send me a copy of what she's talking about so I can verify if I received it. XXXX sent me a type font of 12, single page pdf with no information on it except a two typed out paragraphs. It did not have my signature nor any other information on the pdf like the one 's I that came with my packet which almost makes me think it was typed up on the fly, and not an official disclosure. It had no date, no expiration date, nor offer code to shows was applied and did not have my name nor any one 's name from Central Bank. It didn't even have Central Bank 's letterhead/logo. Regardless of the legitamacy of what was sent to me, it was NOT included in my package I was given and again I can prove it as the packet and original statement remains unaltered. I should also state for the record, none of my initials or signature can be found indicating I've read or received ANY of the documents I'm accused of having, but since I don't lie, I'll admit to everything that is true. '' XXXX : 1. " I'll continue from above to address this " bonus disclosure '' I was never given. Per your own statement above : XXXX XXXX, XXXX, a {$3.00} maintenance fee occurred, and your account became negative ninety-nine cents. The account was overdrawn from XX/XX/XXXX, until XX/XX/XXXX, when {$500.00} was transferred from your savings account into your checking account. '' Your own disclosure ( attached ) which was provided to me for the first time on XX/XX/XXXX by email from XXXX states for the checking bonus : 1. Deposit {$50.00} or more at account opening and 2. Have at least 2 or more qualifying direct deposits within 90 days of account opening. 

2. So based on your letter, I met those qualifications.

3. At the bottom of the last paragraph of the disclosure it states : Bonus is reported to the IRS as interest. Bonus ( es ) will be deposited into the checking account within XXXX business days after XXXX ) account meets all requirements AND 2 ) has been open for 90 days.

Now just to be clear because I see where you're trying to pull the " I gotcha loophole, '' it goes in a series 1, then 2 and is ended with a PERIOD. Hard stop. Everything before that period, I've done per your letter and therefore are entitled to the {$300.00} checking bonus.

4. Here 's this line that really doesn't make sense and seems maybe it was added in. 'The new checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus. ' Why not just add that into a number 3 and keep within the same previous sentence? Right above it says it will be 15 business days ( 21 calendar days as XXXX mentioned ). In your own letter it says my account had a positive balance from a transfer of {$500.00} on XX/XX/XXXX. That was only 10 business days. Even by this last " gotcha '' statement, I was still within the 15 business days for my account to be reviewed. Thank goodness I made the transfer because on XX/XX/XXXX I had an unauthorized charge of {$9.00} from XXXX because your system or debit cards were hacked. Now let me ask you, if that charge put me negative, would you decline me too as that was still within the 15 business days XXXX? 




CB : " Should you have any further questions please feel free to contact XXXX XXXX at XXXX or XXXX XXXX at XXXX '' XXXX : " I did speak to both XXXX and XXXX at the same time regarding this complaint. They were on the same call and on speakerphone and they both told me the reason I did not get EITHER bonus was because I did not have the account current for 90 days. I kept reiterating, if they want to be that specific and technical, technically, the fee was charged on the 91st day so I met the requirements per their promotion of having account open and in good standing for 90 days and have completed their other requirements. They both told me they " verified '' it was not 91 days but it was 90 days and then had to let me go because they had a call/meeting. I know CB records all calls, but guess what... so do I. I'll be happy to provide copies of the calls if you can't provide any XXXX. All calls since I opened account were recorded and that way you can't continue to make false allegations against me about what was said or done. 


And finally to CFPB : Just want to make note that Central Bank retaliated against me for filing this complaint and closed my account. I verified both in app and on web browser in case they want to say it was just a " technical error '' or some other excuse making me look like the liar. I've screenshotted and recorded everything for records.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief