Consumer complaint received 2022-01-07
Company: WELLS FARGO & COMPANY
State: MN
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened a checking account on XX/XX/2021 under the following bonus terms ( attaching below ). I made my opening deposit, and set up my direct deposit of $ XXXX with my employer the same day. Over a week later, Wells Fargo closed my account. I had my employer direct deposit bounce because of it, and was without my funds for over a week during the COVID-19 pandemic crisis. More importantly, I did not receive my {$200.00} bonus for this checking account, as Wells Fargo closed the account while my requirements were being fulfilled. Wells Fargo solicited me for this offer, I accepted it, opened the account, and went to fulfill the terms. In the meantime, Wells Fargo closed my account, cheating me out of my {$200.00} bonus. Terms below : Eligibility Requirements : This offer is for new checking customers only. All Wells Fargo consumer checking accounts are eligible for this offer with the exception of checking accounts offered by Wells Fargo Private Bank. 
You must use your bonus offer code at account opening when you apply for a new eligible Wells Fargo checking account. 
You are not eligible for this offer if : You are a current owner of a Wells Fargo consumer checking account You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months You are a Wells Fargo employee Bonus Requirements : Open a new Wells Fargo consumer checking account with a minimum opening deposit of {$25.00} by XX/XX/2021. All account applications are subject to approval. 
Within 90 calendar days of account opening ( the " qualification period '' ), receive a total of {$1000.00} or more in qualifying direct deposits to your new checking account. 
A qualifying direct deposit is an ACH ( Automated Clearing House ) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account. Confirm with your employer or the agency or company making these payments that they use the ACH network.

Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM dont qualify as a direct deposit.

Bonus Payment : Once the 90-day qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit any earned bonus into your new checking account within 30 days. 
The new checking account must remain open throughout the 90-day qualification period and at the time we attempt to deposit any earned bonus payment. Please note that an account with a zero balance may be closed by us without prior notice, as further described in the Deposit Account Agreement. 
You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor.

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 explanation