Consumer complaint received 2020-06-19
Company: HSBC NORTH AMERICA HOLDINGS INC.
State: PA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
In the middle of XXXX XXXX, I opened a premier checking account with HSBC Bank USA N.A. to pursue a welcome bonus of {$750.00} as long as the monthly direct deposit is not less than {$5000.00} for three consecutive months from the second month after this account is opened. 
Then I gave my Payroll the filled out HSBC Bank standard form of " Direct Deposit Transfer '' ( attached ) to set up a direct deposit payment in the banking system for paying me of my wage every two weeks. After that, my HSBC Bank premier checking account has received direct deposit more than {$8000.00} per calendar month. 

However I have no received the expected welcome bonus of {$750.00}. 

The HSBC Bank advertisement of this welcome bonus did not define what is the exact meaning of " direct deposit '', nor mentioned that ACH ( automatic cleared house ) payment method or CTX ( corporate trade exchange ) payment method disqualifies. 

So I have contacted the customer service at least five times using its online Live Chat since XX/XX/XXXX and every time each customer representative more or less told me different things however the overall determination is that its marketing department disqualifies the award of welcome bonus to me based on following reasons : 1. I was told that the bi-weekly transaction in my account does not contain a description or verbiage like " direct deposit '' therefor it's not direct deposit, and accordingly disqualified for welcome bonus. 
2. I was told that my Payroll makes payment to my HSBC Bank premier checking account using CTX ( corporate trade exchange ) payment which is not a direct deposit. 

I was totally confused how a common customer like me knows the exact meaning or difference between direct deposit, ACH and CTX? HSBC shall never play wording or verbiage games with customers. 

Actually, in XXXX or XXXX ( I forgot detailed date and HSBC denied to provide me a copy from its digital recording system ) I chatted online with one of its customer service representative to check if my account transaction status was OK for receiving welcome bonus and I was told that my transaction was direct deposit and had been running well so just wait to see three calendar months passing would make you receive the welcome bonus automatically. But it looks not true now. 

It's very frustrating why HSBC Bank did not define or explain the exact meaning of direct deposit in its advertisement in XXXX before I open the account. Therefore it has brought confusion or misunderstanding to a customer like me. 

I did the double check in XX/XX/XXXX with my Payroll department to confirm that the direct deposit had been properly set up with HSBC Bank. Please see attachment. 

Could you please investigate for me and make sure the pursuance of {$750.00} welcome bonus is paid by HSBC Bank. 

My case with HSBC Bank USA N.A. is XXXX. 

Many thanks. 
XXXX XXXX

Company response to consumer: Closed with explanation