Consumer complaint received 2018-07-21
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
Hello, I believe that I fulfilled the requirements for a {$300.00} promotion for opening a new business checking account and Wells Fargo has not paid it to me. 

____________ " Wells Fargo is offering a bonus of {$300.00} when you open a new Business Choice or Platinum Business checking account when you complete the following requirements : Get bonus code and visit a branch to open your account ( {$25.00} minimum opening deposit ) Deposit a cumulative total of {$1000.00} into the new business checking account within 60 days of account opening Make 5 or more qualifying transactions by Day 60 : Debit card purchases ACH ( credits and debits ) Checks Paid Mobile Deposits Wires ( credits and debits ) WF Bill Pay or Direct Pay ''  XXXX_ 1 ) XX/XX/XXXX {$1100.00} Transfer in from XXXX XXXXXXXX XXXX 2 ) XX/XX/XXXX {$50.00} Transfer in from XXXX XXXX XXXX 3 ) XXXX/XXXX/XXXX {$100.00} Transfer in from XXXX XXXX XXXX 4 ) XX/XX/XXXX {$120.00} Transfer in from XXXX XXXXXXXX XXXX 5 ) XX/XX/XXXX {$140.00} Transfer in from XXXX XXXXXXXX XXXX 6 ) XX/XX/XXXX {$120.00} Transfer in from XXXX XXXXXXXX XXXX   ____________________________________ An ACH transfer is an electronic, bank-to-bank transfer processed by the Automated Clearing House network. The types of transfers include external funds transfers, person-to-person payments, bill payments and direct deposits from employers and government benefit programs. 


Wells Fargo has one of the most advanced Automated Clearing House ( ACH ) systems and is the largest originator in the country, processing more than 6 billion ACH transactions annually. 
XXXX Subject : Re : RE : RE : RE : RE : RE : Re : Other questions or requests ( XXXX ) From : Customer Service XX/XX/XXXX XXXX XXXX " ... ... .received additional information from our Promotions and Fulfillment Department XXXX They have confirmed that while some Bank to Bank transfers are processed via ACH, the transfers from XXXX XXXX XXXX XXXX to the business checking account were not. This type of transfer is considered to be automatic transfers. Automatic transfers do not meet the qualifications for this promotion. Therefore, we are not able to provide you with a credit for the new account promotion. '' XXXX This is a scam by Wells Fargo to try and get out of paying the {$300.00} promotion bonus they owe me. A money transfer between banks has been known as an ach transfer since online backing was invented. 
____________________________________ " An External Transfer to a Friend allows you to transfer funds electronically from your XXXXXXXX XXXX personal checking, money market, or savings account to a checking or savings account owned by somebody else ( a " Friend '' ) at another financial institution. The Friend 's account is called an " External Account. '' This transfer occurs through Personal Online Banking and the Automated Clearing House ( ACH ) system. '' https XXXX   XXXX XXXX Q. How are transfers processed? 
A. Our Automatic Clearing House ( ACH ) third-party vendor will process all external transfers initiated through eCom online banking using the External Transfers application. 
https : XXXX XXXX Wells Fargo is being disingenuous. The banking industry refers to external bank transfers as ach transfers and that is what consumers consider them to be. Wells Fargo is trying to make some technical 'smoke and mirror ' move to swindle consumers of their promotion bonus.

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