Consumer complaint received 2021-06-01
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
On XX/XX/XXXX, I opened a TD checking account in response to a TD Bank {$300.00} bonus offer for opening a TD Beyond Checking account with cumulative direct deposit funds of {$2500.00} or more into the new account within 60 days of account opening. 
On XX/XX/XXXX, I opened a TD savings account in response to a TD Bank {$200.00} bonus offer for opening a TD savings account with {$20000.00} or more in new funds deposited into the new account within 20 days and maintaining a balance of at least {$20000.00} for 90 days. 
After opening the savings account in XX/XX/XXXX, I realized that offer terms stated that customers who received a bonus on a prior checking and/or savings account do not qualify. That's why I did not complete the requirements for the savings offer. 
Then, I reviewed the offer terms for my checking account opened in XX/XX/XXXX and noticed that restriction was not included at that time. Therefore, I am eligible for the {$300.00} bonus because my previous checking account was closed at the beginning of XX/XX/XXXX before the 12 months exclusion period defined in the XX/XX/XXXX checking offer. 
After fulfilling the checking offer requirements and not receiving the {$300.00} promised bonus, I contacted XXXX XXXX XXXX, Assistant Store Manager at TD Bank branch located at XXXX XXXX XXXX XXXX, XXXX, FL XXXX who submitted a complaint to TD Bank on my behalf on 05/14/2021.

As per TD Bank response on XX/XX/XXXX, I did not qualify for the {$300.00} bonus due to not meeting the " one bonus per account per customer and can not be combined with any other offer '' requirement included in that offer.

The " one bonus per account per customer '' requirement is a very common bonus offer term used by all banks and refers to the fact that the customer can receive the bonus only for one account of that type in the offer. In other words, if the client opens several checking accounts at the same time under the same offer, they will receive the bonus for a single checking account. 
The " offer can not be combined with any other offer '' requirement is also a very common bonus offer term used by all banks and refers to the fact that the same account can not be used to satisfy several available offers at the same time. In other words, if there are several bonus offers for checking accounts available at the same time, the checking account will receive the bonus for only one of those offers, which is normally the original offer under which the account was opened unless something different is specified in the terms of the offer.

The " one bonus per account per customer and can not be combined with any other offer '' requirement is included in both the XX/XX/XXXX offer and the XX/XX/XXXX offer. However, the " customers who received a bonus on a prior checking and/or savings account do not qualify '' requirement is included only in the XX/XX/XXXX offer. 
If the " one bonus per account per customer and can not be combined with any other offer '' requirement of the XX/XX/XXXX offer automatically invalidated customers who had previously received a bonus, why did the new accounts promotions department took the extra step of explicitly adding the " customers who received a bonus on a prior checking and/or savings account do not qualify '' requirement to the XX/XX/XXXX offer? Very simple because many clients complained that they had been encouraged to open new accounts with misleading terms and in the end they did not receive the promised bonus. Adding the extra requirement to the XX/XX/XXXX offer is a tacit acceptance by the new accounts promotions department that the terms were not clearly defined in the XX/XX/XXXX offer.

Company response to consumer: Closed with explanation