Consumer complaint received 2018-12-17
Company: CAPITAL ONE FINANCIAL CORPORATION
State: IL
Product: Checking or savings account
Sub-product: Savings account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened a 360 Money Market account with Capital One through their website on XXXX XX/XX/XXXX. At the time I opened the account, I enrolled in a {$500.00} bonus promotion using offer code XXXX, the terms of which were clearly listed on the web page through which I applied for the account. I took electronic screen shots of all promotional terms that were provided, and I am attaching these screen shots to my complaint. On the screen advertising the {$500.00} bonus, the following terms appeared under the heading : Heres the full scoop on how to earn your {$500.00} bonus : Open a 360 Money Market account and deposit at least {$50000.00} between XXXX XXXX. ET on XX/XX/XXXX, and XXXX XXXX ET on XX/XX/XXXX. When you open your account, enter your promotional codeXXXX. ( Please do not share this code with others. ) Deposits must be from another bank ( transfers between Capital One accounts will not qualify ). If you have or had an open savings product with Capital One after XX/XX/XXXX, you're ineligible for the bonus. This offer can not be combined with any other Capital One Bank or Capital One 360 new account opening offer. Bonus is only valid for one account. 

Under another heading, When will I actually get my bonus? The following language appeared : Capital One will deposit the {$500.00} bonus money into your account within 60 days after completing the above conditions. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus. 

Knowing that I did not have {$50000.00} to deposit in one lump sum, I reached out to a Capital One representative, XXXX, via online chat, to verify that I could qualify for the promotion. I asked XXXX specifically if the {$50000.00} had to come in one lump sum, or if I could qualify by making multiple smaller deposits totaling {$50000.00} or more. XXXX said I should qualify for the bonus as long as I deposited {$50000.00} by XX/XX/XXXX and she referred me back to the promotional terms above. Please note that these terms referenced deposits in the plural, indicating pretty clearly that multiple deposits were permissible. 

As I navigated through the process of opening the account, additional promotional terms appeared on subsequent pages, and I took screenshots of this language as well. The wording of this language was slightly different in some instances from that which appeared on the main promotion page. These differences were minor however, and there was nothing displayed about requiring a lump sum or maintaining a certain balance in order to earn the bonus. I have attached screen shots of these terms to my complaint as well. 

Between XXXX XXXX and XXXX XX/XX/XXXX I made deposits to the Capital One account from outside bank accounts totaling {$50000.00}. The terms I received stated that it could take up to 60 days for the bonus to post, so I waited until XX/XX/XXXX ( ~48 days ) before contacting Capital One. 

On XX/XX/XXXX, I contacted Capital One to ask why I had not received the bonus. I spoke with XXXX, via online chat, and XXXX, by telephone. Both identified themselves as Capital One supervisors. 

XXXX told me that my account was ineligible for the bonus I was promised, because the intent of the offer is for net deposits of {$50000.00} or more, not cumulative. I explained to XXXX that I was told at the time I opened the account that cumulative deposits would be fine. He offered to forward the matter to Capital Ones Escalations team, and I accepted his offer. 

I then spoke to XXXX, a telephone representative, who passed me along to XXXX, a supervisor. XXXX reiterated that according to Capital One I did not qualify for the {$500.00} bonus. She told me that the terms of the offer required me either to make a lump-sum deposit of {$50000.00} or maintain a balance of {$50000.00}. She quoted me specific language to this effect that she said was included in the terms of the promotion. I can not reproduce this language exactly here because I have not been able to find it written anywhere. XXXX read it to me several times, however, and I noted that her language contains phrases such as " must maintain a balance '' and terms such as " cycling deposits '' that certainly did not appearing the original promotional terms with which I was provided when I opened the account. I asked XXXX if she could supply me with a written copy of what she was reading and she declined. XXXX did offer to compensate me with a bonus of {$100.00} dollars as a good-will gesture. I politely said declined this offer, explaining that I would not feel right accepting less than what I was promised. 

Im not sure if XXXX and I were referencing the same promotional offer, since the terms she quoted contained additional language that was not present in the offer to which I responded in XXXX. That offer expired on XX/XX/XXXX and has since been removed from the Capital One website, so I could not independently verify whether the terms have been changed since I enrolled. XXXX insisted, however, that the terms she quoted were attached to offer code XXXX. Since that matches the code I was given when I applied for the account, I have to suspect that Capital One has revised the terms of the offer after the fact, adding language disallowing cumulative deposits and requiring customers to maintain a {$50000.00} balance so as to avoid having to pay the bonus in circumstances such as mine. Based on what XXXX told me, it seems clear that Capital Ones intent was not for customers to earn the bonus in the manner that I did. This intent was not communicated to me, however, until after I had opened the account and deposited my money. Attempting to deny me the promotional bonus after leading me to believe I would be eligible strikes me as a serious breach of trust between the bank and the consumer.

Company response to consumer: Closed with explanation