Consumer complaint received 2018-07-21
Company: SUNTRUST BANKS, INC.
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
I signed up for a business checking account on XX/XX/XXXX for a promotional offer to receive {$200.00}. The rest of the terms were as follows : You must be a new SunTrust business checking client. To be considered a new business checking client, the business can not have an existing SunTrust business checking account with the with the same Taxpayer Identification Number ( TIN ), including but not limited to an Employer Identification Number ( EIN ), prior to promotion start. Existing business checking clients are not eligible for this offer. Public Fund and IOLTA accounts are not eligible for this promotion. The business client can not have closed a business checking account within 180 days of the promotion start date ( on or after XX/XX/XXXX ). The business account holder must be 18 years or older at time of account opening. The account holder can not be a non-resident alien. Employee-designated accounts are not eligible for this promotion. The business must be registered within the U.S. with the accounts mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia or the District of Columbia and have a valid U.S. TIN or EIN. 
Earn {$200.00}. FIRST, open a Simple Business Checking, Primary Business Checking or SunTrust Business Advantage Plus account online or in a branch between XX/XX/XXXX and XX/XX/XXXX, inclusive, and enroll in the offer by following the Branch Account Opening and Promotion Enrollment Instructions below. THEN, within 30 days of opening the new eligible business checking account, you must make cumulative qualifying deposits ( as described in the Qualifying Deposits section below ) of {$1500.00} or more into your new account. 
Qualifying deposits for new business checking accounts exclude debit card ( credit ) transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days. 
After meeting all qualification requirements, the cash reward will be deposited into the new eligible business checking account in up to 8 weeks after all qualifications are met. If the {$1500.00} new checking account deposit requirement is not met, you will not be eligible for the reward. When the cash reward is deposited, it will appear in your new business checking account monthly statement as XXXX XX/XX/XXXX Small Business Checking Reward. This offer is only applicable once per client. SunTrust may report the value of any reward received through any offer to the Internal Revenue Service, as required by law. Any applicable taxes are the responsibility of the recipient. 
The new business checking account must remain open and in good standing with a minimum balance of {$0.00} until the reward is processed in order to receive the reward. Reward forfeiture will occur if : ( 1 ) the business checking account is changed to an account type not included in this client offer, ( 2 ) the business checking account is closed prior to the reward being processed, or ( 3 ) the new business checking account has a negative available balance at the time of qualification validation. SunTrust reserves the right to deduct the reward amount from the business checking account at the time of closing if the new business checking account is closed by the client or SunTrust within 180 days after opening. 
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them I received an email approval of the account opening on XX/XX/XXXX. I also was contacted via phone call a couple days later. I asked at that time how do I get access to the account. The gentlemen said I would receive an email with detailed directions. I attempted to sign-up online over 3 times in the next two weeks, contacting Suntrust Bank. Each time they send they needed to re-send my application for online access and I would get a follow-up email with directions. Every time it did not work. I finally received access to my account on XX/XX/XXXX ( which I have in writing via secure message from the bank ). However, I wasn't even aware I finally recieved access until the XX/XX/XXXX, because I was not notified and just tried to log-in. At this point I immediately tried to meet the terms. According to the terms, the deposits need to take place within 8 days of me being aware I had access to the account ( 2 of which were weekend days banks weren't open ). The account terms were met on XX/XX/XXXX. 5 days after the 30 day period, but only 14 days after I gained access to my account. I followed up immediately to which I received a reply they would look into it and let me know within 5 business days. 10 days later I followed up and received a reply that I did not meet the terms, with no response to my complaint that I didn't get access to the account. It was not my fault I couldn't meet the terms, as I completed the terms within 14 days after gaining access to my account, which would be well under the 30 day terms in the Suntrust offer details.

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