Consumer complaint received 2020-01-03
Company: HSBC NORTH AMERICA HOLDINGS INC.
State: IN
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened a checking account with HSBC on XX/XX/XXXX. They had a promotion at the time, which I have attached a copy of. 

The promotion stated that in order to receive a {$750.00} sign up bonus, one must : 1.  Open your new HSBC Premier1 checking account online by XX/XX/XXXX ; and 2.  Make recurring Direct Deposits totaling at least {$5000.00} from a third party to your HSBC Premier checking account ( s ) per calendar month 3. Receive monthly Direct Deposits totaling at least {$5000.00} into your checking account for 3 consecutive calendar months from the first full calendar month after account opening.

As you can see from the linked offer, there was nothing in the terms about leaving the {$5000.00} deposit in the account. 

I opened the account prior to XX/XX/XXXX, thus meeting requirement # 1. 
I made direct deposits for more than 3 consecutive months, thus meeting requirement # 2 and # 3, which are the same requirement. 

I had the following direct deposits from a XXXX Business account which is how I get paid, as is evidenced in the attached bank statements : XXXX {$2500.00} XX/XX/XXXX {$2500.00} ( {$5000.00} total for XXXX ) XXXX {$2500.00} XX/XX/XXXX {$2500.00} ( {$5000.00} total for XXXX ) XXXX {$2500.00} XX/XX/XXXX {$2500.00} ( {$5000.00} total for XXXX ) That was 3 consecutive months of {$5000.00} direct deposits. As if that were not enough, I continued with the direct deposits : XXXX {$2500.00} XX/XX/XXXX {$2500.00} ( {$5000.00} total for XXXX ) XXXX {$2500.00} XX/XX/XXXX {$2500.00} ( {$5000.00} total for XXXX ) Each time I contacted HSBC, they came up with a different excuse as to why not to pay me the bonus as stated in the terms of the offer. 

First, they simply kept telling me to wait longer. Then they said that they see that I did INDEED make the required deposits, but that I was required to keep the {$5000.00} in the account each month. As you can see from the offer terms, this was NOT a requirement. 

From an email from HSBC on XX/XX/XXXX : " Upon review we see Direct Deposits were received but did not remain in the account for 90 days. We apologize the promotional funds will not be received due to the 90 day requirement was not met. '' That was false information. The bonus did not require leaving the funds in the account. 

Yet another email from HSBC on XX/XX/XXXX. This email they completely contradict the first one. In this one, they again state the terms of the bonus, which again do not include leaving {$5000.00} in the account. They state that I WILL be paid the {$750.00}, but I need to wait another 8 weeks. This is a lie. I met the requirements more than 8 weeks  ago. This is simply another stall tactic hoping that I will forget or let this matter go. 

" We write to you in response to your inquiry with regard to {$750.00} Welcome bonus. 

Offer Terms and Conditions : This offer is available only online for applications completed using the Apply now button on the offer webpage.

To qualify for the HSBC {$750.00} Welcome Deposit you must : 1 ) open your new HSBC Premier checking account online by XX/XX/XXXX 2 ) make recurring Direct Deposits totaling at least {$5000.00} from a third party to your HSBC Premier checking account ( s ) per calendar month 3 ) receive monthly Direct Deposits totaling at least {$5000.00} into your checking account for 3 consecutive calendar months from the second full  calendar month after account opening. 

We appreciate you giving us the opportunity to service your account via the XXXX channel. We encourage you to continue to use this service for your banking related inquiries. 
You will automatically receive the {$750.00} Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. '' In an email on XX/XX/XXXX, they state that now I will not receive the bonus due to not meeting the 3 months of direct deposit requirements. 

" We are contacting you to follow up on the Campaign Query submitted for your HSBC Checking account. Our Campaigns Team has advised the account is ineligible for the {$750.00} bonus due to the account not receiving qualifying direct deposits totaling to {$5000.00} per month for 3 consecutive months. We apologize for any inconvenience caused. '' This is a lie and a contradiction of their first email on XX/XX/XXXX stating that I DID meet the deposit requirements. 

As you can see, HSBC is simply stalling and making excuses not to pay me the advertised {$750.00} promotion. I played their games and jumped through their hoops in order to meet their bonus requirements, and now they simply do not want to pay. If you do some googling on HSBC, you will see that this is very common practice with them. Their hope seems to be that most people will either forget about or simply not pursue the bonus that was promised. 

I really hope that HSBC will pay me the promised advertised {$750.00} bonus and that we can resolve this matter. 

Thank you.

Company response to consumer: Closed with explanation