Consumer complaint received 2021-03-24
Company: TD BANK US HOLDING COMPANY
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
To Whom It May Concern : On XX/XX/2020, I opened a checking account with a promotion bonus of {$300.00} advertised online. The promotion was available only online for opening a new beyond checking account. It requires {$2500.00} or more of direct deposit within 60 days. Once the offer criteria is met, the bonus will be credited into the new personal checking account no later than 140 days from account opening. Also, this special checking account requires a minimum {$2500.00} balance to avoid monthly fees. 

On XX/XX/2020, I went to the local branch, XXXX XXXX, CT office and confirmed with a banker that my new account with promotion was effective. The bank welcomed me and said that yes you were all set and would receive the bonus after meeting the requirements. All the requirements were met on XX/XX/2020. It has been a few weeks more than 140 days and I am still not receiving the {$300.00} bonus. I called customer service numerous times. Before 140 days were passed, the representative on the phone said that I would receive the bonus. I just need to keep the account open and wait. Then, after 140 days, they said that they were not sure why I was not receiving the bonus and they needed to email the promotion department. I went to the local branch, XXXX XXXX, CT, and spoke with the banker, Ms. XXXX XXXX. She told me that she would contact the promotion department for the status. No one was able to provide a reason why I was not receiving the bonus, but they wanted me to wait for longer keeping the bank account open with more than {$2500.00} minimum required balance. And no one at TD bank knows how long I have to wait to receive the bonus or to receive a response from The Promotion Department. 


Below is the details of the promotion offer : Offer is available to new personal checking Customers who do not have an existing or prior personal checking account at TD Bank within the preceding 12 months, open their account online via this web page and complete the required qualifying criteria. {$300.00} bonus offer available to eligible new personal checking Customers when opening a XXXX XXXX XXXX account with cumulative direct deposit funds of {$2500.00} or more into the new account within 60 days of account opening. {$150.00} bonus available to eligible new personal checking Customers when opening a XXXX XXXX XXXX account with cumulative direct deposit funds of {$500.00} or more into the new account within 60 days of account opening. Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits ( such as Social Security ) from your Employer or the Government. Person-to-Person and bank transfers between your TD Bank accounts or accounts you have at other financial institutions or brokerages do not qualify. Once the offer criteria is met, the bonus will be credited into the new personal checking account no later than 140 days from account opening. Account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If the checking account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank does reserve the right to deduct the bonus amount from that account at closing. TD Bank may issue you an IRS Form XXXX, or other appropriate forms, reporting the value of the bonus. Offer may be withdrawn at any time and is subject to change. One bonus per account per Customer and can not be combined with any other offer. TD Bank employees and XXXX cross-border banking Customers are not eligible. 
Monthly maintenance fee can be waived with one of the following : {$5000.00} or more in direct deposits within a statement cycle or {$2500.00} minimum daily balance is maintained or {$25000.00} minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing ( excludes credit cards and personal loans ) t

Company response to consumer: Closed with explanation