Consumer complaint received 2015-10-07
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Bank account or service
Sub-product: Checking account
Issue: Account opening, closing, or management

Complaint:
Bank Of America regularly solicits new businesses with various promotional incentives. On or about XX/XX/XXXX I have received the Bank of America promotion promising, among other things- As a valued customer, you 're eligible to receive this exclusive {$500.00} online offer XXXX Bank of America XXXX {$500.00} Offer.pdf ) The offer required:1. Open a Bank of America Interest Checking or XXXX Checking account ; 2. Setup and receive XXXX direct deposit of {$2000.00} or more ; 3. Open Rewards XXXX XXXX XXXX account and deposit at least {$20000.00} in new balances. 
4. Keep the {$20000.00} balance in the Rewards Money Market Savings account for 30 consecutive days. 

However, once all the conditions are met, Bank of America deliberately evades living up to its promises and granting the promotional rewards. It goes to extended deceptive practices to lure the customers with the generously sounding misstated promotions, only later to evade granting any rewards. 

Specifically, in this case, all the conditions were met, as acknowledged by the representative on the recorded line, however, the bank 's system is set up in such a way that any and all Electronic funds transfers ( via ACH ) are not counted towards the direct deposit requirement. In fact, Bank of America flouts its own definition of direct deposit as well as that of the Federal Reserve. 

In its Personal Schedule of Fees booklet ( personal-schedule-fees.go.pdf ) on page XXXX it states : '' What is a direct deposit? 
A direct deposit is an electronic deposit of funds to a checking or savings account. 
For Bank of America XXXX Checking accounts, qualifying direct deposits are deposits of regular monthly income -- such as your salary, pension, Social Security benefits -- which are made through the automated clearinghouse ( ACH ) by your employer or other payer. " Moreover, the Federal Reserve in its definition of an Automated Clearinghouse System specifies, " The ACH system is a funds transfer system that provides ... Recurring credit transfers ( that ) include payroll direct deposit payments. " XXXX : XXXX # 4However, Bank of America did not count the direct deposits to my Bank of America checking account related to my employment and benefits at XXXX XXXX and XXXX XXXX towards the direct deposit requirement. When contacted, a Bank of America representative was unable to provide a definite answer, beyond acknowledging the receipts of direct deposits and offering to 'look into it '. 
It is my understanding that the Bank of America cunningly engages in misleading marketing and then purposely miscategorizes incoming direct deposits via ACH to avoid paying out any of the promotional amounts to the customers. 

I am aware that XX/XX/XXXX Bank of America was ordered to pay {$20.00} XXXX in civil money penalty to the CFPB and an additional {$720.00} XXXX In Consumer Relief for its Illegal Credit Card misstatements and promotionsXXXX XXXX would like to kindly request that the CFPB carefully review the initial complaint, pool together similar complaints about the misleading marketing practices and order the bank to pay the penalties and reliefs as appropriate.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with monetary relief