Consumer complaint received 2024-09-12
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: M&T BANK CORPORATION (NJ)

I opened an M & T Bank account through their official website, where I was offered a coupon code to enter during my online application to receive a {$400.00} bonus, provided I completed the necessary tasks. I opened both my own account and my wife 's account using different couponsone noted as " XXXX '' and the other as " XXXX. '' The bonus required a direct deposit of at least {$1000.00} within 90 days of opening the account. 

The account wasnt fully functional when we first opened it, requiring several trips to the bank before it worked properly. Despite this, I still set up the direct deposit to stay on track for the bonus. We encountered several problems : first, we couldnt link my other bank accounts, then we couldnt transfer funds in or out, and finally, we had to deal with a fraud alert. 

On XX/XX/XXXX, after my direct deposit went through, my wife received a call about suspicious activity on her account and was told to visit the branch immediately. We went the next day, even though we had a flight to catch later that day. At the branch, they told me I had to either add my name to her account or close it because I deposited part of my paycheck into her account. I explained that Ive always split my paycheck between accounts without issue, but they said this wasnt allowed at M & T Bank and that I had to add my name. I was concerned this might affect my bonus, but the representative reassured me that I would still receive my bonus, even as a secondary account holder. Based on that, I agreed to add my name to her account, and we barely made our flight after the lengthy process. 

After returning from vacation, I noticed my wifes bonus had been credited, but mine had not. I contacted customer service, and they initially told me to wait a few days, assuring me that I had met the requirements. After waiting, I called again and was told that my bonus was denied because the bank considered me to have received the bonus through our joint account. I followed up with the branch, and the representative who advised me initially promised to investigate. Over the next two weeks, I called nearly every day for updates. 

During our conversations, the representative began asking questions about where I opened the account. I explained that it was online, but she insisted the coupon code should have been mailed to me and asked if I had received anything in the mail, which I hadnt. I explained that I found the offer on a public website, but she refused to check the website. Later, when the offer was no longer available, she claimed I couldnt prove it existed. Fortunately, the site is now active again XXXX XXXX XXXX XXXX 

As the second month approached, I was worried about being charged a {$25.00} service fee, as I didnt trust they would waive it given how this situation had played out. I moved my money out and asked for a clear answer by the end of the second billing cycle. The representative called back yesterday and explained that her manager wouldnt make an exception for the bonus because : 1. They considered me to have received the bonus together with my wife in our joint account.

2. My coupon wasnt valid as an online offer, and I wasnt on the mailing list.

3. I had no balance in my account and wouldnt continue banking with them.

4. I shouldnt have used my paycheck to deposit into my wifes account.

I spoke with her manager and clarified that : 1. The mistake was in adding my name to my wifes account after being assured it wouldnt affect my bonus.

2. There was no communication or policy against depositing part of my paycheck into my wifes account, something Ive done at other banks without issue.

3. My coupon came from an official M & T Bank website, which the branch should have been able to verify instead of insisting it wasnt valid. 
4. ( I didn't say this but I fee like ) The manager unfairly concluded I wouldnt continue banking with them, simply because I had moved my funds out to avoid fees, and this factored into her decision not to make an exception. 

As I was finishing the conversation with the manager, she asked if I was planning to close both accounts, reinforcing what she thought was the right course of action. I knew there would be fees for closing an account within 180 days, so I decided against it. I also didnt want to damage my relationship with the bank. However, the outcome at this branch was far from what I expected. I eventually downgraded my checking account to a no-maintenance-fee option because I missed the requirement to maintain a {$7500.00} daily balance for another statement cycle. The first two times was missed due to the technical issue of transferring funds.

Overall, Im very dissatisfied with M & T Banks service. Not only was the account barely functional after opening, requiring multiple visits, but the investigation into my bonus was poorly handled. I was given different reasons for why I didnt receive it each time I called, and the branch tried to blame on me. They never acknowledged that adding my name to my wifes account was the issue, even though they pressured us to do so. Instead of resolving the fraud alert as other banks do by asking if I recognized the transaction and reverting it if I did not, M & T forced us into unnecessary actions. Their explanations were inconsistent and designed to suit their convenience, not address the actual problem.