Consumer complaint received 2021-04-27
Product: Checking or savings account — Savings account
Issue: Opening an account — Didn't receive terms that were advertised
Company: TD BANK US HOLDING COMPANY (PA)

I opened a checking and savings account with TD Bank to take advantage of their promotional bonus for opening a new account and try a different bank to see if I liked them better then the one I had. I deposited the correct amount of money into a checking account and a savings account from another bank account I had. After the 140 days passed that I was supposed to receive the promotion I did not get it. I contacted them through their secure messages feature. They told me I was ineligble for the checking account because my deposit was not a direct deposit. They told me I was ineligble for the savings account bonus because I did not receive their mailer advertisement. I didn't see in the fine print anywhere that I needed to receive their mailer ad. I don't know how I would have known that. It should have been disclosed to me up front and it wasn't. I tried to resolve the situation with their phone customer service and they blew me off and said they couldn't verify my account/identity. There was no problem verifying my identity when it was time to open the account or deposit my money. Only when I tried to get them to honor their word. 

I opened the account XX/XX/XXXX. Below is the exchange I had with customer service on their secure messages. It also explains some of the details of the promotion better then I did earlier because I am still upset. 

" Thank you for contacting us in regard to your promotional inquiry. 
First, we would like to apologize for any confusion or frustration which was caused in regard to your promotional bonus credit. 
At this time, we have been informed that your TD Simple Savings account did not qualify for the promotional bonus due to ineligibility for the promotional offer at the time of your account opening. 
At the time that this account was opened, the promotional offer which was being offered was our Direct Mailer promotion. Our Promotions Team has informed us that a Direct Mailer was notmailed to the account holder. If a direct mailer was mailed and the account was opened via the promotional website, the bonus credit would have been applied. 

We do apologize, as since a direct mailer was not received, this account does not qualify at this time. 

We do apologize for any inconvenience or confusion. 

If you have more questions about this, or if there's anything else we can do for you, send us a secure message or call XXXX to speak with a Customer Service Representative '' Sent : XX/XX/XXXX XXXX XXXX Explain to me why I do not qualify for the {$200.00} bonus on the savings account. It did not say anything about direct deposit. 
Thank you. 


Thank you for contacting us about a promotional bonus. 
The offer was available to new personal checking Customers who do not have an existing or prior personal checking account at TD Bank, open their account online via www.tdbank.com and complete the required qualifying criteria. 

Here are the requirements for each bonus : Earn {$300.00} when you : -Open a TD Beyond Checking Account -Receive at least {$2500.00} in qualifying direct deposit funds within the first 90 days of account opening. 

Earn {$200.00} when you : -Open a TD Preferred Savings, TD Simple Savings or TD Money Market Account. ( IRA 's and CD 's are excluded ) -Fund the account with {$20000.00} or more with new money within the first 20 days of account opening -Maintain a minimum daily balance of {$20000.00} for at least 90 days from the date the deposit requirement is met 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. Payment received for goods sold do not qualify. 

This information was reflected prior to selecting the type of account. 

Upon review, we see the opening bonuses for these accounts were person to person payments from XXXX XXXX. 

These deposits do not qualify as direct deposits as mentioned above. 

As a result, this account would not be eligible for the promotional bonus. 

We apologize for any inconvenience. 

If you have more questions about this, or if there's anything else we can do for you, send us a secure message or call XXXX to speak with a Customer Service Representative, 24 hours a day, 7 days a week. 


Sent : XX/XX/XXXX XXXX XXXX I have met these requirements. So I ask again, when will the promotion be credited to my account? 
Thank you. 


-- -- -- -- -- -- -- -- Thank you for contacting us about a recent incentive offer. 

We appreciate the time you have taken out of your day to reach out to us. 
Account ( s ) must remain open, active, in good standing and in the same product type until payout to receive the bonus This offer is only available to new to Personal Checking and Savings Customers who open an account online through the qualifying promotional websites. 
If the account is not opened through the qualifying promotional website the account is not eligible for the offer. 
Opening an account through td.com does not qualify. New to Checking and Savings is defined has having no current or prior checking, savings or money market account relationship within the preceding 12 months. 
You can earn up to {$500.00} with a combination of the below offers : Open a TD Beyond Checking account and earn {$300.00} when they receive direct deposits totaling {$2500.00} or more within 60 days of account opening OR Open a TD Convenience Checking account and earn {$150.00} when they receive direct deposits totaling {$500.00} or more within 60 days of account opening, AND/OR Open a TD Beyond or Simple Savings account and earn {$200.00} when you deposit {$20000.00} or more in new money within 20 days and maintain a balance of at least {$20000.00} for 90 days Once the account has been opened and the offer criteria have been met, the bonus will be credited to the new personal checking and/or savings account no later than 140 days from account opening. 
Checking and savings accounts may be paid at different times.