Consumer complaint received 2018-04-07
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: INVESTORS BANK (NJ)

I received a Investors Bank mail flyer advertising a {$200.00} promotional offer to open a " Yourstyle '' checking account. I opened this promotional account at the XXXX, NJ branch of Investors with the Assistant Branch Manager, XXXX XXXX on XX/XX/XXXX. My family member who had also received the same promotional offer flyer, opened her " Yourstyle '' checking account at the same time. 

XXXX explained to us that in order to get the {$200.00} reward, we must both do either an ACH direct deposit of {$500.00}, or have 10 point of sale ( POS ) transactions using our Investors Bank debit card linked to the account within the first 90 days after we opened our account ( s ). After 90 days of account opening Investors Bank will verify that we did either the ACH or POS and then credit the {$200.00} reward ( s ) to our checking account ( s ) by the end of the 4th statement cycle from account opening. Since neither of us have direct deposit we told XXXX we would do the required 10 POS debit card purchases to qualify for the {$200.00} reward ( s ). Subsequently, we both did our respective 10 POS purchases around XX/XX/XXXX and we waited for the end of the 4th cycle ( XX/XX/XXXX ) to receive our respective {$200.00} reward. 

When I did not receive the {$200.00} reward, I called Investors Bank and XXXX on XX/XX/XXXX to find out why and she said I had to do the 10 POS each and every month -- not just one time to get the {$200.00} reward. I replied this was not what she explained to us last XXXX at account opening and moreover the confusing language of the offer does not appear to say it has to be done each and every month -- only one time ( see attached promotional offer document ). XXXX replied she did not recall our conversation last XXXX in this regard and referred me to call her boss, Manager XXXX XXXX. 

Later that day on XX/XX/XXXX, I spoke to XXXX who admitted to me that she also had to re-read the offer document five times because the language was not clearly written and indeed confusing. XXXX finally determined that the offer required me to do 10 POS purchases after waiting 90 days from account opening and before the end of the 4th statement cycle from opening -- not within 90 days from account opening as we were told by XXXX when we opened the account ( s ) and therefore the 10 POS purchases I did within the first 90 days did not count for the reward. I told XXXX, had the confusing offer language been explained to us accurately it would have been very easy for us to do the 10 POS after waiting 90 days ( XX/XX/XXXX ) and before XX/XX/XXXX ( offer deadline ) instead. We only followed what we were told by XXXX ( a Investors Bank Assistant Manager ) who appears to have misunderstood the confusing language of the offer and we should not be penalized because we also did not understand the confusing language of the offer. 

As a resolution, I suggested to XXXX that we be given a short time extension of the offer to do 10 additional POS purchases to qualify for the {$200.00} reward as the XX/XX/XXXX deadline had just ended the day before. XXXX agreed the language of the offer was very confusing and she said she would escalate the issue to her boss and see if my suggestion was doable. The following week XXXX informed me that her back office said they did not have the capability to extend the offer deadline and XXXX also said the issue had been escalated by XXXX 's boss to her Superior to see what can be done. On XX/XX/XXXX, XXXX called to say her big boss had decided to deny my complaint but XXXX said I could call Investors Bank Compliance Department about the confusing offer language to see if they can help. 

I called the Compliance Department on XX/XX/XXXX and was told by a Investors Bank representative named XXXX that Compliance does not speak to customers directly. I explained the unfair circumstances of my complaint to XXXX who then called XXXX to verify my statements. After speaking to XXXX, XXXX filed a request on my behalf to Compliance to investigate my complaint. On XX/XX/XXXX XXXX called to say that Compliance agreed the offer language was confusing and that they would make changes for future offers but that they could not overrule XXXX XXXX big boss 's denial. I told XXXX that Investors Bank was being unfair and unreasonable and XXXX said she was sorry she could not help. 

Please be advised that my family member has filed the same complaint for her account in a separate filing with CFPB.