Consumer complaint received 2024-05-20 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
I opened up a new checking and savings account with Chase after receiving a promotion offer for a total of {$900.00}. According to the terms of the promotion, I had to transfer {$15000.00} into a new savings account and arrange a direct deposit into a new checking account within 90 days of opening the account. 

I arranged various direct deposits but did not receive the bonus. I called Chase on XX/XX/2024 and spoke to XXXX who identified himself as a supervisor in the escalation team. 

He advised me that the only direct deposit that would qualify for the promotion was a salary payment or a payment from the Government. He confirmed that a direct deposit that was set up for a tax refund from the IRS would qualify for the promotion. 

I was told that the conversation was recorded and he provided me with the following reference number : XXXX XXXX XXXX. 

I followed XXXXXXXX XXXX advise and set up the direct deposit on my tax return. A direct payment from the IRS was paid on XX/XX/2024. 

I subsequently contacted chase through secure mail and was advised that I had not met the requirements and that a payment from the IRS would not qualify. 

On XX/XX/2024 I called Chase and asked to speak to a supervisor who identified himself as XXXX. The reference number is XXXX XXXX. He told me that the IRS does not qualify. 

The terms and conditions copied below also state that a direct deposit from the Government would qualify. The XXXX XXXX XXXXXXXX exclude person to person payments but do NOT exclude tax refunds or payments from the IRS. 

I believe this amounts to false advertising. I deposited {$15000.00} in an account that pays virtually no interest. Over the last three months I have received a total of XXXX cents in interest ( see copies of screenshots ). 

Terms and Conditions- To receive your bonus you must-- Have your direct deposit made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits such as Social Security from your employer or the government. Person to Person payments such as XXXX are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than {$1.00}, that are sent to your account to verify it is the correct account After you have completed all the above requirements, we will deposit the bonus in your new account within 15 days. Important Bonus Account Information- You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT or Form 1042-S, if applicable.

Company response to consumer: Closed with explanation