Consumer complaint received 2025-01-03 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: U.S. BANCORP
State: VA

Complaint narrative:
US Bank began a marketing campaign to draw new depositors. The marketing approach resembles a Pyramid based reward system. However, I believe USBank has intentionally restricted calls, disconnected calls, intentional long wait call times, limit vital customer information ( such as account # s ), limit fund transfers to meet qualifications for their higher payout of higher savings dividend rates, higher credit card cashback rates and blocks opening of new checking account bonuses even though you have met their stringent requirements which are not typical of most other Financial Institutions. For instance, when the customer meets the XXXX savings account threshold ( {$100000.00} ), this triggers the highest dividend rate, it also triggers a higher cashback rate of 4 % on their XXXX credit card. In addition, having these services allows ( new ) customers the ability to apply for a checking signup bonus when available. Which is basically explained in their advisement. However, US Bank has established many obstacles to curtail qualifying customers from reaching their ( US Bank ) established bonuses thresh hold. 

The issues : The customer applies for the XXXX Credit card and US Bank solicits the customer to also apply for the XXXX savings account. During the process the bank has all of your vital financial information. In fact, they also fund the new XXXX savings account via the customers external bank via a link or a credit/debit card that US Bank initiates . Even after being approved for both products, the customer does not receive new account information ( not normal with other banks ), but US Bank enourages the customer to enroll in their online banking via many daily emails. Calling will not get the customer his new account information until a wait period has been established ( this is not a normal banking procedure ). The wait period is 7 - 14 days although US Bank has already approved the customer ( by email ) for a savings account and a credit card, but they do provide the customer any account numbers. You still are required to wait on US Bank for this information that you later have to call in for. US Bank does not mail or email the customer this information. With the bank having your financial information, the new customer is solicited to open a Smartly checking account with a bonus attached ( as long as the customer has other US Bank product & services ). I applied for the XXXX checking account too with a bonus stipulation and requirements attached to it. 

To get started toward the Smartly bonuses ( after wait period ), I called and a sales person transferred me to a US Banker ; however, after 30 plus minutes waiting on the banker to answer, I hung up the telephone. I called back and a new sales person provided me a savings account number and again attempted to transfer me to a Banker, I was disconnected. 

Later, using the savings account number, I enrolled online with US Bank. To get started on the bonus/thresh hold requirements, I set up to transfer funds to my US Bank savings account. The thresh hold for the highest US Bank XXXX savings APY is {$100000.00}. US Bank only allows a maximum of {$5000.00} a day/ {$10000.00} a month to be transferred into the bank. With this limit, it would take me a year to get the required transferred funds to US Bank to increase my APY ( this is not normal banking practice ). In addition, the XXXX credit card bonus ( 4 % ) is tied to the saving thresh holds which is limited to a max transfer of {$5000.00}. So again, US Bank stone walls the customer. Also, now to be approved for the checking, I am required to call US Bank to verify I applied for the checking account ( again, this is not normal ). I have not called US Bank and I refuse to do so. A US Bank representative called me about the feedback ( one star ) I provided the bank. I told her these issues. As is typical, it was out of her hands and she would not report my concerns, so why did she call? Don't know. None of the above requirements are typical procedures of banks offering bonuses. Typically, you deposit the money and you get the bonus. I believe this bank is stonewalling the new customers to withhold bonuses. I also believe USBank 's marketing campaign is a bait and switch tactic to draw more depositors and to intentionally block these customers from ever reaching the savings APY thresh hold, or the 4 % cashback on its XXXX credit card, and to also block the bonus of the new XXXX checking account. 

Resolution : 1. I want my external fund transfer limit increased, so that I can determine how much I want to deposit into this bank.

2. I want to be approved for the XXXX checking with the bonus requirement still atatched. I have met their initial requirements, but not approved and only need to make the deposit which they limit. 

If US Bank would have informed new depositors about these obstacles/stone walling procedures in their marketing advertisement, I would not be a member of this bank today. I believe this marketing campaign is a Pyramid Scam to enroll new customers, but not uphold their agreement with the customer who adhere to reach their lofty requirements. 

XXXX Bank XXXX XXXX XXXX, XXXX XXXX, XXXX, XXXX, XXXX, or XXXX XXXX ) play these types of games with the customer, why should US Bank be allowed to scam the customer with trumped up policies that they don't intend to uphold.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation