Consumer complaint received 2025-04-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: NEW YORK COMMUNITY BANCORP INC
State: CA

Complaint narrative:
On XX/XX/XXXX, I sent the following in an email : " Im reaching out to follow up on the {$250.00} promotional cash credit for opening a XXXXXXXX XXXX  account at closing. See promotional flyer attached. The account was funded with a {$500.00} direct deposit on XX/XX/XXXX. The balance has remained {$500.00} every day since. Its my understanding that the {$250.00} cash credit would be credited to the account between XXXX days after the initial deposit. In this case, today is day XXXX since XX/XX/XXXX and the promotional credit has not yet been added to the account. '' On XX/XX/XXXX, I received the following response from XXXX XXXX, Branch Banking Client Consultant II | Certified Lender XXXX XXXX XXXXXXXX : " I took a look at the account the second requirement is an average daily balance of {$500.00} which was not met. 
The account was open on XX/XX/XXXX, but the account remained at a {$0.00} balance until XX/XX/XXXX. The average balance between XX/XX/XXXX and XX/XX/XXXX which is the first 90 days was {$460.00}. '' On XX/XX/XXXX, I responded with : " On the promotional flyer, the terminology is : ( Within the first 90 days of the account funding ( bonus period ) you must maintain an average daily balance of {$500.00} or more ) So that would mean the period began on the date of funding, XX/XX/XXXX. Since XX/XX/XXXX until today, the average daily balance has been {$500.00}. '' On XX/XX/XXXX, I received the following response from XXXX XXXX : " I have attached a copy of the disclosure provided at account opening. {$250.00} Cash Bonus - Within the first 90 days after account opening and funding you must maintain an average daily Balance of {$500.00} or more and have one or more direct deposits ( ACH credits ) totaling {$500.00} or more. I can submit an escalation, but the disclosure states it's 90 days from account opening. I will get that in and touch base with you by the end of the week. '' On XX/XX/XXXX, I responded with : " I would appreciate the escalation. Even in the disclosure, it says after account opening and funding which means once the account is open and funded, the 90 days begin. If the 90 days began at account opening, it would simply say " 90 days after account opening After I followed up numerous times regarding the escalation, XXXX responded on XX/XX/XXXX with the following : " I have an update on the escalation, unfortunately it was denied. The disclaimers indicate the account should be funded with {$50.00} at opening so the 90-day period does begin on the day of account opening. The minimum for account opening is listed both in the Heres how it works section and in the 2nd paragraph of the disclosures. I am sorry for the delay on getting back to you and that I dont have better news. '' On XX/XX/XXXX, I responded with : " Thank you for the update. Id like some clarification on this. Regarding the promotional flyer, the terminology is, Minimum {$50.00} deposit to open checking account. Therefore, if the account balance is {$0.00}, the account is not yet open. The {$50.00} deposit is a condition in order to open the checking account. So the account can not be deemed open '' until the condition is satisfied. 

This is further supported by the disclosure addendum which states that account opening = minimum balance to open + account funding has occurred. It further states that the account must be funded within 90 days, not at opening per your previous email. So if the account balance is {$0.00} as it was from XXXX, the minimum balance has not been met, nor has account funding occurred. Therefore, the account has not yet been opened. 

Additionally, it says XXXX days after an initial deposit is made to the new account and within the first 90 days of the account funding ( bonus period ) which further identifies the bonus period being after initial funding, not at account opening should you maintain the incorrect position that the account is open even when it has not yet been funded. 

Ive attached the documents with markups indicating this precise language and terminology. Should this escalation be denied, I am requesting that each of the three markups in the attached documents be addressed and explained as to how the language aligns with XXXX claims. The terminology is crystal clear and should this not be resolved, we will be taking legal, regulatory, and compliance action. This entire issue is silly and embarrassing on the part of XXXX and we will pursue action to prevent this mockery from happening to other consumers. 

We will initiate said action if we do not hear back with an adequate explanation or resolution by XX/XX/XXXX, 30 days after this inquiry was initiated. '' XXXX said she would escalate the inquiry once more. After I followed up multiple times, she responded XX/XX/XXXX with : " I did take this back up the ladder unfortunately with no luck. I am sorry for the delay, and that I dont have better news for you. '' On XX/XX/XXXX, I responded with : " Is XXXX refusing to answer my questions as stated in my XX/XX/XXXX email? '' On XX/XX/XXXX, XXXX XXXX, Branch Leader | Certified Lender XXXX XXXX XXXXXXXX responded with : " I hope you're doing well. We have addressed all of your questions in our previous communications, and this will be the final email from my team and me regarding this matter. Unfortunately, we are unable to make an exception for the promotion, as the requirements were not fully met. If you need any further assistance, please don't hesitate to reach out to our customer service team at XXXX. Thank you for your understanding. ''

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