Consumer complaint received 2024-11-25 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: WELLS FARGO & COMPANY
State: DC

Complaint narrative:
I responded to an email solicitation from Wells Fargo promising a {$520.00} bonus for new savings customers for depositing {$25000.00} in new money in a savings account. I fulfilled all the requirements to obtain the bonus, but Wells Fargo did not provide the {$520.00} bonus. 

Bonus Requirements : To receive the bonus, you must : -Open a new Wells Fargo consumer savings account in a Wells Fargo branch by XX/XX/year>. All account applications are subject to approval. 
-Deposit {$25000.00} or more in new money to your new savings account within 30 days and maintain at least a {$25000.00} balance for 90 days after account opening. 

I opened the savings account on XX/XX/XXXX. I deposited {$25000.00} on XX/XX/XXXX, which is within 30 days of account opening, and I maintained that balance until XX/XX/XXXX ( when I reduced it to {$3500.00} ), which is over 90 days after account opening ( XX/XX/XXXX ). 

The savings account generates almost no interest. I only opened the account for the {$520.00} bonus. I have corresponded with the banker who opened my account for me. Every time I email him, he calls me back because he doesn't want to put anything in writing. I have also filed a complaint with Wells Fargo via telephone, but I have also not received anything in writing from Wells Fargo in response to my complaint. 

The banker I spoke with said he thinks I didn't receive the bonus because {$17.00} out of the {$25000.00} I placed in the savings account was transferred in from my Wells Fargo credit card cash rewards balance, which he said Wells Fargo doesn't count as " new money '' towards the {$25000.00} required deposit. I was shocked to hear that Wells Fargo would disqualify me from the bonus over this small amount. It never occurred to me that the {$17.00} would not count towards my {$25000.00} requirement. I think it should count as " new money '' and that I therefore should receive the {$520.00} bonus I was promised and had relied on when opening the account and depositing {$25000.00}. I think it is " new money '' because the {$17.00} cash rewards I transferred to the savings account was not a deposit at Wells Fargo. It was my money that I earned though use of my Wells Fargo credit card. I could just as easily have had it withdrawn before depositing it into the savings account. To deny me the {$520.00} bonus I've been expecting for months over this small {$17.00} amount seems wrong to me. 

If Wells Fargo was going to deny me the {$520.00}, they should have informed me that I had not met the requirements. Instead, they let me keep the {$25000.00} sitting in the savings account for months earning close to no interest. I've been waiting and anticipating the {$520.00} bonus for months. When I finally got to the finish line, it feels like Wells Fargo is pulling the rug from under me, denying me the bonus over a technicality. I'd like Wells Fargo to do the right thing and provide me the {$520.00} bonus. I believe I fulfilled all the requirements. I deposited {$25000.00} in the savings account and kept it there for the required time. To deny me the bonus I've been waiting for for months over {$17.00} is wrong, and Wells Fargo should at least have informed me months ago that I didn't fulfill the requirements. Instead, they said nothing, and just let me keep {$25000.00} sitting in the savings account earning close to no interest.

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