Consumer complaint received 2024-05-02 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ

Complaint narrative:
I brought this to the attention all the way up to the top executives of BofA and nobody there seems to care if they don't honor their offer. I opened an account late last XXXX where I was entitled to a {$3000.00} bonus based on the terms of the offer and what was discussed with a representative of XXXX XXXX, a Bank of America company, before opening the account. We discussed the terms of the offer and we met the terms of the offer. My husband received the bonus but I did not despite us handling things the same way with the accounts according to the offer terms. A XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX at Merrill Lynch/BofA arranged for our initial meeting. 

I saved the offer terms when I opened the account, see below. The terms said nothing about a required direct deposit or mobile banking login which is why we were told the bonus was not honored. 

Not only that, the XXXX and XXXX XXXX at Merrill Lynch/BofA told my husband I would receive the bonus on XX/XX/XXXX. She said on the phone that I will get the {$3000.00} bonus and she left a message with BofA to make it happen. 

On XX/XX/XXXX, she emailed something completely different to me. She said : she reached out to the department that handles these offers. Below is the explanation she received. 

We have reviewed your account and determined that your account did not meet the terms and conditions of the offer ( attached ) and therefore did not qualify for the incentive. As described in our offer terms and conditions, within 120 days of the checking account opening date of XX/XX/XXXX you needed to have at least one Bank of America Online or mobile banking login or have qualifying direct deposits made into the account. Our records indicate that neither of these occurred. 

Offer terms when we opened the account which we followed : {$3000.00} Bonus Also ask us about preferred deposit and CD rates Text Box : Open a qualifying checking account and make a minimum deposit across Bank of America banking and/or Merrill investing XXXX XXXX BONUS OFFER TERMS Offer valid through XX/XX/XXXX. This is a limited time offer and is not available for use in combination with other offers. Bank of America may change or discontinue this offer at any time without notice before that date. 



Offer valid for Individuals who fund accounts with at least {$250000.00} new combined qualifying assets into eligible Bank of America deposit accounts and/or eligible Merrill Lynch XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX referred to as XXXX XXXX XXXX XXXX XXXXXXXX ) investment accounts. XXXX Bank of America deposit accounts include Bank of America Advantage Banking XXXX Bank of America Advantage Savings, CDs, and Individual Retirement Accounts ( IRA ) ; eligible Merrill investment accounts include personal XXXXXXXX XXXX XXXX XXXX XXXX ) and IRA accounts ( Traditional, XXXX, Rollover, Simplified Employee Pension, SIMPLE ). The checking account must be owned or co-owned only by XXXX or more individuals. Non-personal, fiduciary or trust accounts will not satisfy the checking account requirement. Qualifying assets must be owned by the same individual, including assets owned through a revocable trust that uses the same tax identification number as the individual. Bank of America Private Bank fiduciary or custody accounts are not eligible. 



Offer limitations : You are not eligible for this offer if you were an owner or co-owner of a Bank of America personal checking account within the last ( XXXX ) months. Offer limited to XXXX incentive per client. Clients must have a U.S. domestic address ( this includes XXXX XXXX and XXXX XXXX XXXX ) to qualify for this offer. Clients with any foreign address are not eligible for this offer. 



How it works : Meet with a Merrill advisor or Wealth Management Banking Specialist to discuss in the offer. 
Open a new Bank of America Advantage Banking account by XX/XX/XXXX. 
XXXX your accounts ( combination of Bank of America deposit and Merrill eligible investment accounts ) with at least {$250000.00} qualifying new assets to receive {$1000.00} or at least {$500000.00} qualifying new assets to receive {$3000.00}. 
Accounts funded with qualifying new assets within 60 days prior to when the checking account is open or within 60 days after the checking account is open are eligible to meet the funding requirements. Note that the same assets XXXX not be used to qualify for multiple client incentives. 
For purposes of this offer, qualifying new assets are calculated by adding total incoming assets or transfers ( including cash, securities and/or margin debit balance transfers ) from external accounts. 
XXXX pledged account assets and proceeds deposited into an eligible account from retirement plan rollovers administered at an outside institution count towards new assets. 
Assets transferred from other accounts at Bank of America, Merrill, Bank of America Private Bank, or retirement plan accounts administered by XXXX XXXX XXXX/Bank of America do not count towards qualifying new assets. 
Annuities and life insurance, even if held in an eligible account, do not count towards qualifying new assets. 
On day XXXX after opening the checking account, your bonus tier will be determined based on your eligible new assets of at least {$250000.00} to {$490000.00} to receive the {$1000.00} incentive or {$500000.00} or greater to receive the {$3000.00} incentive across your eligible Merrill investment and Bank of America deposit accounts. You must also maintain a minimum of {$2000.00} daily in your new checking account from day 61 to 120 after account opening. Gains and losses to qualifying investment balances from trading or market fluctuations will not be counted for purposes of meeting the balance requirements. 
Within 120 days after opening your checking account, your Bank of America Advantage Banking account must be deemed active by : Having at least one Bank of America Online or mobile banking login or, Have qualifying direct deposits made into the account. A Qualifying Direct Deposit is a direct deposit of regular monthly income such as your salary, pension or Social Security benefits, which are made by your employer or other payer using account and routing numbers that you provide to them. Examples of non-qualifying transfers and deposits include the following : teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, or transfers from a bank or brokerage account or Merrill account. 


Additional Terms and Conditions : Your account does not qualify for the bonus described until you provide all the information, we require in connection with opening the account by the promotion end date. 



TAX DISCLAIMER : This includes information we require to identify each account owner and to report the value of the bonus to the Internal Revenue Service ( IRS ), including a validly completed IRS Form W-9 or Form W-8 ( as applicable ). The value of the bonus may constitute taxable income to you. Bank of America may issue an IRS Form 1099 ( or other appropriate form ) to you that reflects the value of such bonus. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice. 

If the offer requirements are met for either the {$1000.00} bonus or the {$3000.00} bonus, we will deposit the earned bonus directly into your eligible Bank of America Advantage Banking account after ( XXXX ) days but no more than ( 60 ) days following the end of the 120-day maintenance period : if we are unable to do so, a check will be issued. Your new Bank of America Advantage Banking account must be open and in good standing up to and including the date any earned bonus is paid to receive the bonus. 

The minimum deposit required to open a Bank of America Advantage Relationship Banking account is {$100.00}. The Annual Percentage Yield ( APY ) for Bank of America XXXX XXXX Banking for XXXX XXXX is as follows : less than {$50000.00}, 0.01 % ; {$50000.00} to less than {$99000.00}, 0.02 % ; {$100000.00} - {$990000.00}, 0.02 % ; {>= $1,000,000} and over, 0.02 %. APYs are accurate as of XX/XX/XXXX. 

Bank of America Advantage Relationship Banking for Wealth Management is a variable rate account. The rates may change after the account is opened. Fees may reduce earnings. View additional rates for other types of checking accounts here : Account Interest Rates for Savings, Checking, CDs & IRAs Account Interest Rates for Savings, Checking, CDs & IRAs Review Bank of America 's interest rates and annual percentage yields ( APYs ) for checking, savings, XXXX and IRA XXXX... 




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For other account fees, rates and information, please see the Personal Schedule of Fees. To obtain a copy consult your Merrill advisor ( if applicable ), visit a financial center, or go to bankofamerica.com.

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 monetary relief