Consumer complaint received 2025-10-28 00:00:00
Product: Checking or savings account — Savings account
Issue: Opening an account — Didn't receive terms that were advertised
Company: SANTANDER HOLDINGS USA, INC.
State: MA

Complaint narrative:
Complaint Details : On XX/XX/XXXX, I opened a new Santander Money Market Savings account specifically to qualify for an advertised {$300.00} bonus. The offer required me to " Deposit a minimum of {$15000.00}... when you open the account and keep that {$15000.00} balance in the account for 90 days. '' Action Taken : I opened the account on XX/XX/XXXX. As part of this opening process, I initiated a {$15000.00} bank-to-bank electronic funds transfer ( EFT ) from an external institution. 

Settlement Delay : Due to standard, unavoidable inter-bank processing times, the {$15000.00} deposit settled in the new Santander account on XX/XX/XXXX XXXX 

Adherence to Terms : This {$15000.00} has remained in the account, untouched, since XX/XX/XXXX, fulfilling the 90-day holding period. 

Improper Denial : After the 90-day period, the bonus was not paid. I called customer service on [ Date of your 45-minute phone call ]. 

First Denial Reason : The representative initially stated the bonus was denied because the {$15000.00} did not come from a " direct deposit. '' This is incorrect. The offer 's terms clearly show the direct deposit requirement was for the checking account bonus, not the savings account bonus. 

Second Denial Reason : After I challenged this, the representative put me on hold for an extended period. They returned and changed their reason for the denial, stating my " average balance '' for the 90-day period was not {$15000.00}. This is because the bank started the 90-day clock on the opening date ( XXXX XXXX and counted the first three days of standard settlement processing ( when the balance was {$0.00} ) against me. 

My Argument : This is a deceptive and unfair practice that violates the Consumer Financial Protection Act 's prohibition on UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices ).

Deceptive Advertising : The offer is deceptive because it omits a critical, material fact. The phrase " Deposit ... when you open the account '' does not disclose that the funds must be fully settled on the exact calendar day of opening. A reasonable consumer would understand this to mean initiating the opening deposit at the time of account creation. 

Unfair & Unreasonable Requirement : It is unfair to penalize a consumer for the 3-day, non-controllable settlement time of a standard bank-to-bank transfer. As I argued with the bank, their interpretation implies that the only way to meet this unstated requirement is to deposit {$15000.00} in cash or use a ( potentially costly ) wire transfer on the same day. This is a misleading and impractical expectation that is not stated in the offer. 

Bad Faith by Bank : The bank 's initial attempt to deny the claim using a completely incorrect reason ( the " direct deposit '' rule from a different offer ) demonstrates poor training and bad faith, suggesting a pattern of finding any excuse to avoid paying earned bonuses. 

I fulfilled the requirements of the offer as any reasonable consumer would. The bank is using an ambiguous phrase and the standard, unavoidable delay of the banking system to unfairly deny a bonus I have rightfully earned.

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