Consumer complaint received 2024-03-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Applied and approved for a Bank of America business checking account on XX/XX/XXXX through a sign up bonus promotion which I thought was to maintain $ XXXX and receive $ XXXX bonus. 

I called shortly after opening to verify both that the bonus was successfully attached to my application and that the amount and terms of the bonus were accurate. To my surprise I was told I was enrolled in a lower bonus offer of $ XXXX $ XXXX ( rather than $ XXXX $ XXXX ) and went over the terms. I was disappointed but asked to speak with a supervisor to verify what the first representative told me. Unfortunately the supervisor confirmed that it was indeed $ XXXX $ XXXX and stated it was successfully attached to my application and that " once an application and a promotion code is submitted we have no way to change the code or the terms. '' I proceed to follow the terms of the promotion as stated by two representatives. Upon competition and accounting for the time window in which they are allowed to wait before bonus issuance I called on XX/XX/XXXX to inquire as to why the bonus had not been posted to my account. XXXX told me he can see that I met the requirements and will escalate this and to call back in roughly two weeks for a resolution if I've yet to either receive the bonus or be contacted. Unfortunately neither happened. 

On XX/XX/XXXX I went on live chat and was told I didn't meet the bonus requirements " which was {$1000.00} for $ XXXX new money deposited within 30 days and held the avg daily balances for days XXXX. '' Much to my surprise I was in fact enrolled in the original $ XXXX $ XXXX promotion that I had initially applied for and only because of misinformation I didn't satisfy the requirements! This is both disappointing and ironic. 

Directly after receiving this news I called the phone number given to further inquire and was transferred to a supervisor by the name of XXXX. She looked into it and confirmed what the chat representative wrote to me, that I'm not eligible and there's nothing they can do. 

I asked if they could review the call log shortly after I opened my account when I was given incorrect information regarding both the terms and bonus amount ( $ XXXX versus {$500.00} ). She told me she doesn't have access to that information. I followed up and asked who does and if I can be transferred to them. She said unfortunately she can not. I asked if she can escalate this internally to the appropriate department to review phone logs. She told me she believes that I was given misleading information and after several questions asking why there's nothing that can be done she put me on hold and escalated the issue and told me to wait 7-10 business days for a resolution. It's important to note that I asked for any means of confirmation and was told I wouldn't receive anything not email, mail or a call. Therefore I'm told to call back to receive the status of the escalation. 

Fast forward to XX/XX/XXXX when I called to request an update to the escalation labeled " misleading information '' ( can provide CASE ID upon request ). She informed me the complaint was submitted internally, escalated and rejected because " the offer code had expired. '' I politely pushed back and explained that my issue is I was explicitly told by two people, including a supervisor, that I was enrolled in a different promotion, not whether a specific bonus had expired. She was understanding but told me she could escalate again but that its " likely to be rejected for the same reason. '' Given that this was my third inquiry into this matter I ended communication with the bank, which is where we're at today. 

In summary, Bank of America refuses to accept responsibility for providing incorrect terms - twice verbally on the same call - and will neither acknowledge the call log nor credit the {$500.00} bonus.

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