Consumer complaint received 2024-05-04 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: First Technology Federal Credit Union
State: TX

Complaint narrative:
I opened an account using the XXXX promo code. I completed the direct deposits as required, but they refused to pay out my bonus. 

XX/XX/year> Opened account XX/XX/year> XXXX XXXX XXXX XXXX XXXX XX/XX/scrub>XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Denied bonus - they stated Account was not eligible for this offer due to the direct deposit being deposited on the last day of the month. The last day of the month does not count toward the rewards. Per our website. 

In order to qualify, all qualifications listed above must be completed and posted to your account prior to the last day of the month. For example, the last day of XXXX is XX/XX/XXXX. Debit and credit card transactions must post to your account ( s ) by XX/XX/XXXX. Transactions that post on the last day of the month will be counted toward the next months qualification cycle. Debit and credit card purchases can take up to several business days to post, depending on the merchants processing time. If you dont meet the requirements for a qualification period, youll earn the non-qualified rate and corresponding APY. 

That language appears on the https : //firsttechfed.com/bank/first-tech-rewards webpage under footnote 2, Section II. Terms and Conditions Applicable to First Tech Rewards Checking Accounts, subsection 4c. The rules they quoted to me are for the interest rate on the checking account, not the XXXX offer rules. There is no such language on the XXXX offer webpage. 

That quote has nothing to do with qualifying for the {$200.00} bonus under the XXXX promos XXXX XXXX XXXX Offer. 

The quote comes from the https : //firsttechfed.com/bank/first-tech-rewards webpage and concerns only what is needed to qualify for a 4.00 % APY on a First Tech Rewards Checking Account. 

For the XXXX promos New Direct Deposit Offer, see the https : //www.firsttechfed.com/pages/depp/simplify-your-banking-life webpage. 

The XXXX XXXX XXXX Offer requires only the following : XXXX ) Meet the new memberhsip requirments.

2 ) Receive DDs totaling at least {$1000.00} per calendar month for three consecutive calendar months.

3 ) Receive the first DD within 60 days of Enrollment in the NEW2023 promo.

4 ) Receive the last DD within 120 days of Enrollment in the XXXX promo. 
5 ) DDs must from come from your employers payroll.

I met the requirements stated above. The prior to the last day of the month condition does not apply.

New Direct Deposit Offer : New direct deposit must occur at least once per calendar month from the Participants employer payroll into any account of which the Participant is the primary account owner. Direct deposits from a non-employer payroll source do not qualify. Monthly recurring direct deposit amount must total at least {$1000.00} for a {$200.00} bonus. Initial direct deposit must take place within 60 calendar days of Enrollment. At least three recurring direct deposits must be completed within 120 calendar days of Enrollment and direct deposit must be maintained for 120 calendar days after Enrollment. Only the Participant will receive credit for the direct deposits. Any qualifying bonus will be deposited to the Participants Membership Savings account the first week following 120 calendar days of Enrollment.

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