Consumer complaint received 2025-03-24 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Didn't receive terms that were advertised
Company: MORGAN STANLEY & CO. LLC
State: IL

Complaint narrative:
Etrade/Morgan Stanley sent me a targeted solicitating email on XX/XX/XXXX, inviting me to open a checking account and promised to give me a {$250.00} bonus if I meet the following requirements : 1. open a new checking account by XX/XX/XXXX, fund the account within 30 days. 
2. make 2 direct deposits each of {$1000.00} or more within 90 days of account opening.

3. the {$250.00} bonus will be deposited to my account within 120 days of account opening. 

On XX/XX/XXXX, I opened my first-ever checking account with Etrade/Morgan Stanley by clicking the invitation link within the solicitation email. 
On XX/XX/XXXX, I received an email from Etrade/Morgan Stanley acknowledged my new checking account was enrolled in the cash promotion. 
On XX/XX/XXXX, I funded the new account. 

On XX/XX/XXXX, my first pay of {$1000.00} hit the account by direct deposit. 
On XX/XX/XXXX, I received an email from Etrade/Morgan Stanley informing me " You're one step closer to your cash bonus ''. 
On XX/XX/XXXX, my second pay of {$1000.00} hit the account by direct deposit. 
On XX/XX/XXXX, I received an email from Etrade/Morgan Stanley informing me that I had met the bonus requirements and " You're on track to receive a cash bonus in your new account ''. 

On XX/XX/XXXX, just about time the bonus was due, I was shocked to received an email from Etrade/Morgan Stanley notifying me that my account did not met the offer requirements to qualify for the bonus. 
On XX/XX/XXXX, I called and spoke with XXXX XXXX XXXX, after several lengthy holds on the phone, he and his colleagues could not found a reason why I did not met the bonus requirements, so he submitted a case for me ( case # XXXX ) and promised I will get an answer within 2 business days.

After 2 business days passed and went, it was a dead silence from the bank, so I called again on XX/XX/XXXX and spoke with XXXX XXXX, after examined my account with her manager, they could not found the reason either, so she escalated the case and sent notes to the proper group and told me I should hear them by next Monday. 
By Monday XX/XX/XXXX, I did not hear anything from the bank so I called again and spoke with XXXX XXXX, after a couple of lengthy holds, she came back and finally given me a bogus excuse, she told me I was disqualified because my money was withdrawal too soon after my pay posted and cleared. 

We are talking about a checking account here, right? I opened this checking account to manage daily expenses and to pay bills ( as a checking account meant to be ), I should be able to withdrawal and pay my bills whenever needed as long as my pay is posted, cleared and becomes available to me, most importantly the bonus term does not require me to hold my posted pay for a specific period, basically they are trying to deny my bonus firstly by refusing to tell me which bonus requirement I failed to met, then they try to deny my bonus by changing the bonus requirements after the fact. I believe Etrade/Morgan Stanley is not conducting their business in good faith, I urge CFPB to investigate Etrade/Morgan Stanley 's business practices of bait and switch, false advertisements. If necessary I will file a formal complaints to other federal/state regulators and consumer protection agencies to stop Etrade/Morgan Stanley 's unethical business practices.

Company response to consumer: Closed with explanation