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: FIRST NATIONAL BANK OF PENNSYLVANIA
State: PA

Complaint narrative:
First National Bank, XXXX XXXX XXXX offered a {$400.00} bonus for opening a checking account and a {$300.00} bonus for opening a savings account. The archived offer page can be found here : XXXX XXXX XXXX I opened both types of accounts and fulfilled all requirements. The terms of the bonus were as follows : This promotional offer is limited to new customers who are residents of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Washington D.CXXXX XXXX, or XXXX  and may be redeemed at fnb-online.com or in-person at a First National Bank ( XXXX ) branch. New customers are defined as customers who do not have any active accounts with XXXX at the time the new account is opened. A {$50.00} minimum deposit is required when opening a checking account online except for the XXXX Account, which is {$25.00}. Offer valid for new personal checking accounts opened XX/XX/year>, through XX/XX/year>. Promotional offer consists of a {$400.00} direct deposit and transaction reward, and a {$300.00} account balance reward, for a maximum reward of {$700.00}, subject to the eligibility criteria and conditions set forth below. The conditions must be met or maintained, as applicable, during a promotional period that spans three full calendar months and that begins the first day of the month following the account opening date. For example, if the account was opened in XXXX, the promotional period would begin on XX/XX/XXXX1. Eligible customers may not receive the maximum of {$700.00} if all reward conditions are not satisfied. To receive the {$400.00} direct deposit and transaction reward, the following conditions must be satisfied : 1 ) Open a new personal checking account ( XXXX, XXXX, XXXX XXXX, XXXX  or XXXX  ) and make a qualifying direct deposit ( s ) totaling {$2500.00} within the promotional period ; and 2 ) Make 15 customer-initiated debit transactions from your new personal checking account within the promotional period ( including, but not limited to, point-of-sale transactions that settle and post to your account within the 90-day period, PIN, ATM withdrawals, transfers to other accounts, mobile banking, online bill pay, wire transfers, personal checks, and XXXX payments ) ; and 3 ) Your checking account must be open and in good standing for the duration of the promotional period. Your {$400.00} reward will be credited to the account within 15 business days following the promotional period. To receive the additional {$300.00} account balance reward, the following conditions must be satisfied : 1 ) Open a new personal XXXX savings account ( XXXX  XXXX  or XXXX XXXX XXXX ) and deposit {$5000.00} new-to-bank money at account opening, and 2 ) Maintain this {$5000.00} balance during the promotional period, and 3 ) Your savings account must be open and in good standing at the end of the promotional period. Your {$300.00} reward will be credited to the account within 15 business days following the promotional period. New-to-bank money is defined as money not already held in an existing XXXX account. Proceeds from XXXX loans do not qualify as new money. Offer is non-transferable and subject to change without prior notice. Offer may be terminated or extended based on response. Offer does not apply to multiple checking or savings accounts, existing XXXX checking or savings accounts, or accounts converting to another personal checking or savings account. Account rewards are limited to one per household per calendar year. XXXX employees and/or members of their household are not eligible for this promotion. XXXX may offer multiple promotions at one time. Even if you meet the requirements for multiple promotional offers, you are only eligible for and will receive one promotional reward offer. Checking accounts closed by the customer within 180 days of opening are subject to a {$50.00} account early closing fee except for the XXXX Account, which has no closing fee. Some checking accounts accrue interest based on balance. Lifestyle Checking currently pays on tiered rates, subject to change at any time. Please visit XXXX or your local branch for current rates. Fees could reduce the earnings on the account. See the Consumer Fee Schedule, which is available at any XXXX XXXX, for further information on fees applicable to this account. To the extent required by law, XXXX will report the value of this reward to the IRS on Form 1099 MISC. Any applicable taxes are the responsibility of the account holder. In the event we determine that your account does not meet the eligibility criteria, that the activity in your account does not qualify to meet the required conditions, is not in good faith, or otherwise undermines the spirit or intent of the promotion, we will not be obligated to credit your account with the reward payout. XXXX may determine at its sole discretion not to pay a promotional offer reward for an account that appears to be opened for the primary purpose of receiving the reward payout and not for any other genuine banking purpose ( s ). All bank account bonuses are treated as income/interest and as such you have to pay taxes on them First National Bank has now denied the bonus stating that a direct mailer was required even though no such stipulation exists in the original terms. I believe First National Bank is violating banking industry regulations. Truth in Savings ( Regulation DD ) Requires Full Disclosure Under 12 CFR 1030.8 ( d ), if a bank states a bonus in an advertisement, it must clearly and conspicuously disclose all material conditionse.g. the time requirement to earn the bonus, the minimum balance required to obtain it, and when it will be paid. Slapping on a brand-new must have received a mailer promo requirement after youve opened your account, when that condition was never disclosed, runs afoul of Reg DDs ban on misleading or inaccurate ads ecfr.gov. Unfair or Deceptive Acts and Practices ( UDAP ) FTC & CFPB Both the Federal Trade Commission Act ( Sec. 5 ) and the Consumer Financial Protection Act prohibit deceptive or unfair practices in marketing financial products. The FTC enforces truth in advertising across all media, and the CFPBs Circular 2024-03 reinforces that covered banks may not slip in undisclosed contract terms that take away consumer rights. A retroactive mailer-only requirement is exactly the kind of bait-and-switch these laws forbid XXXXconsumerfinance.gov.

Company response to consumer: Closed with explanation