Consumer complaint received 2025-09-04 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: CA

Complaint narrative:
Subject : Morgan Stanley Private Bank / E * TRADE Systemic Deceptive Practice in Denying Promotional Bonuses Not a Duplicate New Request for Escalation This filing is not a duplicate of my prior CFPB complaint. My earlier complaint ( XX/XX/XXXX ) addressed Morgan Stanley / E * TRADEs refusal to honor a {$250.00} promotional bonus despite my full compliance with the written terms.

This new complaint raises different and escalated concerns : that Morgan Stanley is engaging in an illegal, deceptive, and unfair practice that affects many customers, not just me. I am explicitly requesting that this case be escalated to a higher team within the CFPB and within Morgan Stanley for urgent review.

Background On XX/XX/XXXX, I opened a new checking account under a promotion : Receive {$250.00} when you make two qualifying direct deposits of {$1000.00} or more within 90 days.

On XX/XX/XXXX and XX/XX/XXXX, I made two direct deposits of {$1000.00} each.

Morgan Stanley acknowledged that I was properly enrolled and that I completed the requirements.

Yet they denied payment, citing a vague excuse : The deposits do not appear to have been made in good faith with the intention of maintaining an account.

This so-called good faith rule : Appears nowhere in the promotion or account agreement.

Has no definition or objective standard.

Was applied retroactively only after I qualified.

Illegal Conduct Affecting Many Customers This is not an isolated incident : I have spoken directly with friends and peers who faced the exact same denial from Morgan Stanley under similar promotions.

Numerous public complaints online confirm a widespread pattern : consumers meet all the written terms, then get denied based on vague accusations of not in good faith or suspicious activity.

This is a systemic practice by Morgan Stanley to induce account openings while avoiding payouts, which constitutes a likely violation of the CFPBs UDAAP standard ( Unfair, Deceptive, or Abusive Acts or Practices ) : Deceptive : They advertise a clear promotion but secretly use hidden conditions.

Unfair : They reap the benefit of account openings and deposits while refusing to deliver.

Abusive : Customers have no way to comply with undisclosed, after-the-fact rules. In short, this is illegal behavior that harms many consumers.

Escalation Demand I demand that this case be escalated : Within CFPB : This matter should be reviewed not as a single complaint but as a potential enforcement case against Morgan Stanley for systemic UDAAP violations.

Within Morgan Stanley : The bank must escalate beyond its Compliance Department, which has stonewalled and declared the matter closed.

Legal Consequences if Ignored If escalation does not occur and Morgan Stanley refuses to comply : We as affected customers will pursue coordinated legal action through small claims court and/or arbitration.

I will actively encourage other impacted consumers to do the same, forming a collective effort to challenge this illegal practice.

I will also continue to file with the FTC, state regulators, and Attorneys General to ensure this deception is exposed.

Requested Resolution Immediate payment of the {$250.00} bonus I earned under the written terms.

A formal commitment from Morgan Stanley to stop using undisclosed, subjective criteria to deny promotional bonuses.

Formal escalation of this complaint to a higher-level review at CFPB and within Morgan Stanley .

Why CFPB Must Intervene This is not about {$250.00}. It is about truth in advertising, legality, and consumer trust. If banks can invent hidden conditions after customers have already performed, then no promotional offer in the financial industry is safe.

Morgan Stanleys conduct is illegal under UDAAP, and CFPB has the authority and the obligation to investigate and take enforcement action.

Company response to consumer: Closed with explanation