Consumer complaint received 2026-05-14 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Company closed your account
Company: MORGAN STANLEY & CO. LLC
State: MA

Complaint narrative:
I am submitting this complaint regarding promotional cash bonuses associated with a checking account and Premium Savings Account opened with E * TRADE / Morgan Stanley Private Bank. I completed all stated requirements for both promotional offers : 1. a {$300.00} checking account bonus based on qualifying direct deposits ( two direct deposits with at least {$1500.00} each ) ; and 2. a {$1000.00} Premium Savings Account bonus based on qualifying deposits and holding-period requirements ( deposit {$100000.00} within 30 days of account opening and maintain the balance for an additional 45 days ). Throughout the promotional period, I received written email confirmations from E * TRADE stating that I had successfully met the promotional requirements ( see attached emails ). For the Premium Savings Account promotion, the terms required maintaining the qualifying balance of at least {$100000.00} for 45 additional days after the initial 30-day funding period. I complied with this requirement and only transferred funds after the stated holding period had ended. Specifically : * I opened the Premium Savings Account on XX/XX/XXXX ; * I deposited {$100000.00} into the account within the required 30-day funding period ; and * I made my first withdrawal request on XX/XX/XXXX, more than 50 days after the end of the funding period and approximately 5 days after the required holding period had ended. However, before the bonuses were credited, E * TRADE / Morgan Stanley closed the accounts and later informed me that the bonuses would not be paid because the accounts did not remain in good standing due to discretionary account closure. Importantly : 1. E * TRADE never identified any specific violation of the promotional terms ; 2. E * TRADE never alleged that I failed to meet the deposit or holding requirements ; 3. I retained written communications from E * TRADE confirming that the promotional requirements had been satisfied ; and 4. Following the account closures, E * TRADE sent correspondence stating that the accounts were closed because my personal information may have been used fraudulently to open the account. The correspondence did not identify any violation of the promotional terms, any finding of promotional abuse or gaming, or any failure to satisfy the promotional requirements. Additionally, in E * TRADE / Morgan Stanleys prior written response ( attached ) to my CFPB complaint, the bank stated that the accounts had been placed into restrictive status pending verification of account activity and later closed under the banks discretionary account closure authority. The response further stated that the promotional bonuses were denied solely because the accounts did not remain in good standing. However, the response did not identify any failure to satisfy the promotional requirements, any violation of the promotional terms, or any finding of promotional abuse or gaming. Although the deposit account agreement provides the bank with discretion to close accounts, I believe it is unfair and misleading to confirm that promotional requirements were met and later deny the bonuses solely because the bank exercised discretionary account closure authority without identifying any specific violation of the promotional terms. I respectfully request that E * TRADE / Morgan Stanley review this matter and honor the promotional bonuses for which I satisfied the stated requirements.

Company response to consumer: Closed with explanation