Consumer complaint received 2024-02-09 00:00:00
Product: Checking or savings account — Savings account
Issue: Opening an account — Didn't receive terms that were advertised
Company: AMERICAN EXPRESS COMPANY
State: WA

Complaint narrative:
UPDATE : I received a letter from the company with reference number XXXX regarding my account ending in XXXX. The company acknowledges that I met the conditions, but they also state that they placed a fraud restriction on the account on XX/XX/XXXX, even though I had opened the account on XX/XX/XXXX. No reason was given for the fraud restriction, and there was no fraudulent activity on the account. I did not reach out to American Express about any fraud, and the money was transferred between my own accounts. Despite meeting all the conditions, the company placed a fraud restriction on my account and then stated that I did not meet the balance requirements for the offer. This is concerning as the company had my deposit of more than {$25000.00} in the high yield savings account. I would like to understand why the company placed a fraud restriction on my account and then decided that I did not meet the conditions of the offer. 




I hope this message finds you well. I am writing to bring to your attention a matter of great concern involving American Express Bank that has caused me significant distress and inconvenience. On XX/XX/year>, at XXXX XXXX, I received a promotional email from American Express Bank. The email was personalized with my name and was specifically targeted at me as a valued card member. The offer was enticing : a {$350.00} cash bonus if I deposited {$25000.00} or more into a new American Express High Yield Savings account by XX/XX/year>, and maintained that balance through XX/XX/year>. Believing in the credibility of American Express and the clarity of the offer, I promptly deposited the required amount into the new account. In fact, my account was credited with {$25000.00} on XX/XX/XXXX, well before the XX/XX/XXXX deadline. I made sure to maintain the balance as stipulated in the offer, expecting the bank to honor its promise. I maintained these funds until XXXX or XXXX, well beyond the required period. Despite my numerous attempts to resolve this issue with the bank, I have not received any satisfactory response or the promised bonus. This experience has left me feeling misled and unfairly treated. The bank 's failure to honor its promise and its lack of clear communication regarding the offer 's conditions have caused me considerable stress and disappointment. I have reached out to the bank 's customer service multiple times, only to be asked to wait, sometimes for as long as 15 days. Each time, I am given vague responses and promises of escalation to the corporate office, but to no avail. The bank continues to buy more time, leaving me in a state of uncertainty and frustration. It appears that the bank is using delay tactics and providing baseless reasons for not crediting the promised bonus. I kindly request your intervention in this matter. I believe that consumers should be able to trust the promotional offers they receive, especially from reputable institutions like American Express Bank. I am attaching all relevant documents, including the screenshot of the exact offer I received, the terms and conditions mentioned in the offer, and my bank statements showing the balance maintained throughout the offer period. Thank you for your attention to this matter. I trust in your commitment to protect consumers and uphold fairness in financial dealings.

Company response to consumer: Closed with explanation