Consumer complaint received 2025-10-12 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: CO

Complaint narrative:
I signed up for an XXXX XXXX account through a targeted promotional offer on XXXX XX/XX/year>. The offer was that {$25000.00} had to be deposited within 30 days of account opening ( XXXX XX/XX/year> ), and held in the account for 60 days following. I have attached the terms and conditions as stated in the email in the attachments. 

Afterwards, I made XXXX separate deposits : XXXX on the XXXX XX/XX/year> for {$5000.00} and another on XXXX XX/XX/year> for {$20000.00}. bringing my total in the account to {$25000.00} without any interest payments. I have attached a screenshot of my XXXX online account showing the date for the second deposit being XXXX XX/XX/year>, as well as my statement from XXXX issued on XXXX XX/XX/year> stating that the balance, as of XXXX XX/XX/year>, was {$25000.00}. 

Additionally, I have attached a statement from my external bank stating that the funds were transferred to XXXX as of XXXX XX/XX/year>. 

XXXX is now refusing to honor the promotion saying that the funds must be " available '' within the 30 day window and that there is a XXXX business day " holding period '' before the funds are made available. For reference, XXXX has no record made available to the customer as to when funds become " available ''. There is only " current balance '' and " available balance '' numbers which are updated dynamically. I did however, check my balances on XXXX XX/XX/year> and the " available balance '' displayed above the required threshold. I have spoken to XXXX different customer service representatives and a supervisor, who all gave me different dates as to when the " holding period '' ended, but all insist that it was impossible for the funds to be available on XXXX XX/XX/year>, despite being inconsistent on which day it was made " available ''. This " holding period '' is present in their Savings Schedule, which is referenced in the terms and conditions for this offer but it is located on an external page which the terms and conditions do not link to. Furthermore, the wording for external bank transfers is worded as such : " Funds from Electronic Funds Transfers ... will generally be available for withdrawal no later than the fifth business day after the deposit is initiated. '' The wording mentions " available for withdrawal '', but the terms and conditions states " received and shown in Available Balance ... '', which I had verified on XXXX XX/XX/year> that it was in fact showing in the available balance, and did not have any intent to withdrawal the money. Additionally, it states that it will be " no later than the fifth business day '', but customer service representatives told me that it is always a XXXX business day holding period. 

I believe the terms and conditions of this offer are deceptive, or misleading at the very least. After I made the deposit, every piece of information that was available to me including account statements and the " available balance '' on my account profile indicated that I had met the required threshold amount within the 30 days of account opening. I would not have kept the money in the account for the additional 60 days if there was any indication that I was not eligible, since I had a higher interest rate with a different bank. The alleged " 5 day holding period '' is not stated directly in the terms and conditions, but rather in an external document, despite XXXX having received the funds already from the originating bank. The " 5 day holding period '' feels like it does not serve any purpose in this case other than to deceive the customer when it comes to this offer. If this were in fact the policy, with respect to the weekend being " non-business days '', then realistically the customer would only have XXXX calendar days to make the deposit, not XXXX. The other reason that I find this deceptive is that the " available balance '' does not have a log or history associated, and customer service representatives are inconsistent on when my balance was allegedly made " available '', despite the fact that I was able to see my available balance past the threshold on XXXX XX/XX/year>. Again, from all the statements and documents that are available to the customer, it is clear that I have fulfilled the terms and conditions of the promotional offer.

Company response to consumer: Closed with explanation