Checking or savings account -- Opening an account -- Complaint #9695350
Complaint Overview
Complaint ID: 9695350
Company: Wells Fargo & Company
Product: Checking or savings account
Sub-Product: Checking account
Issue: Opening an account
Sub-Issue: Didn't receive terms that were advertised
State: California
ZIP Code: 91791
Date Received: 2024-08-02T12:00:00-05:00
Date Sent to Company: 2024-08-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I received a " bonus offer '' advertisement through physical mail several months ago, where it was stated that any new Wells Fargo checking customer would be eligible for a {$320.00} bonus if a checking account is opened with qualifying activities. As a result, I opened a checking account with Wells Fargo online on XX/XX/year> with a promotion code. ( I have attached the front and back images of the advertisement card along with this complaint for reference ) On XX/XX/year>, I called Wells Fargo 's customer service number in an attempt to follow up on the status of my " bonus offer '', but was informed that I didn't meet the eligibility requirement. I discussed my situation with a customer service representative, expressed my disagreement regarding the " ineligibility '', and requested to file a complaint escalation. On XX/XX/year>, an escalation representative ( XXXX XXXX XXXX called me and once again went over my situation with me in detail. At the end of the call, XXXX committed that he will respond with an investigation result within 10 business days. On XX/XX/year>, I received an email notifying me that after a review of the promotional offer requirements, it was determined that I didn't meet one of the requirements. More specifically, the advertisement has stated that Wells Fargo requiring " receiving a total of {$1000.00} or more in qualifying electronic deposits to the new checking account within 90 calendar days from account opening '', but unfortunately, the investigation result has shown that while I have made a bank-to-bank transfer on XX/XX/year> which meets both the timing and minimum amount requirements, the transfer itself wasn't considered a " qualifying electronic deposit '' because Wells Fargo 's interpretation of a " qualifying electronic deposit '' is actually a " deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and a direct deposit made through the ACH network, an instant payment processed through the real-time payment system or an electronic credit from third party service that facilitates payments to your debit card ''. With that, I still wholeheartedly disagree with the investigation result because I deeply believe that any regular customer would struggle in associating a " qualifying electronic deposit '' with a " direct deposit '' because the latter term typically carries a connotation of a recurring, periodic stream of incoming payments. Such confusing verbiage on an advertisement is misleading, and likely deemed deceptive from a consumer 's perspective.
Frequently Asked Questions
What is Complaint #9695350 about?
Complaint #9695350 was filed against Wells Fargo & Company regarding Checking or savings account specifically about Opening an account. It was received by the CFPB on 2024-08-02T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.