Dollar Bank Promotion -- ?Scam

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Topic Author
catchup
Posts: 251
Joined: Sun Apr 20, 2008 12:15 pm

Dollar Bank Promotion -- ?Scam

Post by catchup »

While shopping for mortgages and relocating this Spring, I decided to open a checking account at Dollar Bank and do my mortgage with Dollar.

Among the incentives offered, in addition to a decent mortgage rate, were the following:

$200 off mortgage fees for having a qualifying checking account: received.
$400 of promotions associated with opening the checking account: receiving, with last 100 coming on 1 year anniversary.

And:
Refer a friend, with 25 dollars going to my wife for referring me and 100 to me upon opening the account -- DENIED.

Before I opened the account online and went through these promotions and was assured I would be eligible for receiving them. It did not matter that the referring friend was my wife, I was assured. I was to bring in the coupon when I was in the area.

As I was opening the account, I confirmed the above.

After I opened the account, I brought in the coupon and was told it would be processed, and went through all of the promotions again.

When I did not see the money deposited, I called and was told the 100 dollars for refer a friend would come after my first direct deposit.

After my first 2 direct deposits, I called and was told that the refer a friend promotion was denied.
I called the branch and was told the reason was that I had received the 400 dollar promotion for opening the account instead of the refer a friend promotion. I could not have both. They say my wife will receive 25 dollars. I'll believe it when I see it.

Nowhere on either promotion does it say the promotions are mutually exclusive. I have asked for something in writing to demonstrate where it was indicated that the promotions could not be received simultaneously.

I am probably being greedy, but the principle of possibly being scammed by my bank bothers me, and I am tempted to push the issue to the legal department and to the higher ups of the corporation. I don't care as much about the 100 dollars as the principle. It seems somewhat fraudulent to me.

Any thoughts? Should I drop it and not look a gift horse in the mouth? What is the best way to hold the bank accountable?

Thanks.
sycamore
Posts: 1225
Joined: Tue May 08, 2018 12:06 pm

Re: Dollar Bank Promotion -- ?Scam

Post by sycamore »

My initial thought is that this situation is less due to malfeasance and more due to their promo advertisements being less-than-forthcoming. It doesn't sound like a scam to me but we may have different standards about that :) I have no experience with Dollar Bank, but based on some reviews at depositaccounts.com they seem okay at first glance.

I suggest double checking the terms & conditions for the promotions. I usually download/screenshot those things when I do online account bonuses, just in case. Set up an appointment to discuss it with a banker/customer service representative. Visiting in-person is not so easy these days but you might get better service face-to-face. Show them you complied with the terms and there was nothing about them mutually exclusive. Gently suggest you intend to file a complaint with the Better Business Bureau or some govt agency (not sure if it'd be CFPB, the Fed, or maybe FTC because it's advertising-related).

At some point, it's worth asking if the $100 + $25 are worth the effort.
Topic Author
catchup
Posts: 251
Joined: Sun Apr 20, 2008 12:15 pm

Re: Dollar Bank Promotion -- ?Scam

Post by catchup »

Good perspective, thanks.
I don’t think it’s deliberate malfeasance. More likely due to fragmentation between marketing department and others. Marketing will say what you want to hear. People at the branch don’t set up the deals. I’ll give them a chance to Respond in writing, go in to the branch with the offers, let them know I may send out a few letters and address the issue on certain public forums, and then drop it and move in.
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