Banks not honoring bank bonuses on time

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mwm158
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Banks not honoring bank bonuses on time

Post by mwm158 » Sat Sep 10, 2016 2:59 pm

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Loik098
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Re: Banks not honoring bank bonuses on time

Post by Loik098 » Sat Sep 10, 2016 3:13 pm

Sure, file your protests, but good luck in your battle. A "reset" of your own expectations would be much easier.

“Incredible change happens in your life when you decide to take control of what you do have power over instead of craving control over what you don't."
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Super Hans
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Re: Banks not honoring bank bonuses on time

Post by Super Hans » Sat Sep 10, 2016 3:23 pm

Of the many bank bonuses I've set out for through the years, the only bank that truly behaved irresponsibly was HSBC with the HSBC Premier $750 promotion that ran in the last quarter of 2015 and for which payouts were due around the end of May 2016. HSBC is just terrible. They offshore customer service to somewhere in Southeast Asia, even for "Premier" customers. Even when you can break through the language barrier, the people in the call center have absolutely no power to do anything. The Premier "Relationship Managers" seem to exist only to sell ridiculously overpriced managed investments. So they deserved a complaint, and you can see others have brought such a complaint if you search the CFPB's database. I nearly filed litigation under a consumer protection statute to shoot for treble damages, but eventually they came through after a demand by certified mail to a senior official.

But back to the topic, there have been a couple of times where I needed to enquire about the status of a bonus, but everyone (and there have been dozens and dozens) has complied without incident through the years--besides HSBC.

mwm158
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Re: Banks not honoring bank bonuses on time

Post by mwm158 » Sat Sep 10, 2016 3:35 pm

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cookymonster
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Re: Banks not honoring bank bonuses on time

Post by cookymonster » Sat Sep 10, 2016 3:44 pm

viewtopic.php?f=11&t=184911&p=2842164#p2842164

I'm curious how much money you make off these bank bonuses and why you changed your mind and decided they were worth the stress again.

Personally I may make $1000 a year. I don't get paid on time but I'd rather get paid late than hassle with them on the phone.

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Re: Banks not honoring bank bonuses on time

Post by mwm158 » Sat Sep 10, 2016 3:58 pm

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Jack FFR1846
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Re: Banks not honoring bank bonuses on time

Post by Jack FFR1846 » Sat Sep 10, 2016 4:19 pm

You probably don't have the personality to go chasing bonuses. I open an account and do what's needed for the bonus.......then I pay no attention whatsoever. When the $100 (or whatever) shows up in my account, it's a simple, welcome surprise. They could be 6 months late. Who cares....it's free money. Just chill, man.
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mickeyd
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Re: Banks not honoring bank bonuses on time

Post by mickeyd » Sat Sep 10, 2016 4:34 pm

This did not happen with a bank, but it taught me to follow-up on any "bonus" situation. My numbers are small, but I did not let it ride.

AT&T offered me a $10 Visa prepaid card if I switched from paper bill to online bill. This was several years ago. I opted in and, when I had no Visa card after 2-3 months, I called and was advised that I had to wait 6 months before I received it in the mail. Of course, after 6 months I called again and the CS rep had no idea what I was referring to and could see no record of the offer or my acceptance of it! After I grumbled a bit and asked to speak with a supervisor, they offered a $10 credit to my bill, which I accepted. I wonder how many thousand AT&T customers never got their end of the deal?
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arcticpineapplecorp.
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Re: Banks not honoring bank bonuses on time

Post by arcticpineapplecorp. » Sat Sep 10, 2016 7:29 pm

Ask yourself the following question (answer it honestly):

Is the amount of money (the bonus) the bank's going to give me worth the possibility of stress if it's not paid according to how the bank's "supposed" to pay me?

Time is money. Arguing with banks about their own policies is spending time. You could possibly expend your energy in other productive ways (consult, part time work, tutor, write a book, etc.) so do you want to be spending your time and energy fighting with banks? If not, let the bonuses go and enjoy spending your time/life doing things you enjoy.

Fighting with banks is not my way of spending my time. So it's a tradeoff. Yeah maybe I don't get as many bonuses as you do, but I don't spend as much time arguing with banks either. Decide which is more important. Sometimes we need to give up certain things to get others we want more. Best of luck figuring out what's important to you.
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VictoriaF
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Re: Banks not honoring bank bonuses on time

Post by VictoriaF » Sat Sep 10, 2016 8:02 pm

arcticpineapplecorp. wrote:Ask yourself the following question (answer it honestly):

Is the amount of money (the bonus) the bank's going to give me worth the possibility of stress if it's not paid according to how the bank's "supposed" to pay me?

Time is money. Arguing with banks about their own policies is spending time. You could possibly expend your energy in other productive ways (consult, part time work, tutor, write a book, etc.) so do you want to be spending your time and energy fighting with banks? If not, let the bonuses go and enjoy spending your time/life doing things you enjoy.

Fighting with banks is not my way of spending my time. So it's a tradeoff. Yeah maybe I don't get as many bonuses as you do, but I don't spend as much time arguing with banks either. Decide which is more important. Sometimes we need to give up certain things to get others we want more. Best of luck figuring out what's important to you.
It's a prudent way to look at the bank bonuses, credit card bonuses, manufactured spending, and other venues for making a few dollars. The problem is that these activities are addictive. The more you learn about them, the more difficult it becomes to abstain from an offer. Instead of a pleasant surprise of getting a bonus, you start treating it as a loss if you don't pursue it.

And many of these activities are interrelated. For example, I was reading Protagonist's description of how he has qualified for a new Chase card, and it prompted me to consider a Chase banking account, something that creates much more hassle than a credit card. Before reading I was happy. Now, if I don't chase Chase I will feel like losing money.

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Re: Banks not honoring bank bonuses on time

Post by patrick » Sat Sep 10, 2016 8:04 pm

I have only gone for a few bank bonuses so far, but I have not had any problems. Chase paid the bonus on time and Capital One actually paid it earlier than promised.

On the other hand, it looks like you are not the only one with problems. You can search the public complaints on the CFPB web site for "bonus" and you will find they have received quite a few complaints about them.

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Re: Banks not honoring bank bonuses on time

Post by tbradnc » Sat Sep 10, 2016 8:09 pm

My wife and I test drove a Subaru for a $25 Visa gift card. It took 2 months of badgering to finally get it.

I played the bank bonus thing for a while but anymore when I see a bonus of even $300 it doesn't get me going. It's just not much money for what's required.

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cookymonster
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Re: Banks not honoring bank bonuses on time

Post by cookymonster » Sat Sep 10, 2016 8:29 pm

VictoriaF wrote:
arcticpineapplecorp. wrote:Ask yourself the following question (answer it honestly):

Is the amount of money (the bonus) the bank's going to give me worth the possibility of stress if it's not paid according to how the bank's "supposed" to pay me?

Time is money. Arguing with banks about their own policies is spending time. You could possibly expend your energy in other productive ways (consult, part time work, tutor, write a book, etc.) so do you want to be spending your time and energy fighting with banks? If not, let the bonuses go and enjoy spending your time/life doing things you enjoy.

Fighting with banks is not my way of spending my time. So it's a tradeoff. Yeah maybe I don't get as many bonuses as you do, but I don't spend as much time arguing with banks either. Decide which is more important. Sometimes we need to give up certain things to get others we want more. Best of luck figuring out what's important to you.
It's a prudent way to look at the bank bonuses, credit card bonuses, manufactured spending, and other venues for making a few dollars. The problem is that these activities are addictive. The more you learn about them, the more difficult it becomes to abstain from an offer. Instead of a pleasant surprise of getting a bonus, you start treating it as a loss if you don't pursue it.

And many of these activities are interrelated. For example, I was reading Protagonist's description of how he has qualified for a new Chase card, and it prompted me to consider a Chase banking account, something that creates much more hassle than a credit card. Before reading I was happy. Now, if I don't chase Chase I will feel like losing money.

Victoria
A lot of truth to this post. I feel fortunate to live in a state that's relatively unpopulated, so there aren't that many bonuses to chase. I usually have 5 or 6 going at a time. It's a relief when you run out of them.

For me, I prefer brokerage bonuses over banking bonuses. I usually never have to call anyone to close a brokerage account like I do a banking account. Nor do I have to move money back and forth as frequently as I do between banks. Credit card bonuses, while probably the most lucrative, are the biggest hassle. Not only do you have to wait for the bonus to post, but you have to figure out the best way to use it, and eventually call at some point to cancel or downgrade the credit card.

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whodidntante
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Re: Banks not honoring bank bonuses on time

Post by whodidntante » Sat Sep 10, 2016 8:32 pm

I'll add to the pile of anecdotes.

Chase and Associated Bank paid my bonus surprisingly fast. BMO not so much. Citibank wouldn't even open an account and wanted me to drive three hours to a branch (no thanks).

TravelGeek
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Re: Banks not honoring bank bonuses on time

Post by TravelGeek » Sat Sep 10, 2016 8:35 pm

cookymonster wrote:
Personally I may make $1000 a year. I don't get paid on time but I'd rather get paid late than hassle with them on the phone.
Is that pre tax?

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Re: Banks not honoring bank bonuses on time

Post by rjbraun » Sat Sep 10, 2016 8:36 pm

tbradnc wrote:I played the bank bonus thing for a while but anymore when I see a bonus of even $300 it doesn't get me going. It's just not much money for what's required.
Thanks for posting, tbradnc. I was just reading this thread and feeling conflicted for having not gone after the bank bonuses myself, despite having received offers in the mail for, I think, as much as $350. Now I feel okay about leaving well enough alone. Too many other higher priority things to focus on, I don't need additional stress of moving money around at banks.

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cookymonster
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Re: Banks not honoring bank bonuses on time

Post by cookymonster » Sat Sep 10, 2016 8:38 pm

TravelGeek wrote:
cookymonster wrote:
Personally I may make $1000 a year. I don't get paid on time but I'd rather get paid late than hassle with them on the phone.
Is that pre tax?
I was thinking that at the time. After looking back it's probably between $1500-$2000.

However I doubt many of these banks are going to send me 1099's for $150 bonuses.

Bank bonuses paid this year (going on memory):
First Tennessee
Chase
Key
Amalgamated
Wells Fargo
Santander
Discover

Pending:
US Bank
Tech CU
Bank of the West
TIAA Direct

Refused to pay:
Citigold

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arcticpineapplecorp.
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Re: Banks not honoring bank bonuses on time

Post by arcticpineapplecorp. » Sat Sep 10, 2016 8:56 pm

cookymonster wrote:
TravelGeek wrote:
cookymonster wrote:
Personally I may make $1000 a year. I don't get paid on time but I'd rather get paid late than hassle with them on the phone.
Is that pre tax?
I was thinking that at the time. After looking back it's probably between $1500-$2000.

However I doubt many of these banks are going to send me 1099's for $150 bonuses.

Bank bonuses paid this year (going on memory):
First Tennessee
Chase
Key
Amalgamated
Wells Fargo
Santander
Discover

Pending:
US Bank
Tech CU
Bank of the West
TIAA Direct

Refused to pay:
Citigold
Who's tagline is it that says "The majesty of simplicity"? Taylors? or Mel's? See I believe in simplicity. When I see that many banks, that seems to be the antithesis of simplicity to me. I'm not judging anyone. I'm just saying seeing that many banks isn't a turnon for me, in fact, it's quite the opposite. But then I deal with people who are applying for benefits for Medicaid due to being in skilled care and when I see what the son/daughter POAs have to go through to get current and past bank statements for any/all accounts I feel sorry for them when they have to chase down all that stuff. So I think simplicity has benefits beyond one's self but also for the others who have to deal with all the accounts/documentation, etc. Even if you say, "Well, I'm never gonna need Medicaid because I can self insure or have LTCI, etc." the estate has to deal with the closing of all those accounts. That's time consuming and possibly money consuming if lawyers are involved (remember they usually charge by the hour). It may be worth $1000 to you, but fewer accounts is probably priceless for your heirs. Just food for thought.
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cookymonster
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Re: Banks not honoring bank bonuses on time

Post by cookymonster » Sat Sep 10, 2016 9:01 pm

Well, I close all those accounts as soon as I can avoid early termination fees and keep track of it all in spreadsheets. I likely won't have any heirs to worry about for decades, and by then if ally is still around my cash will probably be parked there. For me it is a hobby more than a hassle and amounts to less than 1% of my income. I realize I could probably use better hobbies.

TravelGeek
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Re: Banks not honoring bank bonuses on time

Post by TravelGeek » Sat Sep 10, 2016 9:04 pm

cookymonster wrote: I was thinking that at the time. After looking back it's probably between $1500-$2000.

However I doubt many of these banks are going to send me 1099's for $150 bonuses.

Bank bonuses paid this year (going on memory):
First Tennessee
Chase
Key
Amalgamated
Wells Fargo
Santander
Discover

Pending:
US Bank
Tech CU
Bank of the West
TIAA Direct

Refused to pay:
Citigold
So we moved last year and my wife wanted a new B&M bank (I kept my nearly 25-yo credit union, even though it is now remote; she hated hers). We decided on US Bank because there are several branches in town, and we collected $150 (?) without any hassle. And yes, they did send a 1099.

The only other bank account bonus I have collected was 25k Continental miles for a Chase account. No 1099 for that, as far as I recall. Many other offers I have seen in the past required a certain number of debit card transactions per month, direct deposits, and standing on one leg singing "we wish you a merry Xmas" during full moon for three consecutive months. Never felt who it.

Nowadays Chase is offering me $500 every time I log into my credit card account. Maybe I need to read the fine print. Does WF have any good offers? ;)

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cookymonster
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Re: Banks not honoring bank bonuses on time

Post by cookymonster » Sat Sep 10, 2016 9:14 pm

http://www.doctorofcredit.com/150-wells ... -required/
Not exactly a place I'd park much :moneybag in light of recent news, but I'd have no compunction in taking a bonus from them. They also paid fast.

TravelGeek
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Re: Banks not honoring bank bonuses on time

Post by TravelGeek » Sat Sep 10, 2016 9:17 pm

cookymonster wrote:http://www.doctorofcredit.com/150-wells ... -required/
Not exactly a place I'd park much :moneybag in light of recent news, but I'd have no compunction in taking a bonus from them. They also paid fast.
But how many accounts did they actually open for you? ;)

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Re: Banks not honoring bank bonuses on time

Post by j0nnyg1984 » Sat Sep 10, 2016 9:39 pm

Jack FFR1846 wrote:You probably don't have the personality to go chasing bonuses. I open an account and do what's needed for the bonus.......then I pay no attention whatsoever. When the $100 (or whatever) shows up in my account, it's a simple, welcome surprise. They could be 6 months late. Who cares....it's free money. Just chill, man.
lol

Letting people / companies take advantage of you is definitely not the right personality to have, regardless of situation.

*3!4!/5!
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Re: Banks not honoring bank bonuses on time

Post by *3!4!/5! » Sat Sep 10, 2016 9:41 pm

OP you should explicitly name names.

The credit card and bank account bonuses I did, did turn out as promised.

I tried shopping portals like Discover Deals and Upromise, but they definitely do not pay as promised. It's clearly built into their model to only ultimately pay out a fraction of promised payments, just like with mail in rebates.

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munemaker
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Re: Banks not honoring bank bonuses on time

Post by munemaker » Sat Sep 10, 2016 9:44 pm

I am fairly new to the bank bonus scene, having pretty much exhausted opportunities for credit card bonuses of $200 and over, at least in the near term.

In the distant past (~2 years ago), DW and I had opened saving and checking accounts at Capital One for the bonus (I think it was about $400 to each of us for the checking and savings accounts). We liked the Capital One accounts so much, we made them our primary bank. We had also opened joint checking, saving and money market at PNC to have a local bank and receive a $500 bonus; received the bonus, didn't like the bank and eventually closed the accounts. Also received $100 bonus for Discover savings account early this year. We liked Discover and would have used them, but for unexplained reasons, they blocked our first ACH outbound transfer despite the fact that we had over $100,000 in the account (just to make sure it was really us requesting it); as a result, we dropped them immediately.

DW and I recently opened checking accounts at 4 banks for bonuses.
- M&T paid the $200 bonus to each of us the day after our qualifying deposits hit our accounts.
- Huntington paid the $200 bonus to each of us about 5 days after the qualifying deposits hit our accounts.
- We have opened accounts at TD bank which offers $300 bonus to be paid within 90 days after conditions are met. From reading on line, most seem to be receiving them in the 45-60 day range. We are just coming up on the 45-60 day period, so we are expecting to receive soon.
- We also recently opened accounts at Citibank which offers $400 bonus to be paid..can't recall the time period off the top of my head, but it is months.

So far, so good. Have not experienced any unexpected delays in collecting the bonuses. Time will tell.

Assuming all these bonuses are paid, we will be receiving a total of $2,200 from our recent efforts for a small amount of work. We have received $800 of this to date, and the remainder is not "past due" at this point.

There is a lot of fine print to consider though.

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Re: Banks not honoring bank bonuses on time

Post by travellight » Sun Sep 11, 2016 2:36 am

I am fighting citigold right now and this is going back to April 17th. What's really annoying is that it is 50k sitting in their bank basically interest free while they come up with excuses. they have come up with 3 different reasons so far, each one different. First one was that I didn't deposit the money in time. When I demonstrated that I did, they then said I didn't open the account in time. When I showed that I had done that as well, their latest denial referenced a different promotion altogether and they said I didn't qualify for that. It is very aggravating and it seems like there should be some recourse for the customer.
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mwm158
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Re: Banks not honoring bank bonuses on time

Post by mwm158 » Sun Sep 11, 2016 6:31 am

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sco
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Re: Banks not honoring bank bonuses on time

Post by sco » Sun Sep 11, 2016 3:27 pm

I long ago gave up on Citi's bonuses, not worth the hassle at all...

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Hub
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Re: Banks not honoring bank bonuses on time

Post by Hub » Mon Sep 12, 2016 12:34 pm

Interesting thread. I've only ever done the Chase checking account bonuses ($300 for 6 months) and they paid immediately at the promised date. Though it was mildly annoying to have to keep track of.

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DaftInvestor
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Re: Banks not honoring bank bonuses on time

Post by DaftInvestor » Mon Sep 12, 2016 12:40 pm

I did a bonus at Synchrony last December. It was $50 for depositing $10,000 for 3 months. Since the 1.05% interest was competitive with where I had the money parked I had nothing to lose. They actually deposited the $50 a few days after I opened the account (not sure what they would have done if I had closed the account right away).

Is it that some of these banks NEVER pay or just pay 30 or 60 days later than promised?

Jack FFR1846
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Re: Banks not honoring bank bonuses on time

Post by Jack FFR1846 » Mon Sep 12, 2016 1:00 pm

tbradnc wrote:My wife and I test drove a Subaru for a $25 Visa gift card. It took 2 months of badgering to finally get it.

I played the bank bonus thing for a while but anymore when I see a bonus of even $300 it doesn't get me going. It's just not much money for what's required.
I test drove a WRX base and gave them the info for that visa card. 2 months later (surprise)....wonder what this $25 Visa card is for....

no stress whatsoever
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