Personal Finance

Why it's so hard for "some" banks to keep their promises and grant cash bonus offer?

  • Last Updated:
  • Feb 17th, 2018 9:27 am
[OP]
Deal Addict
Jan 22, 2009
3200 posts
1022 upvotes

Why it's so hard for "some" banks to keep their promises and grant cash bonus offer?

Back in Aug 2017 I received an email from BMO saying if I set a DD and a PAD on my existing chequing account I can get $50 bonus each so $100 in total. The bonus should be paid by the end of Jan 2018. I set the DD and PAD up immediately in August. Well, it's Feb already, no sign of bonus payout. Contacted with BMO, and was told they need 2 weeks to investigate. Super frustrated!

A few years ago, I received a similar offer from TD ($300 cash for using their premium chequing account and 2 PADs). I set everything up and made sure my account has enough to waive the fee. 3 months later no bonus payout. Contacted TD and was told because they gave me the offer of no fee for premium account for 3 month so I would not get the $300 cash offer. I was like, WTF! I never heard about that offer, how can you reject the $300 offer in this way? I fought hard and they finally gave me $300 in the end.

Flash back to a few years ago again, I received an offer from Soctia for bonus scene points after opening premium chequing account. Same story, never received bonus scene points. Contacted them and after 2 months I got the missing points.

Why it's that hard for them to keep their promises? I mean if people don't fight for the bonus, they won't get anything. Is this legal in Canada?
19 replies
Deal Expert
User avatar
Aug 18, 2005
20171 posts
4725 upvotes
Burlington-Hamilton
One would think that if you had really been burned so many times, you'd be keeping meticulous documentation of all such offers, allowing you to have proof of what you should get.
- casual gastronomist -
[OP]
Deal Addict
Jan 22, 2009
3200 posts
1022 upvotes
Jucius Maximus wrote: One would think that if you had really been burned so many times, you'd be keeping meticulous documentation of all such offers, allowing you to have proof of what you should get.
That's right I always have all documents saved. My frustration is I need to spend time and effort to get what they promised, while it should be automatic.
Deal Addict
User avatar
Feb 20, 2004
1066 posts
456 upvotes
I read that Scotiabank is notorious for doing this, making me think twice about applying for the Amex card for the bonus. But maybe worth it for the bonus still with documentation and screen shots. When you argue for it do you threaten to go to the media or post on Facebook? Did you also complain and filed a report on BBB? That's what I had to do to close a Future Nine Voip account. Worked like a charm.
Deal Addict
Nov 8, 2017
1530 posts
854 upvotes

Because banks know there's thousands of rubes who will be lured into these to good to be true deals banks offer. They also know most people won't be as meticulous about following through in collecting their "easy money "

Most of the time, it would be easier, less labourious , and time consuming to pick cans off the street than spending a good chunk of your time on the phone trying to get your "easy money "
Deal Addict
User avatar
May 7, 2017
1004 posts
530 upvotes
HSBC was painless. I actually forgot about their offer but got their deposit right on time.
Deal Expert
User avatar
Aug 18, 2005
20171 posts
4725 upvotes
Burlington-Hamilton
Jucius Maximus wrote: One would think that if you had really been burned so many times, you'd be keeping meticulous documentation of all such offers, allowing you to have proof of what you should get.
Complain to CBC Marketplace, etc.
Sounds like you have all the evidence and it's right up their alley.
- casual gastronomist -
Jr. Member
Sep 22, 2009
193 posts
40 upvotes
Same thing with TD. I was told they would reimburse my transfer out fee for all the accounts that I transferred from Tangerine. Of course they didn't, I had to call them at least half a dozen times to follow up and even tried to escalate the issue to the branch manager. Left multiple messages and they never called me back. It took about 2 months before they finally reimbursed all my transfer out fees. After they reimbursed, they called me every other day for more investment planning advice. Those guys just care about setting up new accounts and after that they can't even bother returning my phone call. Good job TD!
Deal Addict
May 16, 2017
1691 posts
2140 upvotes
Don't attribute to conspiracy what can adequately be explained by incompetence.
Deal Addict
User avatar
Jul 29, 2013
1391 posts
1020 upvotes
I also have had problems with BMO.
Once opening an account with Investorline getting cash back and once reimbursing promised RRSP transfer fees.

When I called I felt that they were doing me a favour by giving me what they had promised.
Member
Feb 9, 2018
437 posts
323 upvotes
Had no such issues with Tangerine. Referred my wife to open no fee banking account with Tangerine and she immediately deposited 100 dollars after opening the account which was a requirement to get $50 bonus for both of us. Within 2 days, we both got $50 in our accounts. Since then she referred 2 more people and got another $100.
Deal Addict
Feb 24, 2008
2042 posts
606 upvotes
I also have had bad experience recently with both BMO and TD. I have had to waste my time trying to get bonus dollars that they promised.

On the other hand, I would say that CIBC is good with giving bonus monies without any hassles.
Sr. Member
Aug 27, 2013
569 posts
287 upvotes
cloud
Have had zero issues with BMO InvestorLine, for account opening bonus and transfer-in-fee reimbursements. Account was opened last year and got the cash bonus on time without me asking.

Also no issues with CIBC, was about 3 years ago.

Had an awful experience with TD back in the college days on an account-opening gift (probable worth only $50), and have avoided them ever since.
Deal Addict
Jan 16, 2016
1464 posts
1123 upvotes
Hamilton, ON
I had no issues with two TDCT sign up bonuses, except for the fact they hard-pulled my credit the second time even though I told them I didn't want it. Oh well.
Deal Addict
User avatar
Jan 4, 2009
4005 posts
2882 upvotes
on the links
cmchiu wrote: Have had zero issues with BMO InvestorLine, for account opening bonus and transfer-in-fee reimbursements. Account was opened last year and got the cash bonus on time without me asking.
My BMOIL account opening experience was slightly different (details here), however I will admit the bonus $$ were deposited into my account with no problems. I ended up transferring two accounts and got $1750 for my troubles.
Newbie
Oct 1, 2016
16 posts
12 upvotes
This happened to me with TING with their sign-up bonus. Took 3 months and 6 phone calls later to finally get by money.
Verified Rep
User avatar
Jan 24, 2017
5 posts
1 upvote
Hi there,

We’re sorry to hear you’re frustrated, braveblade. We’d be happy to investigate this for you if you haven’t yet heard an update.
Send us a Private Message with your information and we’ll be in touch. Alternatively, you can give us a call at 1-844-837-9228 to check on the status of your investigation.

Thanks,
BMO


braveblade wrote: Back in Aug 2017 I received an email from BMO saying if I set a DD and a PAD on my existing chequing account I can get $50 bonus each so $100 in total. The bonus should be paid by the end of Jan 2018. I set the DD and PAD up immediately in August. Well, it's Feb already, no sign of bonus payout. Contacted with BMO, and was told they need 2 weeks to investigate. Super frustrated!

A few years ago, I received a similar offer from TD ($300 cash for using their premium chequing account and 2 PADs). I set everything up and made sure my account has enough to waive the fee. 3 months later no bonus payout. Contacted TD and was told because they gave me the offer of no fee for premium account for 3 month so I would not get the $300 cash offer. I was like, WTF! I never heard about that offer, how can you reject the $300 offer in this way? I fought hard and they finally gave me $300 in the end.

Flash back to a few years ago again, I received an offer from Soctia for bonus scene points after opening premium chequing account. Same story, never received bonus scene points. Contacted them and after 2 months I got the missing points.

Why it's that hard for them to keep their promises? I mean if people don't fight for the bonus, they won't get anything. Is this legal in Canada?
BMO InvestorLine
http://bit.ly/2l1DzL0
Deal Fanatic
Aug 5, 2006
6179 posts
3033 upvotes
Global Village
I think a very common reason for issues with these offer payments is if there is human intervention/verification required to get the bonus. I have had a bad experience with National Bank for an offer where despite going through all the required offer steps the Bank rep did something they weren't supposed to (or didn't do something they were supposed to, I am still not sure) and getting NB to pay the bonus was like pulling teeth even though it wasn't my fault. My experiences with Tangerine on the other hand have been smooth because the system automatically verifies if the required promo offer steps have been taken and automatically pays the bonus.
All day I dream about sports
Deal Addict
Aug 26, 2004
2045 posts
185 upvotes
Toronto
If it's incompetence likely due to the very high turn over at financial institutions. Designed to offer the lowest salary enough so that there are individuals that apply and then accept the costs due to inexperience and high turn over which based on an analysis the bank comes out ahead. Collectively no bank is known for great customer service. Even if you purchase their more sophisticated lucrative products.

Top