Important Banking Tip #1

November 5, 2014 at 11:25 pm Leave a comment

If you ever get an offer in the mail from ANY bank, whether it is for a bonus when opening a checking or savings account, or a bonus cash back offer from a credit card company, or any other kind of offer, do not simply apply for it and throw the offer away.  Keep a copy of the offer until the bank has lived up to their end of the bargain.  If you want to close the account after the conclusion of the offer, make sure there are no penalties for closing it within X months, etc.

In my experience, some banks are better as it relates to being clear about their offer than others.

Who, you ask?  Chase Bank, for one.  After getting an offer in the mail (a few times, actually), I went in and applied for a checking account.  I left with a new account, along with a folder of documentation about the account.  That folder included a piece of paper clearly explaining the promotional offer and how it would be handled, written in plain, simple language.   And they fulfilled their end of the deal very quickly.

I heard this “keep all offers” advice from Clark Howard, a consumer advocate with a radio show.  If memory serves me well, he said banks get amnesia as it relates to these promotions.  If I had only heeded his words.

I guess I didn’t really stop to consider the possibility that the bank would go back on their offer.

After a couple of weeks of customer service promising to work with corporate to try to fulfill the original offer, they now tell me that the offer I applied for had ended about 2 weeks prior to me applying.  That seems unlikely, as I am almost certain I applied the very day the offer arrived.  Alas, I did not keep the mailing, so I can not prove it.   I doubt that I’ll ever make that mistake again.

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Entry filed under: General.

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