Hello all,
Can a bank who is offering promotional stuff deny someone an account because person is planning to close account after the promotional criteria is meet?

Bank of the West is having a promotional sign up for their free checking, follow the minimum demands of the promotional and you get a free gift. I will probably not continue with the account...especially now...and will close the checking account at the end. I was denied opening the account due to my intent of closing it a few months down the road. Are banks allowed to deny new clients because of this?

Thank you

How did they know you were going to close the account? Have you done this before?

Simply put, banks can refuse to open (or close) accounts for any reason, provided they are not systematically discriminating against a protected class. The fact that you claim you are being denied because you plan to do the minimum necessary to qualify for their promotion might be of interest to their regulator, but do you have any proof of this? Even then, its likely to be more embarrassing to the bank then to bring down any real sanctions on it.

Note that it's permitted, and is a common practice, to implement a "new account closure fee" for accounts that are closed soon after opening. This fee is likely to make doing as you plan to be of little real benefit to you.

There are specific actions that are needed to be carried out like using the debit card 5 times a month for x amount of days and or minimum balance requirements, but no penalties for closing afterwards. Having a promotional that is fishing for new clientele and then having Bank of the West say “no” when they takes them up on THIER offer to bank with them seems like a great way to start tongues a waging for bad press. I know I'm telling everyone I know. Its like hanging a sign on the hook that says tasty fish only.

I have received offers before and opened and then closed down the line a few accounts. They asked me...I said ok.

it's just business, nothing personal.....

they make decisions in their best interest, you do the same...

The bank doesn't want to go through the expense of opening and programming a new account when you have told them you're in it for the freebie and then you're out.

Is it right? No, but the promo may also say some restrictions apply. Some banks do charge a fee for early closure or they don't provide the gift until afterward.

Why not try banking there, or don't looking for something for nothing.

I will say that if this was rampant, if they didn't state conditions that you agree to, they could have problems for the advertising.

I believe I understand their desire to have more true business when offering these promotions. But unless they say something in the fine print, and I fallow the rules before I get my filthy lucre, its their tough luck. Its part of the gamble. If a store offers free samples and I try a bit of something its not their choice if I wish to spit it out and not take another bite.

There was a possibility that I might have stayed, but not now brother.

If they wanted a guy walking around telling everyone they meet that Bank of the West blows, they got one. I wonder if I get a promotional item for that...hummm.

We hope you will voice your opinion to the bank itself, so they know and can improve their offerings in the future.