On May 13, 2015, the NPDF filed an official complaint with the “U.S. Office of the Comptroller of the Currency” requesting a consumer fraud investigation into allegations that Santander may have engaged in the scheme of “bait & switch” involving its published high interest promotional money market accounts. The basis for the allegations is that the NPDF opened up a business money market account and was initially promised a six month promotional 1.25 % interest rate. In reality, the interest rate was automatically reduced over the next four months to .8% without notifying the NPDF. According to bank officials, Santander has the authority to reduce their interest rate at any time as noted in the small print advisory. The NPDF alleges however that if a Santander knows in advance that they will automatically reduce the published interest rate, they must disclose that “material fact’ to the consumer. NPDF Members should be extremely cautious in selecting any Santander high interest promotion.