So the free event for today is the 12 bank slots. I got it and used it on the character I wanted and it didn't increase the slots at all. I have option to get more slots so it is not a matter of max slots. I relogged in...so that isn't it. Basically the item failed to work.
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Instead, you get an item in your inventory called "[12 Bank Slot]".
Double-click to get your free slots!
(Also, it's account bound, so you can switch it to another character via the account bank.)
Is the Inventory item,the "[12 Bank Slot]" item, still in your inventory? If it is, that could mean that the character that you are using it on has max inventory slots. If the item is gone and you didn't get your slots, then that is a bug.