• Report: #522556

Complaint Review: U.S. Bank

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  • Submitted: Wednesday, November 11, 2009
  • Last Posting: Sunday, November 22, 2009
  • Reported By: Tim — Illinois USA
U.S. Bank
701 Public Sq Benton Illinois 62812 United States of America

U.S. Bank Negative Balance Fees are wrong Benton, Illinois

*Consumer Comment: That's when you walk out...


2Author 4Consumer 0Employee/Owner

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US Bank's negative balance fees are a blatant money-grabbing ripoff!!

I have no problem with overdraft fees.  If I happen to overspend out of my checking account, I should expect to get an overdraft fee, and it should hurt.  But the daily negative balance fees do not encourage me to get the account out of arrears any faster than the arrival of my next payday.

I can even understand the need for negative balance fees after say, 15 to 30 days.  Because customers should not be allowed to let an account stay in arrears forever.  But to keep charging daily negative balance fees when they know I can't take care of it right away, is a blatant ripoff, and should be illegal.  The bank can easily look at my deposit history, calculate the day of my next deposit, and start levying negative balance fees the day after.  THAT would be fair.  I could accept that.

This is the equivalent of double indemnity, and I'm not an insurance company.  Apparently US Bank has decided they need my money more than I do, so they just make up extra fees that they can charge; knowing that I cannot stop them until the next payday.  Anyone have a suggestion on how to stop these charges?  

 

This report was posted on Ripoff Report on 11/11/2009 12:33:45 PM and is a permanent record located here: http://www.ripoffreport.com/banks/u-s-bank/u-s-bank-negative-balance-fe-728c2.htm.

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REBUTTALS & REPLIES:
2Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Never sign an agreement if you don't like the terms...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Wednesday, November 11, 2009

The daily negative balance fee is something that I'm not wild about, but there is a reason why it's there. Banks in general abhor a negative balance in their own books and many banks have decided to adopt a daily negative balance fee to discourage people from leaving their account balances in the red.

This is another example why it is important to read and understand the terms and conditions before signing any paperwork. The fee is listed in the schedule.

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#2 Update By Author

You missed the point..

AUTHOR: Tim - (USA)

SUBMITTED: Saturday, November 21, 2009

Apparently you missed my point in my initial complaint.  So let me spell it out for you again:

Of  course banks can't let customers leave their accounts in arrears indefinately.  My point was that they shouldn't be charging negative balance fees until a reasonable amount of time has passed; to allow the customer time to bring the account up to date.  A customer normally can't take care of a matter like this until his/her next payday.  What would you suggest the customer do to stop the negative balance fees until then?

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#3 Consumer Comment

No, you're missing the point...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Saturday, November 21, 2009

"Apparently you missed my point in my initial complaint.  So let me spell it out for you again:

Of  course banks can't let customers leave their accounts in arrears indefinately.  My point was that they shouldn't be charging negative balance fees until a reasonable amount of time has passed;"

That's great but if you believe that a bank shouldn't charge a negative balance fee until a "reasonable" amount of time has passed, why would you open an account at a bank that charges that fee the very next day? You made the agreement with the bank, if the terms were not to your liking (including when they would charge that fee) then you should not have signed off on them.

"to allow the customer time to bring the account up to date.  A customer normally can't take care of a matter like this until his/her next payday.  What would you suggest the customer do to stop the negative balance fees until then?"

A US Bank customer with direct deposit can get an advance with a fee of $2 for every $20 borrowed. If that doesn't work a loan from family, friends or even a payday loan would be in order. I would not suggest that the customer gripe about a fee that he or she agreed to in the first place.

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#4 Consumer Comment

That doesn't make it right

AUTHOR: Tim - Grand Haven (U.S.A.)

SUBMITTED: Sunday, November 22, 2009

An unethical activity doesn't become ethical simply because someone agrees to be a victim of it. Usually, when signing these agreements, consumers don't think they will ever have to worry about clauses like this.

The best way to avoid these fees, aside from keeping a very close eye on your account balance, is to get out of the big banks. Switch to a small, locally owned bank or credit union. These outfits actually give a shit about their clients.

Best regards!


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#5 Consumer Comment

That's when you walk out...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Sunday, November 22, 2009

Tim,

You just reflected what I wrote earlier. If you don't feel that a bank should charge a daily negative balance fee the day after one overdrafts his or her account, then you should not open a checking account at a bank that has this fee. Just look at the fee schedule and if there is a daily negative balance fee listed, do not do any further business with that bank.

it doesn't matter if somebody believes that they will never overdraft. I don't think that my car will ever be totaled in a car accident and I don't think that the IRS will ever audit me but I take precautions nonetheless.

Best of luck to you.

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