US Bank has charged me a total of $457.00 in illegal overdraft fees in the last 5 months. At no time did my actual account balance go negative. Only my "available" balance was negative, meaning US Bank was holding my deposit for verification.
This predatory overdraft fee collection is in blatant violation of FDIC law "TITLE VI -Expedited Funds Availability, Sec. 604:(3) Overdraft fees - If the receiving depository institution determines that a check deposited in an account is a check described in paragraph (1), the receiving depository institution shall not assess any fee for any subsequent overdraft with respect to such account, if--
(A) the depositor was not provided with the written notice required under subsection (f) with respect to such determination) at the time the deposit was made;
(B) the overdraft would not have occurred but for the fact that the funds so deposited are not available; and
(C) the amount of the check is collected from the originating depository institution."
After numerous written complaints and disputes, US Bank demanded documentation that the deposited checks were collected from their originating banks ON THE DAY THEY WERE DEPOSITED. I am required to obtain this documentation from the originating banks myself and send it to US Bank. My reply was that the FDIC law only requires that the deposited check is collected, there are no stipulations as to the date of collection. US Bank records show all my deposited checks were collected.
On 6/16/04, US Bank refunded $198 in overdraft fees to my account with no explanation why the remaining $259.00 is not being refunded.
My bank was formerly Firstar Bank until they were purchased by US Bank. I never had any problems like this with Firstar, only with US Bank.