• Report: #575408

Complaint Review: U.S. Bank National Association, U.S. Bancorp

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  • Submitted: Sat, February 27, 2010
  • Updated: Thu, March 11, 2010

  • Reported By: misshollywood101 — Burbank California United States of America
U.S. Bank National Association, U.S. Bancorp
Victory Blvd Internet United States of America

U.S. Bank National Association, U.S. Bancorp US BANK..OVERDRAFT PRACTICES ARE RIDICULOUS!!! Internet

*Consumer Comment: Extremely illegal.

*Consumer Comment: ust use your check register...

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Us Bank processes debit, payments and checks very slow so they your account can overdraft and they can swoop in with a 37.50 charge per item and $8.00 for everyday your acct is negative!! I made a purchase at the grocery store for $98.70, when I checked my acct the purchase was on my pending transactions a couple days later i checked my acct again and that charge was nowhere to be found..it wasn't in pending or charges that had cleared...One week went by and that charge was still not showing up, I didn't use any money on that acct because I knew they were holding it for when my acct was low on cash and then they would put the charge thru...The charge finally went thru 2 weeks later and it never showed on any pending transactions or anywhere!!! They first got me when they held a check for 1 month and put it thru when they knew i would overdraft..they hit me with almost $100.00 in fees.

I would recommend people DO NOT OPEN ACCTS WITH US BANK and if you do..keep a very close eye on all of your transactions..
CORPORATE THIEVES!!!!

This report was posted on Ripoff Report on 02/27/2010 07:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/US-Bank-National-Association-US-Bancorp/internet/US-Bank-National-Association-US-Bancorp-US-BANKOVERDRAFT-PRACTICES-ARE-RIDICULOUS-575408. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 2Consumer 0Employee/Owner
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#1 Consumer Comment

Extremely illegal.

AUTHOR: I am the law - (USA)

"Us Bank processes debit, payments and checks very slow so they your account can overdraft and they can swoop in with a 37.50 charge per item and $8.00 for everyday your acct is negative!!"

I have to ask. Is this a serious statement? For the moment, I'll treat it as such. 

You're suggesting that USB is intentionally holding transactions and sending them through your account ONLY when your account is low? That is extremely illegal. Transactions, by law, must be processed on the business day that they're presented to the bank. And, even if they were actually doing this (which they're not), if you plan for those things that haven't yet cleared the account, it's not even an issue. See the following example.

Balance: $105.00

You have an outstanding $100.00 paper check.

Money available for you to use DESPITE what usbank says your balance is: $5

If you spend $5.01, guess what? You'll overdraft when that $100 check hits the bank. It doesn't matter if it takes a decade for that check to finally be cashed. You need to leave that $100 alone in your account until it does clear. The responsibility for maintaining the balance is YOURS.

Imagine, if you will, if USB was fraudulently holding transactions. How many employees and affiliates would be involved in that scam? Hundreds, most likely. So, what I'm getting at is that, if this was really happening, the public would've found out about it by now. That and I'd wager that merchants looking for their payments from your account wouldn't be willing to wait days, months, or possibly even years for their money.Take responsibility, overdrafters. Just pay the fee and move on with your lives.

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#2 Consumer Comment

ust use your check register...

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

If you correctly use your check register you won't have to worry about merchant holds expiring or when a check that you wrote will be cashed (though I doubt that US Bank held the check for a month).

This is your money... wouldn't you rather keep your own accurate records of what happens to it rather than rely on a system that was never intended to be used as a replacement ledger?
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