• Report: #122634

Complaint Review: US Bank

  • Submitted: Mon, December 13, 2004
  • Updated: Sat, February 04, 2006

  • Reported By:Hopkinsville Kentucky
US Bank
1101 S. Main Street Hopkinsville, Kentucky U.S.A.
  • Phone:
  • Web:
  • Category: Banks

US Bank One of many banks today practicing deception to rip off consumers. Hopkinsville Kentucky

*Consumer Comment: Us Bank

*Consumer Comment: My own comments

*Consumer Comment: A little clarification....

*Consumer Comment: the patriot act

*Consumer Comment: All banks DO do this...

*Consumer Comment: All banks DO do this...

*Consumer Comment: What kind of deposit?

*Consumer Comment: WHY DON'T ALL BANKS DO THIS??

*Consumer Comment: Not only US Bank

*Consumer Suggestion: Reason behind what happened

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My wife and I started a new checking account about a month ago with US Bank. We were planning on moving our account from BB&T, it is a good thing we didn't complete the process. We deposited around $700.00 just to get the account started, and wrote a few small checks. What the clerk at the bank didn't bother letting us know when we started this account is that when you make a deposit, they "hold" the money for about a week. This needless to say caused a cascading effect of check bounces, and the fees they deducted caused even more checks to bounce. It is apparent now that the bank doesn't tell you about this because they WANT IT TO HAPPEN.

It is a profitable, albeit a very crooked practice that I've heard other banks are already doing also. I would recommend that no matter what bank you are with, that you check out all their policies carefully and DON'T EVER ASSUME ANYTHING before starting a new account or writing checks. Since this bank wants to steal money in this fashion, we will be sure to tell everyone in town about it.

I am hoping that someday soon someone will start a class action lawsuit against all these banks that practice these deceptive schemes to take peoples money away from them. I am considering contacting a lawyer over this even though I may lose even more money than it's worth. I would like for US Bank and other banks like this to pay by being exposed to the media for their crooked practices. THIS HAS TO STOP!

I will also be reporting them to federal and state banking regulatory institutions and the BBB.

Gary
Hopkinsville, Kentucky
U.S.A.

This report was posted on Ripoff Report on 12/13/2004 01:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/US-Bank/Hopkinsville-Kentucky-42240/US-Bank-One-of-many-banks-today-practicing-deception-to-rip-off-consumers-Hopkinsville-Ke-122634. 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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REBUTTALS & REPLIES:
0Author 10Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Us Bank

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

I have been with us bank for almost 2 years and they STILL hold my checks when i deposit them. They told me they only do this for the first 6 months to a year of being a new customer and they still do it. Its rude and obnoxious for them to keep doing it, so here lately i cash a check then deposit the money to keep them from holding it. I advise you do the same to avoid their OUT OF CONTROL charges that they charge for overdrawing. 34 dollars for being .46 cents in the hole is enough to make someone have a migraine, lol.
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#2 Consumer Comment

My own comments

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

My first comment is to Gary...Did you guys receive some brochures from the bank when you opened the account? You should have received at least 5 different brochures that you needed to read through. One states the funds availablity policy. That is where it would tell you that for the first 30 days any deposit made into the new account that is not cash will be held for 5 business days less $100. So you would get $100 of that deposit made available to you immediately. It is your responsiblity to read through the disclosures given to you at account opening. It's just like when you apply or sign up for something you should read through the terms and conditions.
My second comment is to Aaron...You are exactly right. Fraud is the main reason for those types of policies. People will open accounts then within days be gone with thousands of dollars.
My last comment is addressed to anyone that reads this....Please it will save you time and headaches to just read the disclosures given out at an account opening. If you are not given any ask why not. You should always be given some kind of disclosures.
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#3 Consumer Comment

A little clarification....

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

The FDIC will quarantee each of your accounts to the amount of $100,000.00 against the bank going out of business, NOT for possible fraud. Which is why banks can hold the funds when you are a NEW customer. This information should have been in the paperwork you were given when you opened the account.
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#4 Consumer Comment

the patriot act

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

and yes since 9/11 banks are more cautious. and did it ever occur to you to make sure the money was there before you go writting checks on it?

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#5 Consumer Comment

All banks DO do this...

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

Federal law does not dictate that they do this, it allows them to do this, and all banks do, to protect themselves, as someone above explained so well.

You can go into most any financu
ial institution and just ask, "if I open an account, how many days do you coniseder me a new depositor", and you will get an answer like 30, 60 90...or more.

FDIC insures your funds. How did they make it into this thread?
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#6 Consumer Comment

All banks DO do this...

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

Federal law does not dictate that they do this, it allows them to do this, and all banks do, to protect themselves, as someone above explained so well.

You can go into most any financu
ial institution and just ask, "if I open an account, how many days do you coniseder me a new depositor", and you will get an answer like 30, 60 90...or more.

FDIC insures your funds. How did they make it into this thread?
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#7 Consumer Comment

What kind of deposit?

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

Was the $700 in cash, or a check?
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#8 Consumer Comment

WHY DON'T ALL BANKS DO THIS??

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

AND WHAT IS THE FDIC FOR?
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#9 Consumer Comment

Not only US Bank

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

I have been told this is not just bank policy, but federal law. I never researched it, but friends have said that they are told the delayed availability of funds is a post-9/11 law aimed at helping to prevent tampering with our banking system (financial terrorism).

It may not be the case, but I do know almost every bank started this about 3 years ago.
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#10 Consumer Suggestion

Reason behind what happened

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

The real reason why your bank and all banks "hold" funds on new accounts is because of all the fraud going on. If they didn't do this, you could write a check for any amount of money, withdrawal the money on a check that hasn't been collected on and the bank is out the money. They should of however told you that your check would most likely be put on hold and also you should be able to get any fees refunded due to the hold, at least thats the way it is at the bank I work at.
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