Complaint Review: U S Bank - Nationwide
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- U S Bank Nationwide U.S.A.
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- Category: Banks
U S Bank makes money the easy way -- taking it from their depositors! Nationwide
*Consumer Suggestion: Absolutely 100% false.
*Consumer Suggestion: Absolutely 100% false.
*Consumer Suggestion: Absolutely 100% false.
*Consumer Comment: Cut Off Times..
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I have been reading these interesting posts about the overdraft fees incurred by customers of US Bank.
As a former customer of this bank, I felt that I should put in some information. I live in Las Vegas and have dealt with three large banks that do business here. Banks make money in many ways investing, loans, etc. US Bank's method seems to be raiding the accounts of it's customers.
I, too, was a victim of US Bank's overdraft policies. The problem started when my wife deposited my paycheck on a Friday afternoon. She put it into the ATM at the branch where we did business. The next day I paid a few bills online. On Monday morning, we went to the store and bought some groceries. On Monday evening, I visited the ATM to get a small amount of cash. When the receipt came out, I could not believe it. It showed a negative balance! I couldn't imagine how this happened.
On Tuesday morning it, I went into the bank. The bank employee explained to me that, since my deposit was made on Friday after 3 PM, the entire check did not clear until Tuesday morning! Thus, I was hit with overdrafts to the tune of $287.00, of which the Bank manager reluctantly returned to me only $37.00. I walked out of the bank and have never been back!
I now have accounts with both Wells Fargo and Citibank here in Vegas. When you put a check in their ATM's after hours, most or all of the check becomes available immediately! If these two banks can do it, why can't US Bank? The answer is that, if they did, they couldn't steal their depositors' money! When you try to pull out more money than you have at a Wells Fargo ATM, the ATM warns you that you will be overdrawn and will incur a fee if you continue with the transaction. Citibank has denied a Debit Card purchase when I was overdrawn, thus saving me a fee.
US Bank Debit Cards will allow the withdrawal or purchase, then ding you for the overdraft fee. Also, they will always clear the largest withdrawal first. This way they can hit you with several fees on the smaller withdrawals, rather than pay the small ones and hit you only one time for the larger withdrawal. Thus, they have developed a handy way for the bank to make 5 or 6 overdraft fees rather than just one or two.
Some people on this site have written that these practices are indeed legal. Legal they may be, but that doesn't make them any less creepy.
So, if you can, avoid US Bank, especially if you don't keep large sums of money in your account, as their policies are especially hurtful to low income folks and people on a tight budget. Oh, and for just a small touch of irony, the paycheck in question in my story was a check drawn on US Bank! They held their own check for three whole days!
Drongo
LAS VEGAS, Nevada
U.S.A.
This report was posted on Ripoff Report on 07/25/2009 05:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/u-s-bank/nationwide/u-s-bank-makes-money-the-easy-way-taking-it-from-their-depositors-nationwide-473361. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#4 Consumer Suggestion
Absolutely 100% false.
AUTHOR: I Am The Law - (U.S.A.)
SUBMITTED: Monday, August 10, 2009
The author of this report said, "I now have accounts with both Wells Fargo and Citibank here in Vegas. When you put a check in their ATM's after hours, most or all of the check becomes available immediately!"
My respone is: ABSOLUTELY 100% FALSE.
I took the liberty of going to Wells Fargo's and Citi's respective websites to do a search for their ATM policies. The following statements are pasted DIRECTLY FROM THOSE SITES.
Here's the one from Wells Fargo's website...
"At Envelope-Free ATMs, funds are available on the same business day for checks deposited before 8 p.m."
Oops, Drongo, looks like Wells Fargo DOES have a cut off time. Busted!
Here's the one from Citi's website...
"Yes, but the next business day is considered the official day of deposit. Saturdays, Sundays and federal holidays that fall on a weekday (Monday through Friday) are not business days. If a bank deposit is received on a weekend or holiday or after the close of a business day then the next business day will be the day of deposit."
That doesn't seem immediate to me. Busted!
Yet another ROR from a person who doesn't want to take responsibility for their own actions. You signed a legal document when you opened up your USB account stating that you understand and agree to all terms of the account, including funds availability and fee structures. Own up to your mistakes, Drongo. And before you say it, no, I don't work for USB. I am a customer, though, and have been so for about eight overdraft-fee free years.
#3 Consumer Suggestion
Absolutely 100% false.
AUTHOR: I Am The Law - (U.S.A.)
SUBMITTED: Monday, August 10, 2009
The author of this report said, "I now have accounts with both Wells Fargo and Citibank here in Vegas. When you put a check in their ATM's after hours, most or all of the check becomes available immediately!"
My respone is: ABSOLUTELY 100% FALSE.
I took the liberty of going to Wells Fargo's and Citi's respective websites to do a search for their ATM policies. The following statements are pasted DIRECTLY FROM THOSE SITES.
Here's the one from Wells Fargo's website...
"At Envelope-Free ATMs, funds are available on the same business day for checks deposited before 8 p.m."
Oops, Drongo, looks like Wells Fargo DOES have a cut off time. Busted!
Here's the one from Citi's website...
"Yes, but the next business day is considered the official day of deposit. Saturdays, Sundays and federal holidays that fall on a weekday (Monday through Friday) are not business days. If a bank deposit is received on a weekend or holiday or after the close of a business day then the next business day will be the day of deposit."
That doesn't seem immediate to me. Busted!
Yet another ROR from a person who doesn't want to take responsibility for their own actions. You signed a legal document when you opened up your USB account stating that you understand and agree to all terms of the account, including funds availability and fee structures. Own up to your mistakes, Drongo. And before you say it, no, I don't work for USB. I am a customer, though, and have been so for about eight overdraft-fee free years.
#2 Consumer Suggestion
Absolutely 100% false.
AUTHOR: I Am The Law - (U.S.A.)
SUBMITTED: Monday, August 10, 2009
The author of this report said, "I now have accounts with both Wells Fargo and Citibank here in Vegas. When you put a check in their ATM's after hours, most or all of the check becomes available immediately!"
My respone is: ABSOLUTELY 100% FALSE.
I took the liberty of going to Wells Fargo's and Citi's respective websites to do a search for their ATM policies. The following statements are pasted DIRECTLY FROM THOSE SITES.
Here's the one from Wells Fargo's website...
"At Envelope-Free ATMs, funds are available on the same business day for checks deposited before 8 p.m."
Oops, Drongo, looks like Wells Fargo DOES have a cut off time. Busted!
Here's the one from Citi's website...
"Yes, but the next business day is considered the official day of deposit. Saturdays, Sundays and federal holidays that fall on a weekday (Monday through Friday) are not business days. If a bank deposit is received on a weekend or holiday or after the close of a business day then the next business day will be the day of deposit."
That doesn't seem immediate to me. Busted!
Yet another ROR from a person who doesn't want to take responsibility for their own actions. You signed a legal document when you opened up your USB account stating that you understand and agree to all terms of the account, including funds availability and fee structures. Own up to your mistakes, Drongo. And before you say it, no, I don't work for USB. I am a customer, though, and have been so for about eight overdraft-fee free years.
#1 Consumer Comment
Cut Off Times..
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Sunday, July 26, 2009
No bank will process transactions after "Cut-Off Times", this is the meaning of a "Cut Off Time". Now, do some banks have later cut-off times..YES. But it is still your responsibility to understand what those times are.
I do not have a US Bank account, but the 3PM for an ATM deposit seemed a bit early. So I looked at the cut-off time for US bank. According to their web site if you deposit it before 6PM it counts as the same business day. So if you made it after 3PM but before 6PM it appears you have a good case to get all of your overdraft fees refunded. If the only reason they said you overdrafted is because they considered the depsit as made after 3PM.
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13.01 DETERMINING THE AVAILABILITY OF A DEPOSIT
The day funds become available is determined by counting business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit in person before our "cutoff time" on a business day we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the cutoff time, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Our cutoff times vary from branch to branch. The earliest cutoff time at any of our branches is 2:00 p.m. (local time at the branch).
If you make a deposit at an ATM before 6:00 p.m. (local time, at the ATM location) on a business day we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM after 6:00 p.m. (local time) or on a day we are not open, we will consider the deposit to be made on the next business day we are open.
Deposits you send by mail are considered deposited on the business day it arrives at the branch of deposit. In all cases, availability of any deposit assumes that a requested withdrawal will not overdraw the account.
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As for processing transactions highest to lowest, every major bank does that. Yes, that includes Wells Fargo and Citibank.
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