US Bank, US Bancorp Jeremy Manager of US Bank in Taylor Mill, Ky. Manager not very cooperative cause there is nothing I can do he says as he takes all my Money!! Portland , Oregon

Overdrafters seem to take great pleasure in starting class action lawsuits against banks for fees THAT THEY AGREED TO. So, in retaliation for that, I think I'm going to start my own class action lawsuit against overdrafters.

What is the basis of this lawsuit? Easy. Because banks are constantly being subjected to frivolous lawsuits from overdrafters for fees they brought on themselves, the banks have lost some amount of profit. That being said, the bank is going to pass that loss onto the good customers somehow. This is most likely going to be in the form of less favorable conditions on loans and mortgages, higher interest rates on credit cards and other lines of credit, lower payouts on CD's, investments, and savings account, and fees imposed on previously free products. So, I'm sure it won't be horribly difficult for me to prove that overdrafters have financially impacted good customers, including myself.

Come on, good bank customers, let's line up to sue these losers back to the Stone Age! Granted, they probably don't have alot since they can't even maintain a bank balance, but let's go for it anyway and put some morons back in their place! 

I will post a definition..

Here is one from merriam-webster.com which should suffice..

Definition of FRIVOLOUS

a: lacking in seriousness

When someone is RIPPED OFF for thier CASH they have deposited in the bank..they consider it pretty seriously. What this has to do with video games i have no idea..but when people open a bank account generally they do not consider it as "making a purchase".

Ronny,

Why do you keep posting information about overdraft class action lawsuits? It means absolutely nothing. Companies are constantly the victim of frivolous lawsuits.Are you aware thatsome people are suing video game companies for supposedly making "addictive" video games? They're alleging that these games ruin marriages and theirkids' grades. Since you're in the mood, why don't you jump over to their ROR pages and fuss about their class action lawsuits?

Mike, sorry to be harsh, but you were too late in putting money into your account.

You were overdrawn Monday.

You put money in to make it up on Tuesday.

So, you got the overdraft fees because you didn't put money in on Monday.

It's really as simple as that. The bank didn't cause you to overdraft. In fact, you said that you forgot about your school payment. I'm sorry, but this is your fault and you don't have a right to blame the bank.

in the consumer comments section at Ripoff Report #502469.

I am a current employee at a large bank. My main job is helping customers with overdraft issues. 9 times out of 10, the customer DOES NOT use the register that is provided, DOES NOT listen to the banker when they explain the terms of the account. Or they do listen, and just hear what they want to. Yes, some bankers are not ethical, or may not be good at their job. They do not stick around long. When customer's overdraft, we can see how many times it happens, how many fees they paid, and how much that year we have already reversed. Most customers will tell me its their first OD, not the case most of the time, or we have NEVER reversed a fee. Let me tell you, Bank lose alot of revenue due to reversals. Banks are not non-profit businesses. They way the pay their employees is with FEES AND LOANS!


KEEP A REGISTER! ITS NOT THE BANKS JOB TO WATCH YOUR MONEY!

And to people mad about the way items post......would you rather your $1000 house payment get rejected instead of 5 cups of coffee? Probably not. Banks assume you want the larger purchased paid. And WE CANNOT PLEASE EVERYBODY! Its impossible! Every customer is given disclosures on every account they open. Look it up. ITS A FEDERAL REGULATION!

Bottom line, keep track of your own money. I may sound heartless, but I do take into account people's troubles. Everybody makes an occasional mistake. And when that is the case, the fees can get reduced or waived. You have to ask though. And be polite. I never want to help somebody who is rude and yelling at me when I am trying to help. There are two sides to every story people

Ronny G, your comments don't even make sense half of the time. Awhile back you told i am the law that you advocate not having overdraft protection??? Why??? Do you like paying overdraft fees? This is your response---->

3. (i am the law said) " If you think overdrafting might be a problem for you, look into some overdraft protection. USB has many different types, most of which are totally free unless they have to activate."

(you said) You dunce..even a bag of rocks like yourself can surely see that overdraft protection is why this whole issue happened in the first place. We are talking multiple small transactions here. What on this green Earth is overdraft protection going to do but line the banks pockets with fees????????...as is EXACTLY what the result of overdraft protection did in this and almost every other case we read on this site..you simpleton.

Ronny G, do you even know what overdraft protection is? I never claimed to be a genius, but I'm pretty sure that it's something that stops overdraft fees from occurring on your account. If you have a reserve of some sort, like a credit line or a "safety net" savings account linked to your checking account, you won't get a fee and the bank won't be able to "line their pockets with your money" (or at least with as much of it). You need to buy a banking dictionary. Since you're probably broke, I've taken the liberty of copying and pasting some overdraft protection info directly from the bank's website --->

U.S. Bank Reserve Line of Credit Get more from your checking account with overdraft protection from a U.S. Bank Reserve Line of Credit. U.S. Bank Reserve Line of Credit benefits include:1 Protection for your U.S. Bank checking account from accidental overdrafts No annual fee

See what that says there, champ? No annual fee. So, basically, morons like yourself that can't add and subtract would only pay back interest on what the bank had to cover for you versus you paying hundreds of dollars in unecessary fees.

Don't trust the bank's website? Here's a copy and paste from investorwords --->

overdraft protection - A checking account feature in which a person has a line of credit to write checks for more than the actual account balance. Instead of getting charged about $25 for bouncing a check, overdraft protection will in effect provide the account holder with an instant loan. The interest rate will be extremely high, but if it is paid off quickly it is usually much less expensive than the bounced check fee. (Overdraft fees are typically higher than $25, though.)

First rule of arguing, Ronny G, is to be informed on the topic you intend to argue about.

Thus endeth the lesson...

Sorry, subprime thinking is a FACT OF LIFE with financially illiterate people!  Its always the bank's fault...never the account holder.

The bank is supposed to allow sorry subprime thinkers to use other people's money free of charge, so they can use their ATM card to pay for a bottle of Pepsi without having the slightest clue what their balance is.

Its OK Aspen, to use that ATM card repeatedly and keep ZERO RECORDS of what it is used for.

And one more thing my friend, HOW DARE YOU BE "JUDGEMENTAL"??????

Yes, we need to start a class action suit!  Subprime thinking, financially illiterate loosers are bringing their SMELL to the market place.

 

"On Tuesday the 26th I looked again and saw I was overdrawn with a payment of $90 to my school loan that I had forgot about."

So who's fault is this, champ? From where I'm sitting, you're to blame. Why are you wasting your time online when you could be putting money in the bank to make up for YOUR error?

Karl, nobody cares about your stupid anti-Obama Youtube suggestions. Unless you have something related to add to a blog, do us a favor and take your political opinions somewhere else.

can be 'Googled', right?

Why "I am the Law" has such a hard-on for the banks, and attacks customers who are victim  to the scandalous policies by calling them 'morons" etc, is beyond me..but lets break this down..

1. "Read any bank document and be sure that you understand it before you sign it."

First off..bank terms are subject to change..and so are customers financial situations due to economic environment. Now I can't really expect a dufus like you to understand..but to many people they do not consider opening an account with a well known major bank as something they need a contract attorney to review before signing. They expect fair treatment. there was a time when banking customers did not have to take measures to protect themselves from what the banks policies can do to them..they would deposit money into the savings account at a specified interest rate..and pay for the use of the checking account. If a debit card transaction did not have the funds to cover the transaction, the transaction was simply denied..no harm no foul...what happened to those days?

2. "The bank's tools to check your balance are accurate, but can not take into account "unpredictable" debits, such as paper checks, auto-debits, and debit card transactions that may be higher than their initial authorization (such as the $1 hold on pay at the pump transactions). Keep your own register just in case."

No you are dead wrong. It is well known even by the bank defenders that post on this site..that the banks statements are inaccurate, unreliable and should not be used to determine any customers available balance.

As far as this malarkey with the one dollar gas station hold..I also read ignoramuses post here that gas stations hold $50.00. Whether it is $50.00, or 50 cents..what good would a register do if the customer is unaware of this hold..and what does this have to do with the original posters complaint? The only "tool" here..is "I am the law".

3." If you think overdrafting might be a problem for you, look into some overdraft protection. USB has many different types, most of which are totally free unless they have to activate."

You dunce..even a bag of rocks like yourself can surely see that overdraft protection is why this whole issue happened in the first place. We are talking multiple small transactions here. What on this green Earth is overdraft protection going to do but line the banks pockets with fees????????...as is EXACTLY what the result of overdraft protection did in this and almost every other case we read on this site..you simpleton.

"Come on, overdrafters, if the bank was really "out to get you", they wouldn't have any customers at all and I'm sure they would've hit me with some sort of fee by now. (I've had an account with them for almost a decade.) Save your conspiracy theories and try to learn from your mistakes. If you can't, I'd suggest not having a bank account at all. Not everyone is smart enough to understand addition and subtraction."

You say this like customers who overdraft are some kind of "group" that is only out to get you. Personally, I do not care if you had an account for 50 years and never had a fee. But rest assured..you will be fee-ed for something one day..and you will feel it was unjustified..but your stupid childish ego won't let you admit it..so you will suck it up and continue your a*s kissing of this bank. why, I do not know..can you tell us why you defend this bank? Do you have anything  noble to defend..or this is it for you?

Just because "only" 50 million customers were effected..and you were not since you are Mr. perfect, does not make it right. Now that this issue is in court AGAIN, the courts will decide. No conspiracy here..just shady deceptive business practices that take advantage of customers...changes are happening and more are on the horizon.

Ronny G, Ronny G, Ronny G....

When will you learn?

If these overdrafting morons would take FIVE MINUTES to read the documents that they're signing, half of these bank-related ROR's wouldn't even be filed. LEGALLY, a bank account CAN NOT be opened unless the customer signs a terms and conditions agreement stating that they have read, understand, and agree to ALL terms of the account INCLUDING ORDER OF DEBITS. Thus, the customer is liable for fee(s). And no, I'm afraid I can't look into this person's bank account. It was stupid of you to make such an idiotic request.

What all of these back and forth arguments amount to is that the customer screwed themselves and they refuse to blame themselves. (Unfortunately, this is getting to be a trend in this country.) No sir, it's much easier to blame the "big bad bank". It seems to me that any customer, including myself, can avoid fees by following a few simple rules:

1. Read any bank document and be sure that you understand it before you sign it.

2. The bank's tools to check your balance are accurate, but can not take into account "unpredictable" debits, such as paper checks, auto-debits, and debit card transactions that may be higher than their initial authorization (such as the $1 hold on pay at the pump transactions). Keep your own register just in case.

3. If you think overdrafting might be a problem for you, look into some overdraft protection. USB has many different types, most of which are totally free unless they have to activate.

Come on, overdrafters, if the bank was really "out to get you", they wouldn't have any customers at all and I'm sure they would've hit me with some sort of fee by now. (I've had an account with them for almost a decade.) Save your conspiracy theories and try to learn from your mistakes. If you can't, I'd suggest not having a bank account at all. Not everyone is smart enough to understand addition and subtraction.

So "I am the law"....can you kindly give an example of how this customer overdrafted 5 times? Since if this customer was charged 5 overdraft fees..I think there must be a way we can verify the 5 overdrafts.

Sure you can place all the blame on the customer and say the bank is not taking advantage..talk is cheap. But regardless of a contract, this is a bank..do you not think they should be held to higher standards then a TV infomercial?

And..can you show us ANYWHERE is this alleged "terms and conditions" you base your spew on, that this customer signed that transactions are re-sequenced because "larger debits are typically more important"? Because if you are going to place ALL the blame on this customer, if would be appropriate that you provide evidence to back it up.

Now granted, this is the reason the bank will tell customers is why they do this..but really now, how did the bank determine which transaction was "more important", and why did they cover every transaction regardless of the amount or supposed, assumed level of importance? If they covered them all, what was the point to re-sequence? Oh wait, I will tell you....so they can take ADVANTAGE of this customer by using this and other unnecessary tactics to maximize the fees..hence...we will be seeing this bank in court soon. (see my previous post for all the info).

You admitted you overdrew. When you cleared up your first overdraft, something else hit the account later to overdraw it again. How is this the bank's fault?

The bank is not taking advantage of you. You just can't balance your account and, from the sounds of it, don't pay any attention to it until it's too late. Take responsibility and quit blaming the bank. You are responsible for the balance, not them.

All banks, as far as I know, take things out largest debit to smallest, because larger debits are typically more important. If you would've actually read the terms and conditions document THAT YOU SIGNED FOR AND AGREED TO, you would've understood what was going to happen when you neglect your bank account.

You see, you are a prime TARGET for these rip off tactics and policies being a financially struggling student. Anyone these days who keeps a low balance and has an overdraft is subject to getting fleeced by banks.

Now you know that you expected an overdraft fee for the school loan and would have paid that fee with no complaint since you realize it was your fault...but why then were you hit with FIVE overdrafts fees which will financially devastate you??

...here is why.., the bank policies are cleverly and INTENTIONALLY designed to overcharge you in the event of a single overdraft. What they have in place is a tactic in which by re-sequencing the times of transactions, they can and do charge overdraft fees for transactions that did have the funds at the time. How do they get away with that you might ask???

..because they have deceptively used outdated policies, one of which is designed to protect large check transactions such as a mortgage payment by processing your transactions from highest to lowest..instead of the ethical, sensible way which would be in the order they are received. However, since ALL the transactions were covered regardless, and no policies were actually protecting a mortgage payment..what has this policy done to help or protect you in any way? Nothing...all it did was line the banks pockets with fees. This practice as well as other ways the banks "process" transactions is a set up for ANY checking account customer that overdrafts..for any reason, to be hit up with additional and excessive fees beyond what is warranted.

There are lawsuits in effect that should help you get some money back..but do not expect it to be all since most will go to the lawyers. But if the lawsuits do anything to help change these policies so no longer will students and others like yourself get ripped off by a bank they thought they could trust...I hope the lawyers make a MINT.

Some banks have already decided to change some policies on their own..most likely due to the plethora of complaints, exposure and negative press by the media, pressure from congress, and never ending lawsuits. As a matter of fact, the Fed has already began to step in...

WASHINGTON (CNNMoney.com) -- The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.

Starting on July 1, 2010, all banks will have to ask their customers to opt in to overdraft protection plans for ATM and most debit card transactions.

Now this step is a still far cry from a cure all...and customers are still responsible for check and ACH payments which is fair, but at least this policy change (which believe me the banks are not happy about) can prevent the proverbial $35.00 cup of coffee and other similar situations that have caused such an outrage by banking debit card users who were not intentionally trying to overdraft, but failed to keep accurate track (mistake) or other situations such as merchant holds and certain bars/restaurants may do which can cause an inadvertent overdraft(s), and amass many fees unnecessarily.

Now of course you need to keep track as best you can by using a register and watching the account to the penny..since something has happened the last few years (the banks FAILED) which has caused them to resort to these deceptive, unethical and manipulative tactics as their new profit center..which feeds mainly off the most vulnerable of USA citizens such as the elderly, the poor, and students. But MILLIONS of bank customers have been effected according to the FDIC report.

Now at the end of your report when you say the banker might as well just put a gun to your head..at least that would give you a choice. In this case the bank just took your money..no gun needed.

Here is some info on a current lawsuit if interested...Your bank just so happens to be listed

October 20, 2009 11:00 AM Eastern Daylight Time

MIAMI--(EON: Enhanced Online News)--Marking a substantial step forward in litigation over the banking industrys abusive and excessive overdraft fee policies and practices, plaintiffs' counsel announced that bank customers have filed a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank. The complaints were filed in the United States District Court for the Southern District of Florida in Miami, where all federal lawsuits brought against the banking industry for abusive overdraft fees have been coordinated before the Honorable James Lawrence King.


"The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks," explained lead plaintiffs counsel Bruce S. Rogow. "In many instances, these overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. Charging a $35 overdraft fee when a college student uses her debit card to buy a cup of coffee is unconscionable."

How Bank "Overdraft Protection" Works and Why the Abusive Collection of Overdraft Fees is a National Concern

Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many bank customers are not aware that as part of the process of obtaining the debit card, banks automatically enroll their customers in "overdraft protection." The overdraft protection kicks in if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.

"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur," stated plaintiffs counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

"If you buy your kids a $15 meal at McDonalds on your debit card and your account was overdrawn, that lunch actually cost you $50," added Mr. Sobol. "The bank wont decline the debit transaction, nor will the bank tell you that you have overdrawn your account and is about to turn your $15 lunch into a $50 expense."

In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in up to $40 billion in overdraft charges from nearly 50 million customers.

"While all bank customers have been affected, these overdraft fee policies disproportionately affect young people, the elderly and the poor, who are most likely to maintain low account balances," noted Mr. Rogow. "Moreover, these fees have the tendency to create a domino effect, resulting in even more fees."

Further Information for Bank Customers

Bank customers assessed overdraft fees who wish to learn more about this litigation should visit www.bank-overdraft.com where they can submit their complaint to plaintiffs counsel.
Contacts

Lieff Cabraser Heimann & Bernstein, LLP
Michael W. Sobol, 415-956-1000
or
Bruce S. Rogow, 954-767-8909
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