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Report: #343899

Complaint Review: USBank Mastercard - Iowa

  • Submitted:
  • Updated:
  • Reported By: Cedar Rapids Iowa
  • Author Confirmed What's this?
  • Why?
  • USBank Mastercard usbank.com Iowa U.S.A.
  • Phone: 800-285-8585
  • Web:
  • Category: Banks

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I did a balance transfer to another card over the phone with the other card company. They told me it would take about 7 days, and the payment showed up on my USBANK card in 6 days. But what I didn't notice was the credit limit remained 0. So my wife used our checking account thinking our overdraft protection would kick in. It didn't. And now I have $400 in overdrafts! The payment to the USBANK Visa was held for another 8 days, even though the sending company (CHASE) said that it was a wire transfer and that it is the same as cash. USBank's customer service just kept telling me it was their policy to hold any deposits > $1000 for 7 days, to ensure availability of funds. This seems fraudulent!! How can they hold deposits when there is no fund verification needed?

Side Note: They said 7 days, so I called them today (7 days later). They said the 7 days will be up tomorrow. Their system says the posting date was 6/18, even though when I look at it online, it shows 6/17. So to me it has been 8 days, which is 8 days too long!

I've also been caught a few times over the years with some of the other ways banks generate extra overdraft fees (largest checks 1st - which BOA got sued for, processing withdrawals before deposits, charging based on pending authorizations). They are constantly finding new ways to generate NSF charges! I agree with one of the other responders, there needs to be a Class Action suit!

Rippedoffiniowa
Cedar Rapids, Iowa
U.S.A.

This report was posted on Ripoff Report on 06/24/2008 08:36 PM and is a permanent record located here: https://www.ripoffreport.com/reports/usbank-mastercard/iowa/usbank-mastercard-held-wired-funds-same-as-cash-for-8-days-after-receiving-the-funds-c-343899. 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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REBUTTALS & REPLIES:
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#4 Consumer Comment

You clearly have a habit of abusing the account

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

POSTED: Saturday, July 05, 2008

and overdrafting. Why would they work with you on the fees that you apparently rack up consistantly?

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#3 Author of original report

So the fact that the bank makes money on extra fees by holding the funds is just a bonus?

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

POSTED: Saturday, July 05, 2008

I would find this response a little more believable if the bank were willing to recognize that I was trying to plan ahead and work with me on the overdraft fees.

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#2 Consumer Suggestion

consumer verification

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

POSTED: Wednesday, July 02, 2008

Due to the many fraudulent transaction that we deal with on a daily basis we take extra percuation the verify funds to make sure that they are not some scam or ever terroist money. I understand your frustration but keep in mind we live in a world where one apple spoils it for everyone else. We rather be safe than sorry. The best thing to do is plan ahead and expect your funds to be held. There is a process that we have to go through to make sure we wont suffer a loss. We are protected by law that we can hold funds for up to 9 business days for any reason.

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#1 Consumer Suggestion

consumer verification

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

POSTED: Wednesday, July 02, 2008

Due to the many fraudulent transaction that we deal with on a daily basis we take extra percuation the verify funds to make sure that they are not some scam or ever terroist money. I understand your frustration but keep in mind we live in a world where one apple spoils it for everyone else. We rather be safe than sorry. The best thing to do is plan ahead and expect your funds to be held. There is a process that we have to go through to make sure we wont suffer a loss. We are protected by law that we can hold funds for up to 9 business days for any reason.

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