US Bank unfair over draft charges, failure to notify ripoff Magna Utah

The bank charges daily overdraft fees to discourage customers from purposely overdrafting their accounts. A checking acccount is not a line of credit. Funds used should only be funds that are available in the account. Overdrawn accounts are a risk to the bank, therefore it takes steps to reduce this risk. The best way to keep track of your balance is to not only use your check register, but to also to understand the funds availability policy and to use the tools provided ( online banking, atm, monthly statements, the automated phone system and personal bankers at your local branch) to avoid overdraft charges.


Hopefully this helps.

CJ
Milwaukee, WI

I have also had a bad experience with US Bank. I have been making deposits weekly as that is my paydays. I had forgot to write down an entry in my check register, totally my fault, on a Tuesday. I was overdrawn by 3.00, I made my deposit on Friday as always, and noticed that I was overdrawn, and had a 7.00 charge besides the 35.00 overdraft.

As I got to looking at my account online, everyday I was charged the 7.00 fee, I was also charged another overdraft of 35.00. The amount that I was overdrawn within a 6 day period was about 200.00. I called them and they said that the previous check I deposited hadn't cleared the bank yet.

Well I have been making Friday deposits for 2 years, and all of a sudden the last 6 months my account has been so screwed up that I can't seem to keep it straight any more.

I have recently changed banks to a credit union, and have left us bank sitting with 25.00 to the good in it. I no longer use the account, and am going to be closing that account at the end of October 2006. I don't have any problems with my checks clearing by Mondays at the credit union, and have had that account open for 2 months.
My suggestion to all is to definitely try a credit union. Also the interest on your savings account at a credit union is a higher percentage rate. Mine is 3.623%. At most banks such as us bank you will be lucky to get 1%.

Debbi
Kuna Idaho

It sounds like it did, and, in that case, good luck gettign another account. Most likely you're in Chex Systems, or a similar database as a bad checking account holder.

Do a search on Chex Systems and learn about the hell others have gone through...living without a bank account isn't easy.

Thank you your advise is very sound! I will be looking into a bunch of different credit unions in the future.

I talked with the branch manager and learned that the account was closed today with an overdrawn amount of $325.48! remember the charge that overdrew the account was for $6.48 so the rest,$319.00, came from the $31.00 overdraft fee and the $7 a day charge. anyways the manager Ralph reveresed all but $72.48 (the $6.48 charge, the $31 overdraft charge and $35 dollers of daily overdraft fee).

Ralph was real easy to work with and I didn't even hae to mention anything he practily volunteered to reverse them. the old saying goes there is always a bad apple amongest a bushel (or something like that) but in this case there is a good apple in with a bunch of bad ones.

Find a credit union. They're more user-friendly. While they may not have the total # of branches a bank does, many offer free ATM usage at other banks, meaning they will reimburse your fees charged at other ATM's. Credit unions - that's my suggestion.

The overdraft fee per item I can understand. But that daily fee.

I received a glossy flyer in the mail the other week from a local bank, extolling their "totally" free checking and their policy of reimbursing all foreign ATM fees. It peeked my interest. Briefly. Until I read through their account terms and conditions. They had that daily overdraft fee. Thanks but no thanks. I sent them a letter telling them why I would never consider using their bank. It won't do much good but I felt better telling them why.

If you are fortunate enough to have several banks to chose from in your area, be sure to get a copy of the account terms and conditions before you open a new account. If you are stuck with US Bank, then your only option may be to monitor your account online more often (I am assuming the account is only used for ebay).

Good luck.