Complaint Review: US Bank
US Bank Accounting Rules Conducive to Triggering Overdraft Fees Long Beach Nationwide
*Consumer Comment: Time for some education....
*Consumer Comment: A free check register and a $6 calculator could change your life
*Consumer Comment: Wrong
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US Bank has set policies and procedure in place that induces a high chance for overdraft fees to be issued. Over the last 6 months there are a number of occurences that has resulted in high costs, and put me in dire circumstances that ended up affecting my reputation, stress, anxiety, and affecting aspects of my life due to the financial consequences of fees.
1. I never opted for overdraft protection and wanted any transactions with my debit card to be declined when I do not have enough funds to cover it. Time and time again, the transactions would go through and I would then be assessed a $36 insufficient funds fee that sets me back more and more each time that it happens into the future.
2. The Available Funds amount in the mobile app is usually not correct - by a large margin. I would make a purchase that is within the limits of stated Available Funds only to find out the next day that I am in the negative due to inaccurate accounting and inconsistent holds that didn't occur to let me know that I have less available funds.
3. Their funds transfer options are deceptive. On their website, they have 2 options for funds transfers to another bank account. The first is Pop Money, which takes 3-5 days to transfer funds. This is an unusually long window of time and is not reflective of the needs of people. People need the money as soon as possible and with current technology, shouldn't take 5 days. And once initiated, the funds to be transferred are HELD, no longer available for spending. But it is in limbo for 5 days! No one has access to the funds during that time. The second option isn't called Pop Money but I found out the hard way that this is the ONLY option; it's all Pop Money. They try to make it seem like another option and faster than Pop Money. I was out of the country and 3 days prior to coming back, I initiated a transfer with the latter method. Well they held $1000 to be transferred and I found out 3 days later that it wasn't successful. So guess what, the system is set automatically to send it out AGAIN. So the $1000 that I needed so desparately was in limbo for 5 days and I had no access. It made it to the destination account this second time (of course US Bank messed up the first time) but I had to borrow money from 2 people to make it through the 5 days. And for whatever reason, this bank stops almost all money transactions over the weekend. If you don't make the cutoff time on Friday, you are SOL until Monday. I was stranded at LAX for 4 hours trying to borrow money and waiting for someone to deposit into my account during that time.
4. Funds aren't released in the order that the transactions occur. I went on Wells Fargo's website to initiate a car payment on a Friday. Wells Fargo sends the order to draw out the funds on Saturday morning. But as mentioned earlier, US Bank literally stops operations over the weekend. Well, they didn't release the funds until the FOLLOWING Tuesday and I assumed that my available balance reflects the payment made. By the following Tuesday, I didn't have enough funds to cover the payment and that was when US Bank decides to process the payment order. NOT Monday, but Tuesday, when I didn't have enough funds. Of course that triggered insufficient funds fees on US Bank's side and I had to fight tooth and nail to get that waived despite the fact that it wasn't my fault. And guess what? Wells Fargo charges me a late fee even though I initiated the transaction 4 days before it was due. Luckily, Wells Fargo understood and waived the fee so that I didn't have to eat it or waste time trying to get US Bank to cover it, which they wouldn't anyways.
5. In summary, US Bank will send out money and do accounting in a way that is conducive to THEIR profitability and at an expense to you, no matter how blantantly egregrious the circumstances may seem. Lastly, their customer service is amongst the worst there is. There is no empathy or understanding and they argue for the sake of arguing just to justify not having to take action. EVERYTHING has to be authorized by the supervisor, even waiving a fee due to their fault. They just put warm bodies on the phones and they are not even sufficiently trained. I had a representative respond to my complaint that the Available Balance is way off by telling me: "you should keep your own ledger of charges." And of course the manager says to me..."my wife and I keep our own ledgers" - suggesting that their app is completely unreliable. So according to them, everyone shouldn't depend on the app or online account balance, you need to keep an up-to-date spending ledger at all times.
This report was posted on Ripoff Report on 08/17/2016 04:14 PM and is a permanent record located here: https://www.ripoffreport.com/reports/us-bank/nationwide/us-bank-accounting-rules-conducive-to-triggering-overdraft-fees-long-beach-nationwide-1323082. 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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