U.S. Bancorp Complaint - Looks Like I'm Not Alone
Apparently US Bank has instituted a crafty way to prevent their own collapse: Playing with deposits in a way that allows them to assess astronomical overdraft charges.
Several months ago I had an unauthorized charge placed against my debit card/checking account. It overdrew me, just barely, but the fees associated with it amounted to nearly $100. It took several days to gain a provisional credit, but I finally did (no thanks to a rather unpleasant bank branch manager, and SEVERAL reps who incorrectly informed me of the process to use to gain those credits).
Two days ago I logged in to my user account there, as I do every day (I am unemployed and living close to the edge; after that fraud episode I'm paranoid). My balance was positive, albeit low, the day before. Suddenly my balance was -$67.50.
I went to my post office box to look for overdraft notice. There it was! Only their "accounting" was specious -- they had an interesting arrangement of charges and credits which allowed them to zap me one single $37.50 overdraft charge, which NEVER SHOWED UP ON MY ONLINE ACCOUNT LEDGER. That charge allegedly was processed four days earlier, so by the time I noticed the negative balance, I had ALREADY BEEN CHARGED AN ADDITIONAL $32 FOR 8 DAYS OF "CONTINUING NEGATIVE BALANCE FEE."
I called customer service and said there was just no way I could have become negative in my balance, even a little bit. The clerk pulled up the same accounting ledger info they sent in my overdraft notice, and it became clear to me that:
1. She doesn't understand the way the bank orders charges in a manner that makes the customer always wrong, and
2. She doesn't understand that their online accounting system is inaccurate, so I never saw a negative balance in the four days since she claims I first incurred one.
I don't know about you, but I call this shoddy business practices, and I intend to pursue some sort of a complaint through my State Attorney General's consumer protection division.
I'm thoroughly disgusted with US Bank, but do not want to change just yet because I've maintained this account in good standing for three years, and often that's an important indicator when applying for credit.