U.S. Bank Finance Charge*overdraft Protection Fee $5.00 U.S. Bank started charging me $5.00 Overdraft Fees on my Premier Reserve Line Denver Internet
Today, I checked my U.S. Bank accounts. To my surprise and horror, I discovered that U.S. Bank began charging me $5.00 charges every time they moved money from my premier reserve line into my checking account. I just emailed them and claimed "fraud!".
I've been a U.S. Bank member for many years. Every once and a while, they pull something sneaky or fraudulent like this. I am waiting to hear back from them.
They encouraged me to sign up for their Premier Reserve Line a long time ago, because it allowed me to float money for bill paying, between paychecks. No one's paycheck dates ever correspond with bill pay dates, so to avoid the hassle and cash shortages, I simply signed up for a premier reserve line at their suggestion. This is a line of credit attached to your checking account. There are no fees associated with U.S. Bank transferring money from the Reserve Line into Checking as necessary, except for the Finance charge you pay on the outstanding balance.
Well, today, I saw that they were charging me a $5.00 fee since February for every time they put money into my account. I never recall getting a notice about this and rarely check the premier reserve line account (because there's no need to, and just happened to look at it today. That's when I saw about 33 Finance Charge*overdraft Protection Fees for $5.00 being charged against my account.
I have emailed them and will let people know what the result it. I have no loyalty to U.S. Bank and will not hesitate to dump them like a hot coal if they do not refund my money and stop making those charges. We will see what happens.
WD
Denver, Arkansas
U.S.A.
2 Updates & Rebuttals
Sylver8248
Murfreesboro,Tennessee,
U.S.A.
FYI...
#3Consumer Suggestion
Wed, July 08, 2009
Found this under terms and conditions on the USBank website:
Overdraft Item Paid(3)
1 occasion $19.00 per item
2-4 occasions $35.00 per item
5 or more occasions $37.50 per item
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Overdraft Item Returned (NSF)(3)
1 occasion $19.00 per item
2-4 occasions $35.00 per item
5 or more occasions $37.50 per item
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Overdraft Protection via U.S. Bank
Deposit Account, per Item Covered $5.00
Your premier line of credit is an overdraft protection account. Therefore if an item is "covered" (or the money is transferred by you to cover a bill), a $5.00 fee will be assessed. I have one too, and read through the pamphlet I received by mail when I opened the account and it is listed there as well.
Cj
Milwaukee,Wisconsin,
U.S.A.
banks charge fees for service provided
#3Consumer Suggestion
Wed, July 08, 2009
All I will say is the bank is a for profit institution. They wont do everything for free. They did you a service by advancing funds into your checking account to cover some purchase that you made that you didnt have money for. 5.00 fee is much cheaper than a 35.00 you would have gotten had the bank not had the line of credit set up for you. So, instead of complaining, be grateful that the bank covered your transaction.