US BANK Pending authorizations MAGICALLY completed before deposit Minneapolis Minnesota
PENDING AUTHORIZATIONS: $95.00
AVAILABLE BALANCE: $21.00
ACCOUNT BALANCE: $116.00
Very good... account is low, but positive.
Above is how my online US BANK account looked yesterday at approximately 5PM. Then again at 11:30PM. I knew I had a deposit coming the next day...
1:30AM(deposit day), curious to see if deposit had happened, I looked again...
PENDING AUTHORIZATIONS: $0.00
AVAILABLE BALANCE: $99.00
ACCOUNT BALANCE: $99.00
Where had the pending authorizations gone? They hadn't been completed, they were just, gone. (No authorizations had gone through. ZERO, NA DA) And why was my available balance and account balance now at $99.00? It didn't match up. If the pending authorizations had really been removed it should have been $95 + $21 = $116 account balance. Just like before, right? Right.
8AM I check again. Deposit had gone through.
PENDING AUTHORIZATIONS: $0.00
AVAILABLE BALANCE: POSITIVE (amount doesn't matter, plus I don't make a lot)
ACCOUNT BALANCE: POSITIVE (amount doesn't matter, plus I don't make a lot)
Deposit had gone through and I'm still in a positive account balance. But I notice that the pending authorizations have magically reappeared and have now "cleared" plus a new one that was never "pending", and have been conveniently slipped in before the deposited amount. There are now also some small card approval type charges ($1.00, $2.50, etc) that brought my account negative prior to the deposit.
AND... Now there are two $37.50 overdraft charges pending totaling $75.00.
1. Why did the pending authorizations disappear last night?
2. Why was one authorization made that never had a "pending" status?
3. Why did the small card approvals just show up and where from? Why was my available balance and account balance $99.00 and not the sum of $95 + $21 when the pending approvals mysteriously disappeared?
I'll tell you why...
THIS IS NOT THE FIRST TIME US BANK HAS DONE THIS TO MY ACCOUNT.
They consistently MANAGE pending authorizations and deposits to cause OVERDRAFTS.
So I called the bank...
The US BANK representative explained, "A pending authorization will clear after 3 days". OK, I'm fine with that. But where did they go when they mysteriously disappeared? And how did they magically reappear BEFORE, (and just in time) the deposit went through? And what are these little authorizations from? The representative didn't have an answer for that.
I see no other answer to this mystery other than that the banks computer systems or what ever it may be, monitors incoming deposits and attempts to make sure pending authorizations are conveniently completed in a manner in which causes customers accounts to overdraw. What are the small authorizations for? I may never know, I watch my account closely to NOT be over drawn.
So then...
They reversed the pending overdrafts without much convincing. Why? Just little old me complaining? No, this is a much bigger thing than just me. Banks are struggling, they are nervous and they are in control. I'm not a conspiracy theorist, not even close. But this seems to be another attempt at profiting from "creative" money management.
So what's $75.00 to US BANK? Nothing. But if they are consistently doing it to all of their customers it's a fortune!
I've had this happen repeatedly over the last couple months and really don't know what to do about other than go to another bank. But are the other ones doing this too? Each time it happens, "It's your fault" is how it's explained to me.
No. No, no, no, no no! It's not. I track and manage my account closely. Approximately $600 has been for lack of a better term, "STOLEN" from me in the last 2 months through these mysterious and creative overdrafts. Today's events are almost identical to each other time it has happened.
It never, ever adds up.
I haven't been successful in having the overdrafts reversed until today. If they were legitimate overdrafts I'd only have myself to blame. But, why today? Did the bank representative actually get it? Did the transactions on my account not make sense to them either?
Someone tell me, please? What is going on with this bank?
Michael
Minneapolis, Minnesota
U.S.A.
6 Updates & Rebuttals
Patrick
Mesa,Arizona,
U.S.A.
Possible fraud?
#7Consumer Suggestion
Mon, June 01, 2009
OK, I was with you all the way through until you talked about these 'small authorizations for $1.00, $2.50, etc'. So did you authorize these charges, or were they something completely outside of anything you had done? Were they, and are they still posted against your account?
What has been happening lately is that scammers are stealing CC info from online businesses with low or no online server security. The thieves then take all of their 'farmed' CC numbers and try to post very small charges to them to see if they are still valid (usually stuff like music downloads and such). Once they confirm an active card, they then go on a spending spree.
If these charges are still posted to your account and you did not make them, then I would contact your branch immediately and tell them you suspect fraudulent activity on your account, and that your CC details could be compromised.
If these charges no longer show on your account, then I don't know what to say except go to a Credit Union for your banking. I've been with a CU for years and they don't pull all this hokey crap with posting deposits and debits like the big banks do. Trust me, you'll be much happier there.
L. Asner
Minneapolis,Minnesota,
U.S.A.
One addendum to case...
#7Author of original report
Fri, May 29, 2009
I keep a VERY DETAILED and precise checking account register. I account for every cent. Every half cent, every cent before it's made at the mint thank you.
At the time the online records were correct, they matched my physical ledger perfectly.
I know, I know, I know. "You need to stop using online banking and keep a check register. You will never overdraft if you use a check register." I don't.
But I do watch what they are doing. If I hadn't seen this happening, "ONLINE". I may have not been able to have them reverse it. Who knows, this is what happened, I reported it. And yes, I do think it's very suspicious.
This isn't about someone just I keep a precise checking register. Thanks
I Am The Law
Cincinnati,Ohio,
U.S.A.
Updating.
#7Consumer Suggestion
Thu, May 28, 2009
Michael, I think you're viewing the website while USB is updating your account. I typically don't view the website very late at night, but I would imagine at some point you'd see something like what you're describing. If you can, I'd wait until about 9am before you check the website.
Cj
Milwaukee,Wisconsin,
U.S.A.
its technology
#7Consumer Suggestion
Thu, May 28, 2009
Many banks do what is called "updating" overnight. This is the process of going thru and matching authorizations to real transaction records, clearing deposits, clearing checks, etc. Usually between midnight and 5 am. If you check your balance online or via an automated phone service during that time, you will most likely get an inaccurate account balance. But when all is said and done, you still should not get overdrafts if you have enough available funds in your account to cover your transactions. If you have difficullty keeping track of your balance, I would suggest setting up an overdraft protection account of some type to limit your losses.
Jim
Anaheim,California,
U.S.A.
That Was Not Your Account Balance You Were Looking At Online
#7Consumer Comment
Thu, May 28, 2009
Your account balance can be found in your check register. If you're looking anywhere other than your check register for this information, you're wasting time and energy. The best part is this:
Check register transactions don't disappear or appear unless you do it.
Don't depend on online balances for anything.
Ashley
Springfield,Missouri,
U.S.A.
Stop using online banking
#7Consumer Comment
Wed, May 27, 2009
You need to stop using online banking and keep a check register. You will never overdraft if you use a check register.
The online banking system is inaccurate at almost all banks due to the nature of pending transactions. The only way to know for sure how much money you have is to keep track of it yourself. How do you do this? By writing down every purchase in your checkbook and balancing it regularly. If you do this yuo will never overdraft.
The representative didn't "get" it today. They removed the charges as a courtesy. Most banks will do this once or twice since customers do make mistakes.