US Bank stealing money through overdraft charges RIPOFF Milwaukee Wisconsin
Quite recently I was hit with 3 overdraft charges. I was a bit perplexed as to why my checking account had gotten these charges.
So I go online and I look for a negative balance on there. I see one negative balance of -7.18, so I say okay, I deserve one of those, but THREE? I call up US Bank, tell them what the deal is, and they tell me to look at my statement and they start listing off these balances that don't make sense. The rep asks me, "do you see where you had -86 dollars?" I say "no, I don't" and her answer? "Oh you don't? Well please hold for online banking they can further assist you" .
About 15 minutes later, I'm talking to the online banking person, and they break it down to me, I'm supposed to click on my balance on the online bill pay screen to see my REAL balance at the time. I asked the guy, why don't you guys just show people what they have at the time instead of doing this? his answer, "I don't know why they do that sir, this is the way the company designed the system". Him being a mere pawn in this game, I controlled my temper and didn't go off on him. He apologized and I hung up the phone.
So now I'm faced with a problem of having a FAKE balance, and a REAL balance. Basically I can see the money I SHOULD have, but then I click on it to see how much was held. I'm sorry I can understand rules, but when I take the money I deposited that day, and I don't get all of it? that doesn't make any d**n sense to me. Security,I can understand that, but once the money is verified, how bout backdating the money so its posted on the correct date?
I read through the other entries on here, and I'm going to close this checking account. I thought about fighting up to management, but what's the point? I know I'm not going to get the money back ($104 that was going to christmas presents). But its whatever, I hope that everyone just takes the time to read my entry and everyone elses about this terrible corporation. Oh yeah, one more thing, I wrote a big ol' email complaint to them, what do I get? a nice section of their manual pasted into an email on overdraft charges, and their solution for me? Get overdraft protection.
yeah that'll happen.
Christian
Milwaukee, Wisconsin
U.S.A.
2 Updates & Rebuttals
Neil
Jacksonville Beach,Florida,
U.S.A.
Banks - E-Bay - and PayPal Ripoffs Combined
#3Consumer Comment
Thu, January 06, 2005
The same type of "ripoff" occured to me during the Christmas season !! But with a different bank....
...and for potentially more money than the following ripoff reporter mentioned :
Christian
Milwaukee, Wisconsin
U.S.A.
His report is apparently labeled :
"US Bank stealing money through overdraft charges RIPOFF Milwaukee Wisconsin"
------------------------------------------------
I ultimately lost $150.00,... AFTER getting my bank (Wachovia,...
in Florida).... through the "regional" customer "service" centers of that bank,... to refund me $120.00 in overdraft related charges.
Here is what happened :
I did Christmas shopping using ebay and PayPal.
I was new to it all.
I called my 24-7-365 banking center to confirm the way that I would be able to KNOW my Wachovia checking account balance "online",.. through the 24-7 "online banking" that I had access to.
I wanted to be able to know my "actual checking account balance" prior to making PayPal payments through my bank.....
(considering pending deposits, checks,.. etc. and previous and very recent (at the time) PayPal payments)
The customer service representative that I spoke with "lied to me" .... basically,...
through their own customer service "employee ignorance" and/or confusion (or perhaps through a "financial conspiracy")....
More than one indivual Wachovia customer service representative misinformed me,...
and thereby,....
"improperly misrepresented their company",... (insofar as information about my banking account balance and posting info,...
related to my inquiries)...
directly regarding,....
"currently posted amounts",... (at that particular time),...
vs "actual "available" amounts in my bank account.... shown ONLINE.
They assured me that I could rely on the current "online info" (at the very time that we were speaking),...
of "available amounts" in my checking account.
I wanted to make immediate PayPal payments,... if possible,... so as to get the items that I had purchased,... sent to me BEFORE Christmas !!
So,...
I checked my account,... and called my bank first !!
I'm no fool.... so I thought !!
I'm an engineer and a professional. I pay attention to detail... and ("previously...) I've never in my life (as of 48 years old now) had a single "overdraft"...
(in my entire banking history of that
banking account,... which dates back to 1980).
(The banks have changed through the years,... but not my account)
Further,...
As it recently happened days ago,... I was making "late night" transactions via PayPal.
This is supposed to be the 21st century !!!
One might think (as I did),.. that one could rely on computer transactions and banking info as being updated.... and current !!! Even so,... that's why I called the bank late at night,.. to make sure !!!
However,...
Since the 24 hour customer service representative (at the bank) that I talked to,... told me incorrect info,.. as to my account info,..
and since I didn't have the reason to think that I should get their name,....
and since our conversation wasn't "recorded".....
(as I was told later),...
...I therefore could not establish the specific nature of our extremely specific conversation,.... regarding what she told me !!
and,.... the problem was,... that,...
...since the exact times, dates and particular nature of "postings" of previous PayPal payments were related to me totally innacurately by that representative,...
and,... since those above mentioned payments actually "came through" my bank at certain particular times which were not reflected in my current "online' balance",.. (at the time that I had made subsequent PayPal payment tranactions through my bank,)...
I had,... in the meantime,...
already,.. and very unfortunately,...
...made a number of very small payments to ebay's PayPal company,... online,...
(for the purpose of making payments to various ebay sellers.....
... only at the express assurance of the cusotmer service representaive).
There were a total of 7 of these PayPal payments made in a row.... during a few short minutes.....
each one,... ultimately costing me $ 30.00 apiece in overdraft charges,... plus two $ 60.00 separate "overdraft fees" !!!
I spent oodles of time trying to rectify the matter,... and I did get $ 120.00 refunded to me as a "courtesy".... !!!!
...but NOT refunded by way of any admission on the bank's part.... (for misinforming and misdirecting me).... of any "banking error" on their part.
After repeated efforts,... the matter eventually escalated to the point of them connecting me.... (not at my request,)... to one of the bank's vice presidents,... and HE refused to refund the rest of the charges !!!
They all only said,..
that I was "supposed to KNOW the amounts in my account at any given time",.. and was therefore legally responsible for my own mistakes in "causing my own problems"....
and that they would NOT help me any further,....
that I should appreciate their cortesy in refunding what I did get them to refund !!
...even though they DID admit to me... vice president included,... (when I inquired),...
...that they COULD refund me the rest,... IF they felt the situation warranted it !!!
They refused to refund me any more money !!!
So,..
...the small amounts that I spent on ebay related purchases was entirely offset by these remaining overdraft charges !!! At Christmas time too !!! And for the purpose of purchasing Christmas gifts !!!
MERRY CHRISTMAS TO ME !!!
Talk about "bah,.. humbug" !!
Legislation needs to take place to protect the unwitting consumer from banks being able to take advantage of the them,... regarding multiple "online type" purchases that are made in keeping with "good faith efforts" to maintain their proper banking account balances....
...and especially when it is done with the express misguided advice and approval of their bank's own representatives,... after careful consultation with them !!!
Suppose I had made 20 more "small" payments !!!
One's account could be totally drained,... as a result !!
SHAME on Wachovia Bank !! I was always very polite in my explanations and endeavors to rectify the issue. I was never rude to anyone regarding those attempts !!
Ought to be a law !!! Maybe there already is !!!
Can you help me ? To bring it to attention at least,... and/or recover my money ?
Christian
Milwaukee,Wisconsin,
U.S.A.
Copy and Paste Email Correspondence
#3Author of original report
Thu, December 30, 2004
In a final attempt to reclaim the money they took from overdraft charges, I wrote US Bank an email:
My original email to them:
To whom it may concern,
This is a formal complaint to your online banking and customer service
department in regards to the onling banking presentment and your
company's
policy in regards to overdraft charges. The method in which your online
banking statements reflect the balance available at the time as well as
a
link that can be clicked on to show you the ACTUAL amount of funds is
poor
at best. I have been pinned with overdraft charges that I believe to be
completely unfair as my account has been up to date when those funds
are
deposited. Apparently your company feels it pretty convenient to
deposit or
arrange funds to be deposited so it will benefit your company
(Overdraft
charges) rather than benefitting your consumer. I understand that this
email is fruitless since the person reading this right is probably on
the
bottom of the totem pole and doesn't make all the big decisions that
effect
the policies that are screwing over your customers. Since it'll be a
pointless effort to hopefully get this policy changed seeing how the
corporate bigwigs want money, money, money!, I plan to simply take my
business elsewhere to a financial establishment that respects their
customers and hopefully doesn't leave them on hold or send them to a
different department when the rep on the line doesn't like what they're
hearing.
Thank you for 2 years of unnecessary overdraft charges US Bank, you
made a
sweet 408 dollars off of me, that I'll never see again.
Their Reply:
Dear ****** ***********
Thank you for using US Bank email. We understand how confusing and
frustrating fees can be
when charged to an account. Your business is important to us so I
would
like to take this opportunity
to explain what happened in your account and how to avoid the problem
in
the future.
When you make a deposit, only $100.00 from the check(s) being deposited
is
made immediately
available for withdrawal or for items that are presented that evening,
the
remaining funds will be
placed on a one business day hold and made available the following
business
day. Cash deposits
and checks presented for deposit drawn on other U.S. Bank accounts at a
branch with a teller are
made available the business day they are posted. Unfortunately, the
ATM
does not have a way to
distinguish what comprises the deposit, and must apply the same
availability hold on all deposits made
at the ATM.
When checking your balance after a deposit is made please compare the
account balance to the
available balance prior to authorizing transactions or writing checks
as
the available balance will only
reflect the first $100 of the deposit and the account balance will
reflect
the entire deposit for
recordkeeping purposes. Once the funds are made available the account
balance and available
balance will match.
Our goal is to make funds deposited by our valued customer's available
for
customer use as quickly
as possible. For customers who have been banking with U.S. Bank for
more
than 30 days, checks
drawn on other banks are generally available for withdrawal on the next
business day unless we
notify you otherwise. This allows the time needed to efficiently
process
your check.
When a check is deposited from another bank, it must be processed
through
the national check
clearing system. In order to process these checks, Branches and ATM's
must
end their processing
day before the branch closes. This means that check deposits made
after
the end of the processing
day in the branch are treated as if they were made the next business
day.
So, a check deposit made
after the end of the processing day would not be available until the
second
business day. The cut-off
time for deposits made at a U.S. Bank ATM machine is 6:00 PM.
If a request for payment of a check, ATM withdrawal, or Check Card
withdrawal is made before funds
from the deposited check are available and no other funds are available
in
your account, you may be
charged an insufficient funds or overdraft fee.
Also, when we receive an electronic notice that a Check Card (non-PIN)
transaction has been
authorized against your account, we will place a hold your account for
that
amount. Some merchants
(i.e. hotels, gas stations, car rental agencies) estimate the
anticipated
purchase for authorization. As a
result, the amount held against your account may be less or greater
than
the final transaction amount
presented. Your available account balance will be reduced by the amount
held for all pending Check
Card (non-PIN) purchases from the time we receive the notice until the
item
is presented or three
business days, whichever occurs first. During that time, sufficient
funds
may not be available to pay
checks or other electronic transactions and you may be subject to an
overdraft fee or insufficient
funds fee. There are times when the system is unable to completely
verify
all information needed for
transaction authorizations; if this occurs, the system will allow up to
$1,000.00 in non-PIN transactions
and up to $300.00 in PIN based transactions to avoid denying customers
access to their funds.
You may view your outstanding check card authorizations via our
Internet
Banking Service. From
the transaction history page, there is a section at the top of the
page,
under your account balance,
labeled 'Check Card Authorizations'. By clicking on the underlined
amount,
this will bring up a list of
the outstanding check card authorizations.
When items are presented for payment on your account that exceed your
available balance, one of
two things may occur. It will be at the bank's discretion how to
handle
the items.
1. The items may be paid and you will be charged an overdraft fee for
each
item.
2. The items may be returned and you will be charged a returned check
fee
for each item.
To avoid future overdraft charges, please make sure that your deposited
funds are available prior to
authorizing payments from the account and that your available balance
is
sufficient to cover your
outstanding check card authorizations as well as other payments you
authorize from the account.
You may want to consider one of our many options of overdraft
protection to
help safeguard your
account from unexpected overdrafts in the future. You may apply online
at
our website, or call us at
1-800-444-1244 to apply by phone. Our Financial Sales team is available
M-F
from 7:00AM-10:00PM
CST, and Saturday 9:00AM-5:00PM CST.
I apologize that you do not agree with our policy as we have made every
attempt to ensure that you
are fully aware of the policies and regulations to help prevent any
charges
from being applied to your
account. Although we still value you as a customer and hope that you
will
reconsider your banking
relationship with us, we are aware that it is your choice as to who you
would like to bank with. Please
let us know if there is anything additional that we can assist you
with.
If you need further assistance, please feel free to email or call US
Bank
24 Hour Banking.
Metro Numbers
Cincinnati (513) 632-4141
Denver (303)
585-8585
Milwaukee (414) 765-4636
Minneapolis / St. Paul (612) US BANKS (612)
872-2657
Portland (503) US BANKS (503) 872-2657
St. Louis (314) 425-2000
All Other Locations 1-800-US BANKS
1-800-872-2657
(*If you are out of the country, you can call collect to any Metro
number.)
Personal Bankers are available 24 hours a day, 7 days a week, 365 days
a
year.
Sincerely,
David
U.S. Bank 24-Hour Banking and Financial Sales
And then my reply:
I've pretty much made up my mind, I took a trip on
badbusinessbureau.com and I find that I'm not the only
one your company is stealing from.
Its so easy just to paste things in an email from
whatever manual you guys train on. Its another to
actually experience losing 104 dollars during the
Christmas season. So you can copy and paste as many
entries from your manual as you want, but it still
won't give me back the money that was taken from me
because your company conveniently doesn't show how
much REAL money is available in my account. Per my
prior email, I'd just like to repeat to whoever is
reading this that I'm not blaming you, unless you're a
US Bank executive. Just take a look on
ripoffreport.com or badbusinessbureau.com and see what
the company you work for is doing to other people and
ask yourself if you're doing honorable work.
and then their reply to that:
> Dear ***** ********,
>
> Thank you for your response.
>
> I am sorry that you do not agree with our policy as
> we have made every
> attempt to ensure
> that you are fully aware of any changes to help
> prevent any charges from
> being applied to
> your account.
>
> We do value you as a customer and hope that you will
> reconsider your
> banking relationship with us,
> but we are aware that it is your choice as to who
> you would like to bank
> with.
>
> If you need further assistance, please feel free to
> email or call US Bank
> 24 Hour Banking.
>
> Cincinnati Metro: 513-632-4141 Denver
> Metro: 303-585-8585
> Milwaukee Metro: 414-765-4636 St. Louis
> Metro: 314-425-2000
> Minneapolis / St. Paul: 612-USBANKS Portland
> Metro: 503-USBANKS
> (612-872-2657)
> (503-872-2657)
> Other: 800 USBANKS (800-872-2657) TDD:
> 800-685-5065
>
> (*If you are out of the country, you can call
> collect to any Metro
> number.)
> Personal Bankers are available 24 hours a day, 7
> days a week, 365 days a
> year.
>
> Sincerely,
>
> Tamara
> US Bank 24-Hour Banking and Financial Sales .
>
>
and I wrote
oh believe me, after all of this, I'm more than
educated on your policy. It's funny because I just
realized I could get ALL my money deposited quicker if
I cash my checks at your bank, deposit 100 dollars one
day and then the rest the next day if it is 100
dollars or under. Yet, your policies are the same, its
more convenient for a customer to cash his check and
deposit a portion of it at a time then letting them
drive up to the atm and deposit the money. Thats
pretty sad. Yes, Yes, You are sorry that I don't agree
with your policy. You've educated me on the policy.
Maybe I should get overdraft protection, yadda yadda
yadda.
and then the final email response!
Dear ****** *******,
Please let us know if you have any further questions or concerns.
If you need further assistance, please feel free to email or call U.S.
Bank
24 Hour Banking.
Cincinnati Metro: 513-632-4141 Denver Metro:
303-585-8585
Milwaukee Metro: 414-765-4636 St. Louis Metro:
314-425-2000
Minneapolis / St. Paul: 612-USBANKS Portland Metro: 503-USBANKS
(612-872-2657) (503-872-2657)
Other: 800 USBANKS (800-872-2657) TDD:
800-685-5065
(*If you are out of the country, you can call collect to any Metro
number.)
Sincerely,
Kristen
U.S. Bank 24-Hour Banking and Financial Sales
this last person must have not mastered the art of copying and pasting or even independent thought