- Report: #192013
Complaint Review: U.S. Bank US Bancorp - Minneapolis Minnesota
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U.S. Bank US Bancorp
800 Nicollet Mall Minneapolis, 55402 Minnesota, U.S.A.
Phone:
800-872-2657
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U.S. Bank, U.S. Bancorp Ripoff Refused To Deposit Paycheck Then Told I had 5 days to Wait. Complete fraud. Minneapolis Minnesota
Hello,
I am recently I victim of the fraudulent actions of U.S. Bank or U.S. Bancorp. I deposited my paycheck for the month of April into my checking account along with a small deposit of cash on May 15, 2005. What was noted to me online was that half of my deposit was held and the other was available for cash. I asked myself this cannot be right, because how can U.S. Bank cut my paycheck in half and only offer very little to me in return.
Well two days later and no payment cleared and with my concern I called the customer service representative around 2:00PM in the afternoon, what they had told me is that my check was being held for until Monday of next week. So I asked to speak with the account manager and after two feutel attempts at this I got a hold of an account manager who told me the exact same thing.
I expressed my concern that I needed my money by at least Friday to pay my bills, well low and behold they continued to refute my claim and kept mentioning that I wait 5 business days from the time the check was paid which was on May 16? only I read through their deposit policy nowhere did it say that I had to wait 5 business days for deposit.
This sickens me because what the agreement and policy stated is that there is a cutoff time at certain banks before 4:00PM which I met because my deposit was made at 3:00PM and so I am now out of money until Monday which pushes back all my bill payments and creates more financial charges to be incurred during the time being.
I haven't had a problem with U.S. Bank before because I have deposited paychecks in the past that have cleared the very next day. Why is this, I came from a small town bank to U.S. Bank for the benefits and I am seeing now that the small town bank is better in terms of getting your money prepared on time. I've had it with U.S. Bank or U.S. Bancorp I can't wait around until July for results.
Thanks for listening!
Johnathan
Springfield, Missouri
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
I am recently I victim of the fraudulent actions of U.S. Bank or U.S. Bancorp. I deposited my paycheck for the month of April into my checking account along with a small deposit of cash on May 15, 2005. What was noted to me online was that half of my deposit was held and the other was available for cash. I asked myself this cannot be right, because how can U.S. Bank cut my paycheck in half and only offer very little to me in return.
Well two days later and no payment cleared and with my concern I called the customer service representative around 2:00PM in the afternoon, what they had told me is that my check was being held for until Monday of next week. So I asked to speak with the account manager and after two feutel attempts at this I got a hold of an account manager who told me the exact same thing.
I expressed my concern that I needed my money by at least Friday to pay my bills, well low and behold they continued to refute my claim and kept mentioning that I wait 5 business days from the time the check was paid which was on May 16? only I read through their deposit policy nowhere did it say that I had to wait 5 business days for deposit.
This sickens me because what the agreement and policy stated is that there is a cutoff time at certain banks before 4:00PM which I met because my deposit was made at 3:00PM and so I am now out of money until Monday which pushes back all my bill payments and creates more financial charges to be incurred during the time being.
I haven't had a problem with U.S. Bank before because I have deposited paychecks in the past that have cleared the very next day. Why is this, I came from a small town bank to U.S. Bank for the benefits and I am seeing now that the small town bank is better in terms of getting your money prepared on time. I've had it with U.S. Bank or U.S. Bancorp I can't wait around until July for results.
Thanks for listening!
Johnathan
Springfield, Missouri
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
2 Updates & Rebuttals
Ken
Randolph,Massachusetts,
U.S.A.
Question?
#2Consumer Comment
Thu, May 18, 2006
Are you a new customer to this bank? If so, it would explain the 5 day hold. Banks are allowed, and typically do, hold checks from new depositors for 5 days, for some pre-determined length of time. (30 or 60 days). You are supposed to be notified of this fact, but unfortunately a sign hanging on the wall serves as sufficient notice. Who cares if no one knows it is there or reads it? After the new depositor period has elapsed, if they place anything other than a normal hold on a deposit, they are required to given you a written notification telling you how much they held, and the reason why they held it. Now, if you are NOT a new depositor with them, you have a legitimate beef. I would go in, ask to see the manager, and politely point out to the manager how the bank has failed to comply with the federal funds availability laws, and then ask how soon may you expect to have your fees rebated.
Robert
Wallingford,Connecticut,
U.S.A.
A couple thoughts...
#3Consumer Comment
Thu, May 18, 2006
Several factors need to be considered. First, there is a difference between a check posing to your account and the fuunds being available to draw on. There should be a section in your account terms and conditions which details the banks funds availability policies. Second, it depends on if you used a teller or an ATM for your deposit as to what the cutoff time will be. An ATM deposit cutoff time is usually earlier than a teller deposit. Third, depending upon the check type (ie government, cashier's, money order, personal check, business check, local, non-local) the funds availablity will vary. Usually, banks will make the first 100 dollars available on the first business day after posting with the remainder available two or three business days after posting (depending on the check type). Cash is usually available on the day the cash deposits posts to your account. Forth, depending on the amount of the check, the bank may have a longer hold period. Again this should be detailed in you account terms and conditions. However, if you used a teller to make the deposit, the teller should have informed you of the longer hold period. Forth, have you considered having you paycheck direct deposited to your account? Funds are usually available on the day it posts. Hope this helps.
