Complaint Review: US Bank - Mankato Minnesota

My Overdraft Protection Account is one that auto-transfers money into my checking account and auto-debits my checking account for payment due. US Bank NEVER charged me "overdraft" fees for using the available funds in my Overdraft Protection Account. Duh!! That's why I have it and thats the only reason anyone in their right mind would have it. The interest rate is 23.99% on this US Bank product and its helpful for emergency situations. Do the MATH. Your broke until next paycheck...in two weeks-because of an emergency. You write 5 checks for $20.00 each they all are paid by US BANK and in two weeks you will owe US Bank $175.00 in overdraft fees plus 7 dollars per day for maintaining a negative checking account balance. So in 2 weeks you will owe them $273 plus the original $100....for your $100 emergency. Or with my Overdraft Protection Account you will owe US BANK 94 cents in interest on your $100 in overdrafts...for a total of $100.94.(it auto-injects $200, but you can transfer or pay the extra $100 you did't need in your checking account immediatly back to the ODPA). Do you get it? More about my ODPA...IT shoots in $200 when needed and will shoot in a lesser amount when needed, when less than $200 of available credit is remaining in the Overdraft Protection Account. I know my ODPA was capable of maxing out and in fact exceeding its limit. Last year I had exceeded my Overdraft Protection Account's max(and gladly paid the fees). When this happened the 1-800-US-BANKS computer informed me that I had "ZERO or No Available Funds" on my ODP Account. In otherwords, I knew my ODPA DIDN'T have a false cap or disguised cap -a lower than max threshold to account for things such as capitalized interest and projected payments. So when the automated 1-800-USBANKS computer informed me that I had, "$78.00 of available funds" on my overdraft protection account...I believed them-and yet I was charged $140.00 in fees for my small purchases. (and no I didn't violate any of the terms in the fine print, nor was my account frozen in any way)

First. I hope it isn't a crime to record a computerized voice over the phone in Minnesota or any other state....I was simply collecting evidence to play to a live bank employee over the phone or in person. I still have the recording and nobody from US Bank wanted to hear it. I asked a US Bank Employee(in person) to define the following banking words for me: "Available Funds" "Unvailable Funds" "Available Balance" "Unavailable Balance" and "Balance" She wouldn't do it. After informing her of laws that regulate the consistency and accuracey of "electronic banking" she agreed to remove only 2 of my four overdraft charges. So I was stuck with 70.00 of overdraft charges even though the day I talked to her, my 1-800-US-BANKS told me that I have "$78.00 of available funds" on my overdraft protection account. All this from a Bank, that prides itself in Electronic Banking. I remember when I first opened my checking account, US Bank offered a checking account that limited you to no more than 2 live, in-person transactions at the bank window per month...anything else you had to use a computer or the 1-800-US-BANKS phone number---violate these terms and you get slapped with a fee...for each incident. Each incident of interacting with a real , live, US Banks employee...Anyway, I don't have that type of account and I don't know if they even offer it anymore. But imagine if I did...(I would have been charged a fee to talk face-to-face with a US Banks employee-at my own bank.....about their faulty automated banking system!!!!!!!

The "courtesy overdraft protection" that comes standard with most bank accounts is not what you want. It is really worse than the old way of having checks "bounce." A cascade of high bank fees will make it difficult to catch up again. If the bank would have "bounced" one check, you only have possibly one bank fee and have to come up with money to make it good with the one place. There will still be money in your bank account to pay other smaller items. The reason is clear why banks extend this "courtesy"-- fee income. The other types of overdraft protection, where the bank has opened a more formal loan to cover overdrafts, are preferable because of smaller fees. However they are still VERY expensive loans on an APR basis and should be avoided. Banks will usually have to approve the consumer's credit before offering these agreements. On the other hand if you are approved, it goes as a positive item on credit reports. As for recording the call, even though it was legal, the bank can still decide not to let you use their phone system for ANY reason. They are dropping hints what they want you to do: go to another bank. You should oblige them. Also put away your debit card when the balance is small, or possibly going to go negative. Much better to use cash so you don't get hammered with a fee on every little purchase.

Back in my younger days, when I did such stupid things as write checks for money I didn't have, overdraft protection was just that. OVERDRAFT PROTECTION. It didn't matter wheather I was over $1 or $99. It came in $100 increments. If I was over $101, they put $200 in my account to cover it, up to $1400 or some amount. BUT, the catch was they charged me $8 for every $100 they put in my account PLUS INTEREST until they got paid off. It didn't take long for me to figure that one out. LATE NOTE FROM MY WIFE THE BANKER. 3 Types of "overdraft protection". #1 Tied to another account. #2 Tied to a line of credit. #3 Agreement by the bank, to pay the bounced check, BUT still incur NSF fees. Or any combination of said 3. Depends on what type of "overdraft protection" you have. You don't state what type you have or think you have.

You better change banks there J. Overdraft protection does NOT charge overdraft fees. If that is happening to you, I suggest you get a different bank. I use Wachovia, I use O.D. I never get charged.

Overdraft protection does not protect you from bank fees. You still get charged for an overdraft if you go over the amount in your account. If you have $20.00 in your account, and spend $30.00, all overdraft protection will do is have the bank go ahead and pay the check so that it is not returned as NSF. They will still charge you the overdraft fee. This is common to all banks.

Overdraft protection does not protect you from bank fees. You still get charged for an overdraft if you go over the amount in your account. If you have $20.00 in your account, and spend $30.00, all overdraft protection will do is have the bank go ahead and pay the check so that it is not returned as NSF. They will still charge you the overdraft fee. This is common to all banks.

Overdraft protection does not protect you from bank fees. You still get charged for an overdraft if you go over the amount in your account. If you have $20.00 in your account, and spend $30.00, all overdraft protection will do is have the bank go ahead and pay the check so that it is not returned as NSF. They will still charge you the overdraft fee. This is common to all banks.

Overdraft protection does not protect you from bank fees. You still get charged for an overdraft if you go over the amount in your account. If you have $20.00 in your account, and spend $30.00, all overdraft protection will do is have the bank go ahead and pay the check so that it is not returned as NSF. They will still charge you the overdraft fee. This is common to all banks.

Daniel, It is legal in your state to record a phone conversation as long as 1 party knows. In this case, you! Since you live in Minnesota, you are under your state's law not California's. You can find out about this, by typing into a search engine: legal phone recording, states I hope you recorded her incorrect threats too!