Dan
Meridian,#2Author of original report
Wed, July 19, 2006
A quick update. The bank has now sent me two emails. One simply says my report is being forwarded to management. The other, a day later says it is being forwarded to "Executive Communications Department" for further review. Someone maybe is paying attention, but no action yet. To Robert - I'm not real sure if US Bank owes me the overdraft fee legally or not. But, in my opinion, they surely do ethically. In any case, it is not really not about the $35 any more. It's about the extremely poor customer relations, the lies and delaying tactics, and an ethical stance I don't much like. What if I hadn't gotten the money back from Paypal? Most people would have a hard time covering that much money for a month, and that's what it took for the bank to have any action at all. To Stile - your comment is interesting. Up till very recently, the only response I have had from the bank is "There was no error" and a form to fill out. Three of them now, in fact, all identical. In other words, CYA for the fees they charge. I hadn't understood why they would tell me that as I never indicated there was an error, just fraud which I identified. It makes a little more sense now as there was no error by any one involved. Still, you're right in that it is a Reg. E matter in that the lack of help definitely violates that, as does the time involved.
Stile
Phoenix,#3Consumer Suggestion
Mon, July 17, 2006
Contact the bank and advise them that you have reported the unauthorized transaction and completed a report in accordance with Federal Regulation E. The FTC staff opinion of Reg E 205.11 C states that "If the financial institution determines an error occurred, within either the 10-day or 45-day period, it must correct the error (subject to the liability provisions of 205.6 (a) and (b)) including, where applicable, the crediting of interest and the refunding of any fees imposed by the institution." Advise the bank that according to Reg E, the bank may be liable for $1000 statutory damage, plus actual damages, plus attorneys fees if they fail to abide by the terms of Reg E. Let them know that you'd prefer to avoid litigation, and you would like your $35 returned since this was a clear case of fraud, and would certainly fall under Reg E. The bank is wrong here, and they owe you that OD fee.
Robert
Wallingford,#4Consumer Comment
Mon, July 17, 2006
I would guess that the deposit of 1126.37 is probably a provisional credit. Don't be surprised if it is debited once they figure out they screwed up again. Although the bank screwed up with the filing of the necessary paperwork, they still were not at fault for the overdrawing of the account. You will probably have to persue paypal for reinbursement of the fee since it is their fault the account was overdrawn. You may have to look through you paypal account terms and conditions to see if there are any provisions for that. You are moving your account to another bank, I would hope. Good luck.