- Report: #61464
Complaint Review: US BANK - Vancouver Washington
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US BANK
http://www.usbank.com/ Vancouver, 98662 Washington, U.S.A.
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US BANK ripoff I am so upset about this that I want to see the law changed to reflect 'actual bank costs' and not 'severe punishment for a crime not committed.' Vancouver Washington
UNFAIR bank OVERDRAFT FEES
On June 9th. US BANK in Vancouver, WA charged me two $29 overdraft fees ($58 total) for supposed overdrafts of debit card purchases for the paltry sums of $8.72 and $21.01 (as if I was out to cheat them or ruin their balance sheet) I have been a customer for 12 years and in the past they always forgave the charges upon request, but not anymore.
Worse, my check book balance showed plenty of money. However, when the assistant manger checked the account she said that the two checks for $300 that I deposited, in good faith from friends, on June 7th, did not clear in time. (Who's fault is this?)
I am so upset about this that I want to see the law changed to reflect 'actual bank costs' and not 'severe punishment for a crime not committed.'
How the hell am I or any other customer supposed to know how long it takes the bank to cash a simple check? Ask most people and they will say, 'Overnight'. Why not over night? What right then does the bank have to 'punish' any long time customer with such outrages fees?
Thanks for hearing me out.
What else can I do? What rights do we have?
Alan
Vancouver, Washington
U.S.A.
On June 9th. US BANK in Vancouver, WA charged me two $29 overdraft fees ($58 total) for supposed overdrafts of debit card purchases for the paltry sums of $8.72 and $21.01 (as if I was out to cheat them or ruin their balance sheet) I have been a customer for 12 years and in the past they always forgave the charges upon request, but not anymore.
Worse, my check book balance showed plenty of money. However, when the assistant manger checked the account she said that the two checks for $300 that I deposited, in good faith from friends, on June 7th, did not clear in time. (Who's fault is this?)
I am so upset about this that I want to see the law changed to reflect 'actual bank costs' and not 'severe punishment for a crime not committed.'
How the hell am I or any other customer supposed to know how long it takes the bank to cash a simple check? Ask most people and they will say, 'Overnight'. Why not over night? What right then does the bank have to 'punish' any long time customer with such outrages fees?
Thanks for hearing me out.
What else can I do? What rights do we have?
Alan
Vancouver, Washington
U.S.A.
1 Updates & Rebuttals
Eric
St. Paul,Minnesota,
U.S.A.
Be an informed consumer...
#2UPDATE Employee
Sat, June 28, 2003
I must first begin by expressing that I am merely a retail employee of US Bank. I am neither authorized to speak on behalf US Bank nor do my personal opinions necessarily coincide with those of US Bank. That said I dont have all of the specific details but I can make a supposition as to what might have occurred that caused the overdrafts. GENERALLY speaking, checks deposited receive next business day availability. For example, lets presume that you have $0.00 in your account on Monday the 1st. On that same day, you deposit a check for $300.00. You are given immediate credit for the first $100, thus making your available balance (for the 1st) $100.00. The remainder ($200.00) will be made available on the NEXT business day (Tuesday the 2nd). If a check was presented for payment on the business day of the first in the amount of $250.00, your resulting balance would be -$150.00. ($0.00 + $100.00 - $250.00). Admittedly, this can be a bit confusing at first, but is not bad at all once you understand what is happening. One thing that banks are trying to prevent here is customers playing the float game. Basically writing checks or otherwise conducting transactions on their account before funds are actually there. Its something that people everywhere have been doing since checks and checking accounts first existed. Back not too long ago, you could buy groceries on Monday even though you didnt get paid until Friday. You wrote a check because you knew itd take a few days for your check to run through the system and by the time it hit your account, youd have made a deposit to cover it. What banks in general (and US Bank in this case) are trying to do is not necessarily punish long-term, valuable customers, but to protect themselves from the not-so-honest criminals that have learned to take advantage of this float time and rip off banks for millions of dollars. These losses are astronomical and hurt the bank, the shareholders (as these losses cut in to profits) and the bank customers as the banks need to offset these losses either in fees or interest rate spreads. Its a tough lesson indeed, but one that can now always be avoided once you understand how it works. My recommendation is to make an appointment with your Branch Manager and ask them to explain to you, in detail how it works. With a long-term history with the bank, I think you might find that they are willing to cut you some slack but I cannot presume to be able to commit that this will be the case. Our method of doing business is based significantly on customer relationships. I know it seems weird, but it would behoove ANY consumer to develop a relationship with their local branch. US Bank offers some great products at great rates and is worth staying with. Good luck!
