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US Bank / creative questional overdraft charges

CO, United States Review updated:

There is no other bank that is more creative in finding ways to create overdraft charges. Now I’m not stupid. I am a network administrator and I have a masters degree, yet there is no way I can understand how they are able to twist and distort charges and deposits so that it comes out to their advantage and charge overdraft charges. I monitor our account daily. I think that they arrange it so that the latest charges are brought in in the last few minutes of the banking day so they can make the overdraft chargtes when it is too late for the user to make any adjustments. I have checked the balances at 11 and 11:30 pm and then 3 or 4 more charges come in in the last couple of monutes, make you overdrawn and then stick you with multiple charges. I have asked them about that and they deny that, but the lowly rep on the phone doesn’t have any say or knowledge of the sneaky techniques used higher up the ladder. I just got off the line with a rep and the way they figure things just doesn’t make sense.
- I’m looking at an item 15 or 20 lines down on my account
- A 70$ item that reduces the balance from 270 to 200$ OK?
- But according to the rep, the way THEY figure it, there is a negative balance. They say if you add the latest items that have not even posted plus others they somehow say that my actual balance is more than 100$ in the NEGATIVE.
- So I say if that is the case why the hell don’t they show it as negative instead of positive, and they say that it is up to me to keep a ledger to monitor any charges that might come in at the last minute. I’ll tell you why they don’t tell you its actually in the negative, because they make billions of $ on overdraft charges. That’s right billions. The government is moving to pass legislation to end this type of CREATIVE OVERDRAFT CHARGES. It’s a real cash cow for these banks and they don’t want to lose it.
I read that Chase bank is one of the worst offenders but I’m sure that US Bank is right up there close. I would certainly recommend that you NOT chose us bank. There are better ones out there to choose from.

Cr
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Comments

  • Ch
      Sep 30, 2009

    Bank of America, Citicorp, and Chase are the worst.
    I used to have an account with US Bank and they seemed to be a great outfit. OTOH, I always kept a large amount in the checking account and never had an overdraft.

    -1 Votes
  • Me
      Oct 21, 2009

    Don't you understand what Craig is saying?!? Your like the banks. I have US Bank too and they weasel you into overdraft fees. Ridiculous things you cant even explain. It's not as simple as watching your account, he watched his closely but still they find a way to scramble thing around and lie.

    -1 Votes
  • Os
      Mar 02, 2010

    I agree. US Bank has even admitted to me on the phone how he(the manager) changes the withdrawl to Benefit the bank. I did keep a ledger as others have suggested, and watch the numbers change online from day to day.

    Recently He said he took all the withdrawls at the end of the day and pays the largest first, smallest last. In this case I overdrafted by .28 cents. He then moved that lesser charge to the top of the ledger, including overdraft fees, and made everything else come up overdrafted. FOr a .28 cent overdraft that should have cost me a whopping $37.78, I was billed $150.00 in overdraft fees. If I had failed to get money in to cover that fee, I would have been billed an added $8.00 per day..

    I think someone needs a new calculator at the bank. Because the their numbers do not match the rest of the worlds.

    -1 Votes
  •   Sep 26, 2010

    US Bank is the head of an institutionalized criminal banking system that robs law abiding citizens of their hard earned cash with ridiculously outrageous fees and overdraft charges. 9 months of laborious jargon I expended on this now defunct account which was illegally opened that you say i still owe money on. I am In favor of US Bank giving us all of our money back and letting us keep our life savings under our matress pad wear it belongs.

    -1 Votes
  • Sx
      May 25, 2011

    The bank takes into account charges that are authorized but not yet posted, so basically, what you are saying is that you are spending more than you have in the account and crossing your fingers that it wont post until you get the balance back up. Not too smart for someone with a master's degree. I understand playing that game when you are a broke college student, but don't you think its about time to grow up and live within your means?

    +1 Votes

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