US Bank — fees for ira certificates of deposit
B
Burnie
I opened two small IRA Certificates of Deposit at US Bank - one in March 2009 and one in April 2010. In May of 2011 they send me a letter and are charging me a $30 per year fee on these accounts. I have almost 3 years left and am now required to pay $30 per year. I requested to take my money out of US Bank because when I opened the CD's they assured me there were no fees, but if I do I would have to pay hundreds of dollars in penalties. The only way I won't have to pay a fee is if I deposit $25, 000 which I can't afford to do. I have banked there for over 20 years and thought they were one of the few decent banks left, but when my obligations are met at US Bank, I am leaving the bank and drawing out my savings, checking and IRA.
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a verified customer
You're not alone. I'll never bank with U.S. bank again. The letter we all got from U.S. bank about the new IRA fees is in direct-contradiction to the fees they disclosed when I opened my IRA with them. The IRA custodial booklet states only a $10. yearly fee, IF the account is less than $5000. Certainly there will be a class-action lawsuit against U.S. Bank on this issue of trying to illegally charge undisclosed new fees to customers. I sure hope justice prevails. There must be some real ###s steering U.S. Bank to not recognize the long-term loss of business they've now subjected themselves to by this greedy and shameless illegal tricking of past loyal customers!
a verified customer
Yes, I'm really pissed. They are taking away from our retirement funds.
When my IRA matures next year, I am going to close my account and go
somewhere else. I do hope there will be a class-action lawsuit against US Bank.
And I am sure they will loose a lot of customers with this stupidness.
a verified customer
They will send you an invoice June 1st. As a USbank customer, you should have received this in writing.
I now know how it feels to deal with crooks... I am not sure where they expect me to find that money in the next 2 weeks, but it isn't going to happen. I told a U.S. Bank supervisor on the phone this morning that she can take the $30 annual fee out of my IRA this time, but as soon as my IRA matures in May, 2012, I will be rolling it over to another bank. They will charge $25 to do so, but at least they won't be getting anymore money out of me after that. I truly feel sick at this moment...They are getting away with it, and I can't do anything to stop them.
a verified customer
We need a lawyer when US Bank break a rule when we first opened.
They said no fee UNDER$ 5, 000 but I transfer more then $15, 000, they still charge $30 today.
If I withdraw it, I have to pay $30 PLUS $25 plus 3% which is less then an amount when I transfer it to them, around $5, 055 fee.
US Bank is a money sucker machine, I lost money after more than a year rate 2.96/3%.
Please let me know any lawyer because this is a WIN WIN CASE for every one.
They are charging my account the $30.00 too.They are charging 3 account numbers .I only have two small roth accounts.NONE of the account numbers match my accounts.I have saved all of my origonal contracts.I wounder if they changed my account numbers so they could charge me the $30.00 fee for rolling the mony out of the origonal account or something?I am very afraid of this bank.Once they become so dishonest where is the limit?Could they just make a new rule to take half or three quarters of everything I have?They are so big .How does one fight something like US Bank?Could someone advise of what can be done? Martin G
a verified customer
The same thing has happened to me. I am shocked and outraged. Last year they unilaterally imposed a $10 fee which I paid under protest. This year they have increased the fee to $30. When I asked to be allowed to close out by Roth IRA without penalty I was told that I would have to pay an early withdrawal penalty plus a $30 close out fee. NONE OF THIS WAS DISCLOSED WHEN I OPENED THE C.D. I hope we can all join to file a class action lawsuit because it is a total disregard of the agreement with U.S. Bank and gives the bank all the control and nothing to us. What if next year they decide to raise the fee to $100. Essentially, they are eating up all of the interest so they don't have to pay us anything. R. Lal.
Have just sent a complaint to, Office of the Currency 1114 Avenue of the Americas, Suite 3900 New York, NY 19936 Use the web site-www.helpwithmybank.gov.They have a easy form to fill out and email.Just seems like we need more people to complain.Could you just up and change what you pay on your car in the middle of a loan contract? Thanks Martin
Evidently USBank has done some math decided they can do without the IRA business they will be losing . I am looking for a rollover opportunity-- but they charge for that as well. I would love to add my name to a class action lawsuit- (Betting that was in their calculation too) USBANK DOES NOT CARE ABOUT SMALL CUSTOMERS.
Use the tool that you can use now .Don`t wish for a class action suit we may never see.Go to helpwithmybank.gov. and file a easy complaint .What USBANK is doing is not legal.What good is any broken contract?What is the limit they can charge ?If they can get $30.00 now, Why not not $1000. next time?
Definitely file a complaint through www.helpwithmybank.gov. I just received a letter yesterday from US Bank stating I can close/transfer both of my IRA CDs before July 11 with no penalty and I can avoid the $30 fee times 2 (I have both a Trad and Roth there). This was a direct result of filing the complaint. The US Bank letter referenced my Case #.
April, I change my IRA and lock it in for five years with U.S. bank for 2 ½ %. I was told that there was no maintenance fee. A few weeks ago I received a letter from U.S. Bank saying that I owe $30.00 maintenance fee.
I feel like I got screwed by the bank representative. She told me that there was no maintenance fee plan anytime soon. I have just over $11, 000 in the IRA. I figured $11, 000 times .025 is $275.00 per year and with the $30.00 maintenance fee I now will get $245.00 for a smaller growth each year following this year. U.S. Bank will make $1500.00 from me.
Can one claim the maintenance fee as a right off on federal tax?
I will be filing a complaint with the Comptroller of the Currency Administrator of National Banks and is a department of the Treasury. www.helpwithmybank.gov
a verified customer
It's now 2017, and nothing has changed. I was just informed again of the charges. It appears that have got away with this fraud.