Us Bank - Buyer Beware!

[septbride2002]

I am hoping this will make me feel better. Watch out for US bank. In the last 3 days I have incurred $52 in bank fees because they put a hold on a cash deposit! They are not willing to refund my fees or rectify the situation. I talked to a girl yesterday regarding 2 $15.00 fees and the entire time I talked to her she never informed me that I had a pending $22 charge as well. I left work early to make a cash deposit with a teller (because evidently they punish you when you use the ATM) and this morning my account shows another $22.00 fee.

BUYER BEWARE!

~Amanda

 

[Disney Ella]

Why did they say they put the hold on the deposit? How can you possibly need to have a hold on cash? They can clearly see it's good, not like with a check.

 

[Toby'sFriend]

Did you make the deposit in the afternoon?

At my bank if you make a deposit after 2pm in one of the branch offices, it won't post until the next day. You have to go to one of the main buildings.

 

[Microcell]

I agree US Bank is rotten!

 

[pirateofthecarolinas]

Bank of America does the same thing. If I deposit a large amount they will hold a percentage of it for a few days. I asked them what would happen if I needed the money. They said it was policy. I think it stinks.

Lori

 

[pixiemomma]

My bank holds funds but there is absolutly no ryhme or reason to it. I honestly believe it depends on what teller I go to. We deposit fairly large checks, most written from personal bank accounts. The teller I see 2 or 3 times a week doesn't put a hold on anything. Some of the women who work the weekends do though.

 

[BriarfoxinWA]

I would try to talk to the manager. If it is a cash deposit done before 3 p.m. it should have been immediately available. If it is a new account (less than 30 days) there are different rules that apply. Some of this has to do with the new "patriot act" that all financial institutions have to comply with.

Most of the large banks will put a "hold" on checks that are deposited. The length of time varies depending on where the check is from - usually 3 to 5 days. If you use these "uncollected" funds there is a charge (similar to accrueing interest).

PM me if have questions...

 

[faithinkarma]

Don't get me started !

 

[pixiemomma]

Originally posted by faithinkarma
Don't get me started !

 

[KrnB]

I swear they all do that... it really stinks, especially in the age of computers where all it takes is putting a number in a database and hitting 'save'. We left Wells Fargo because they did that to us one time too many.

 

[BriarfoxinWA]

The banks went to doing holds on deposited checks due to fraud. Unfortunately millions of dollars was being lost due to scam artists passing bogus checks and people writting checks on closed accounts or just not having sufficient funds to cover them. The holds allow the bank to actually collect the funds from the institution it was written on. This will take between 3 and 5 days depending on where the other institution is and what type of a "bank" it is. Without the hold - the bank is allowing you to use funds that aren't really in your account yet.


Unless of course it's cash - which should be immediately available...which is why I thought the OP should complain to bank management.

 

[my3kids]

If the cash was deposited after 2 pm, it won't be credited to your account until Monday.

 

[JayCT]

Lets face it, the worst thing that has happened is that all these banks started to consolidate into larger and larger institutions. Less compitition, worst for the consumer. Particularly the small consumer. It is a big ripoff. The Federal government has encouraged this say that larger banks are stronger banks. But lets face it most polititians do not care. They do not have to deal with it. The only thing you can do is find a bank that serves you. There are still a few around here, but not many. Good luck. P.S. Talk to the bank manager directly. Be persistent and do not stop until they straighten this mess out.

 

[KimRaye]

Kinda funny to see this thread after I had a work-related gripe with US Bank this week. I work for a real estate attorney and, one of our sellers has an existing mortgage with US Bank that we will be paying off at the time of sale. I had ordered a payoff statement last Friday and, called this Friday to see where it was. They told me that the request I faxed WITH the owner's written signature/authorization was NOT acceptable. This, after they told me originally I needed it to get the payoff letter. Mind you, NO ONE called in one week's time to inform me of this. I was then told I needed to MAIL the request. Well, the closing is Wed., this will not help. HOWEVER, they tell me that a phone call from the customer is sufficient.......why in the world a VOICE is accepted over a signature, I'll never know. SOOOO, I had the client call directly. She was told, get this, that the first request HAD been processed and, that the statement had been faxed and mailed! Unfortunately, no one has received it yet and, this was as of late Friday again. I just hope we have something from them in time for closing.

So, they aren't only problematic with checking accounts.

BEWARE!!!!

 

[Pin Wizard]

At my new bank, I'm allowed 3 transactions a MONTH inside or at the drive through. After that, I'm charged. Grrrrrrrrrrr.

The other day I ordered checks through Checks In the Mail or some place similar. They sent me an e-mail the next day saying that they couldn't process my order because my bank would NOT verify the information I gave them. Geez! I never had a problem with my previous bank.