Checking or savings account -- Managing an account -- Complaint #4365205
Complaint Overview
Complaint ID: 4365205
Company: U.S. Bancorp
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Fee problem
State: Iowa
ZIP Code: 503XX
Date Received: 2021-05-10T12:00:00-05:00
Date Sent to Company: 2021-05-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On or about XX/XX/XXXX, a vendor erroneously processed a charge through a third-party payment processor ( Web Authorized Pmt XXXX ) in the amount of {$30.00}. This caused a surprise temporary negative balance ( which has now been, separately, reversed, resolved ) on my business checking account and triggered, on or about XX/XX/XXXX, an 'Overdraft Paid Fee, ' in the amount of {$36.00}. To the best of my knowledge, I have not authorized the use of any 'overdraft protection services ' on this account, given the option, nor would I. But, it appears, the default account management is for the bank to automatically opt-in customers to their suite of overdraft 'protection ' products in order to 'pay overdrafts ' so they may charge excessive, rent-seeking fees, such as the one assessed to my account. In this particular case, the fee of {$36.00}, amounted to an incurred cost higher than the item itself ( {$30.00} ) the one it was supposedly paying to cover. Such profiteering fees should be disallowed entirely ; but, the bank should have to be more explicit about the scenarios where these fees may be incurred. They should be required to be much more upfront and transparent about when and how to opt out of these so-called overdraft 'protection ' plans completely. I do not want this or any overdraft to be 'paid ' now or in the future and expect the bank to reject any and all debit and/or drafts that would cause an overdraft to avoid these fees, entirely. Any reasonable person would call these fees excessive.
Frequently Asked Questions
What is Complaint #4365205 about?
Complaint #4365205 was filed against U.S. Bancorp regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-05-10T12:00:00-05:00.
How did U.S. Bancorp respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against U.S. Bancorp?
Yes, visit the U.S. Bancorp company profile at readthecomplaint.com/company/u-s-bancorp to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.