Checking or savings account -- Problem caused by your funds being low -- Complaint #4788630
Complaint Overview
Complaint ID: 4788630
Company: U.S. Bancorp
Product: Checking or savings account
Sub-Product: Savings account
Issue: Problem caused by your funds being low
Sub-Issue: Overdrafts and overdraft fees
State: Minnesota
ZIP Code: 55305
Date Received: 2021-10-07T12:00:00-05:00
Date Sent to Company: 2021-10-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Thank you for letting me share with you my extreme disappointment with US Bank. I used the above account to only transfer funds every two weeks to my ex wife. The amounts have varied becoming less since my divorce was 12 years ago and did not include bonus payments. My divorce decree ended on XX/XX/2021 and there was only XXXX cents in the account. It was to my great surprise to receive notification on XX/XX/XXXX that US Bank went into an overdraft line of credit to wrongfully transfer {$2100.00} to my ex wife against my wishes. I never set up overdraft protection on this account and had the experience with this account in the past that if I did not have enough money in the account that I would receive an angry message from my ex that she did not receive her money. After made aware of this mistake, I spoke to various people at US Bank requesting that they claw the funds back because it was one US Bank account to another US Bank account. I was told by XXXX XXXX NMLS XXXX to speak with the branch manager, XXXX XXXX NMLS XXXX. She was extremely unhelpful and provided me with a pamphlet, Your Deposit Account Agreement effective XX/XX/2021 and stated that US Bank had the authority to place overdraft protection. Again, I opened this account 12 years ago and would never have agreed then or in 2021 to provide overdraft protection on this account. I also spoke to XXXX XXXX, my corporate personal banker who also stated that there was nothing that he could do to rectify this situation. I have been a US Bank client for the past 27 years and could not believe how dismissive each and every interaction that I had with these representatives of US Bank. After being threatened with overdraft fees and collection agency, I decided to close the account with XXXX XXXX on XX/XX/2021 and paid the amount of {$2100.00}. It is my viewpoint that it cost me {$2100.00} to do business with US Bank and will do my best not to find myself in the same situation in the future. Thank you for reading to the end. Sincerely,
Frequently Asked Questions
What is Complaint #4788630 about?
Complaint #4788630 was filed against U.S. Bancorp regarding Checking or savings account specifically about Problem caused by your funds being low. It was received by the CFPB on 2021-10-07T12:00:00-05:00.
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.