Checking or savings account -- Managing an account -- Complaint #5668795
Complaint Overview
Complaint ID: 5668795
Company: U.S. Bancorp
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-Issue: Problem with fees or penalties
State: Washington
ZIP Code: 985XX
Date Received: 2022-06-14T12:00:00-05:00
Date Sent to Company: 2022-06-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Had an IRA account at State Farm Bank containing XXXX CD 's. State Farm said they were getting out of the " banking business '' and thus transferred the account to US Bank without letting me choose which bank my account was transferred to. State Farm did not have fees for IRA accounts, but US Bank is now charging me an annual fee of XXXX dollars for my IRA account. I have called XXXX times and was told it's their policy because my account is under XXXX dollars or I need to open a star checking with so much in it to wave the fee. They also stated that if I transferred the IRA account to another institution, they would charge me over XXXX dollars for transferring the accounts and early withdrawal. First, I believe that this fee is wrongfully applied because I did not choose US bank for my IRA and did not pay a fee at State Farm before they transferred, nor can I afford to open an additional checking account. And second, there is no option for me to met their criteria for waving the fee because I can not add to my IRA ( XXXX and not working ) and it will be a financial hardship to transfer the account. Lastly, this policy from XXXX band puts me under duress to pay the fee and adds considerable stress.
Frequently Asked Questions
What is Complaint #5668795 about?
Complaint #5668795 was filed against U.S. Bancorp regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-06-14T12:00:00-05:00.
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.