Checking or savings account -- Closing an account -- Complaint #7738162
Complaint Overview
Complaint ID: 7738162
Company: U.S. Bancorp
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Company closed your account
State: California
ZIP Code: 92345
Date Received: 2023-10-21T12:00:00-05:00
Date Sent to Company: 2023-10-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I am a small business owner who banks with US Bank. I have a Business checking account with them. Recently, I deposited three checks from a customer, totaling {$3700.00}. However, all three checks bounced due to insufficient funds. As a result, US Bank has decided to close my account, which I believe is unfair considering the circumstances. To address this issue, I contacted customer service at US Bank and sought their assistance in enforcing collection from the customer. The customer claimed that the funds were not available, but later stated that they were and advised me to process the checks anyway. A customer service representative named XXXX suggested that I redeposit the checks through the ATM for reprocessing. Unfortunately, the ATM did not accept the checks, leading to the closure of my business account. In an effort to find a solution, I have reached out to both the customer and their banking institution. It has become apparent that the customer does not have sufficient funds to cover the checks. As a business owner, I believe that I should be protected by my financial institution when faced with bounced checks from customers. Initially, US Bank assured me that my deposits were insured and that I would not be held responsible for any consequent damages. However, the current situation is clearly unfair and unjustified, and I do not understand why my account is being closed. I kindly request guidance on how to navigate towards a fair resolution. Thank you for your assistance.
Frequently Asked Questions
What is Complaint #7738162 about?
Complaint #7738162 was filed against U.S. Bancorp regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2023-10-21T12:00:00-05:00.
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.