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Just say "No" to US Bank

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#1 hatfieldsd


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Posted 12 August 2005 - 04:28 AM

I would just like to share my less than favorable opinion of US Bank with others so that they might be aware of how horrible it can be. I have a checking account (with direct deposit) and a savings account that takes a monthly automatic withdrawl.

The thing about US Bank that really irks me is their quickness to charge overdraft fees while they do little to help you avoid them. For example, if you have only $50 in your account when you go to a US Bank ATM and try to withdraw $60, do you think that it will let you withdraw this amount? Conventional wisdom would dictate that it would not allow you to make this withdrawl and indeed that it would tell you that you have insufficient funds; however, US Bank is more than happy to let you withdraw the amount (without first warning you about your insufficient funds) and charge you a $30 overdraft fee.

I've also noticed that if you foresee potential overdraft fees from upcoming automatic payments and prepare by transferring money from another non-US bank account, they seem to take their sweet time in processing it. I think their logic would sound something like:

slower deposit = greater chance of insufficient funds = more overdraft fees = $$$$$$.

I really would like to know how much revenue they generate from these fees.

If anyone out there is considering US Bank as an option. Please don't. These folks need to stop jerking around their customers and maybe the best way is for them to lose a few.

#2 bradbeiter


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Posted 12 August 2005 - 05:47 PM

Banks make most of their income from overnight loans to other banks. So when there is a week lag time from deposit to credit of your account, they can make lots of interest off of loans they make to other banks using your funds over those 5 days. This is free income to them, since they dont have to pay you for the right to use your money, such as with a savings account.

I hate banks that do this, I really HATE it!

#3 ramstein


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Posted 15 August 2005 - 05:22 PM

yep those overdraft fees is a killer way for banks to make money...

and it is quite stupid of them not to alert you when you don't have sufficient funds in your account...

maybe you should write them a suggestion, report them to authorities?

or just stop banking with them and move on to another bank... if they ask you why you have moved, there's your reason!