My wife and I started a new checking account about a month ago with US Bank. We were planning on moving our account from BB&T, it is a good thing we didn't complete the process. We deposited around $700.00 just to get the account started, and wrote a few small checks. What the clerk at the bank didn't bother letting us know when we started this account is that when you make a deposit, they "hold" the money for about a week. This needless to say caused a cascading effect of check bounces, and the fees they deducted caused even more checks to bounce. It is apparent now that the bank doesn't tell you about this because they WANT IT TO HAPPEN.
It is a profitable, albeit a very crooked practice that I've heard other banks are already doing also. I would recommend that no matter what bank you are with, that you check out all their policies carefully and DON'T EVER ASSUME ANYTHING before starting a new account or writing checks. Since this bank wants to steal money in this fashion, we will be sure to tell everyone in town about it.
I am hoping that someday soon someone will start a class action lawsuit against all these banks that practice these deceptive schemes to take peoples money away from them. I am considering contacting a lawyer over this even though I may lose even more money than it's worth. I would like for US Bank and other banks like this to pay by being exposed to the media for their crooked practices. THIS HAS TO STOP!
I will also be reporting them to federal and state banking regulatory institutions and the BBB.
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