Complaint / Review
U.S. Bank, US Bancorp
Paycheck Held Until Monday, Five-Day Wait Not in Deposit Policy

Hello,

I am a recent victim of the fraudulent actions of U.S. Bank or U.S. Bancorp. I deposited my paycheck for the month of April into my checking account, along with a small cash deposit, on May 15. What was noted to me online was that half of my deposit was held and the other half was available for cash. I asked myself how this could be right, because how can U.S. Bank cut my paycheck in half and offer so little to me in return.

Two days later, no payment had cleared, and with my concern I called the customer service representative around 2:00 PM. What they told me is that my check was being held until Monday of next week. So I asked to speak with the account manager, and after two futile attempts I got hold of an account manager who told me the exact same thing.

I expressed my concern that I needed my money by at least Friday to pay my bills, but they continued to refute my claim and kept mentioning that I had to wait 5 business days from the time the check was paid, which was on May 16. Only I read through their deposit policy, and nowhere did it say that I had to wait 5 business days for a deposit.

This sickens me, because what the agreement and policy stated is that there is a cutoff time at certain banks of before 4:00 PM, which I met because my deposit was made at 3:00 PM. So I am now out of money until Monday, which pushes back all my bill payments and creates more financial charges to be incurred in the meantime.

I have not had a problem with U.S. Bank before, because I have deposited paychecks in the past that cleared the very next day. Why is this? I came from a small town bank to U.S. Bank for the benefits, and I am seeing now that the small town bank is better in terms of getting your money available on time. I have had it with U.S. Bank or U.S. Bancorp. I cannot wait around until July for results.

Thanks for listening!