My youngest son is starting college this Fall. My husband and I helped him open a student checking account at US Bank. With the exception of the initial deposit of $100.00 the absolute lowest his actual daily balance ever fell to in six weeks was $132.16. Even though he never overdrew his account, US Bank charged him $315.00 in negative balance and overdraft fees. Our son did not understand he had to wait for his deposits to clear before using his check card for purchases. When he received his first statement he asked us what was going on.
My husband went with him to a branch office to close the account and the manager told my husband she could not help him since our son opened his account at a different location. The location on campus had already closed for the day so to keep additional charges from accumulating, my husband had to pay another $113.00 to "make the account current" so it could be closed.in total over the six weeks the account was open, the deposits (none of which were ever returned) were $909.38, our son's withdrawals: $633.20 and US Bank got $428.00 in fees. My husband and I realize this is a life lesson for our youngest who was new to the world of checking accounts, but talk about "bank robbery", unbelievable!!!
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