US Bank has taken over the bank I have been with for 25 years.
I was recently out of town and used my VISA / ATM card to make some purchases, which were approved no problem. I returned home and continued my banking as usual. A week later I recieved notice in the mail that I was charged three overdraft charges to the tune of $112.50.
The bank manager explained that even though the account was never overdrawn, it could have been if I had not made the deposits the day before and the day after my trip! I recieved reciepts for the deposits and both show positive account balances. This a business checking account. There are the customary policies and restrictions. One of those deposits was cash. The checks were held for the next days posting as usual. We are very much aware of the policy. The account was never overdrawn. We never cost US Bank a penny. Oh, and did I mention I have another account at this bank for over 100k.
The US Bank corporate explanation is that the first approved hold was in access of the cash deposit so we were charged overdraft fees for that hold and two other holds which did not appear on our account for a week but were held against the account at the same time as the ATM "approved" transaction was made.in other words we used deposited funds that were not available.
OK, so why approve the VISA / ATM transaction in the first place? US Bank is making a lot of money from these kind of policies. I can assure they will not make anymore money from me!
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