After making on time payments and completing my 39-month lease, I turned my vehicle on time.
Imagine my surprise that another payment, the 40th month, had been withdrawn from my checking account on the day of turn in when I was ASSURED it would not be. I was told that I needed to contact another department within US Bank to stop the ACH transfer from my checking account.
They try to tell that to customers ending their contract, but sometimes the word doesn't get out. I cannot afford that at this time, but most importantly — it's an unauthorized transfer from my checking account.
Upon calling US Bank, I was told it was a mistake and they would return my check within 10-14 days, MINUS THE $399 TERMINATING FEE AND MILEAGE ADJUSTMENT! Unacceptable!!!
Normally, you turn in your vehicle and then 4-5 weeks later, US Bank sends a statement for the Terminating Fee, mileage and excess wear and tear.US Bank re-confirmed this when I spoke with them.in my case, I added a GPS unit on when I picked it up at the dealership, so in the end, I should actually come out in the black and not owe US Bank anything.
Here's the kicker! Since they had my money for the 40th month, they said it was their policy to retain the money and credit me the difference. Again & Unacceptable. If they want to bill me, per their policy, that's fine. But retaining my money from an extra and erroneous lease payment, and then applying toward the final bill when the bill has not been finalized, is not acceptable.
So, I asked them the following questions which helped them rethink their policy in my case:
- Please tell me where in the contract that you are authorized another ACH transfer from my checking account
- Please tell me where in the contract (AND/OR your Policy Manual) that you are authorized to retain fees from an unauthorized ACH transfer from my checking account
At first, I was told to contact MY bank and try to reverse the transfer. I could not. Then, I was told they would mail me a check, for the full amount, but again, I was told it would be 10-14 days.
After some persistence and patience, I was finally able to speak with a supervisor who understood the legal jeopardy that US Bank had placed themselves into by retaining my money from a extra withdrawal (mostly the Deceptive Trade Act of my state, which would mean triple damages plus court costs).
I have been told me that the full amount will be transferred DIRECTLY back in to my checking account originally, I was told this was impossible. It seems it's possible, after all. Furthermore, it will take only 3 days, not 10-14 day for a printed check.
SO, my advice is to NOT accept what US Bank (or any financial institution) tells you is their policy go by the CONTRACT.
Also, CALL IN THE MORNING WHEN THEY ARE FRESH and will listen. At the end of the day, when they have been yelled at by everyone else that day makes them impatient, too.
Try to relate on a personal level. Questions like: Well, Ann, you're a consumer. How would you feel if the bank did this to you?
Respect them and treat them nicely they will be surprise since they don't normally receive such treatment.
Lastly, be calm, but persistent.
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