US Bank puts hold on even on cash. So even you have the cash funding there, it's like you do not have it. So they can start to charge you overcharge fee, ie $37.50 per traction, regardless how much the traction is. My son deposited $200 cash on two different occasions. So he has more than enough to spend, but with this $37.50 charge US Bank charged behind his back, even when he had $141.67 funding in his account US Bank charged him the $37.50 fee. After he deposited his second $200 cash would not prevent US Bank to charge him additional $37.50 twice for spending $4.64 and $7.77 respectively when he had $205.92 funding in his account because US Bank withheld his cash deposit again.
I wen to the bank immediately after receiving this little post card coming in after five days later in the mail (by this time, US BANK already have charged you God knows how much), they have their ways to justify the charges. But I feel this has against the good faith law. Big company is the one in the position to set up those complicated rules and subjected to change without notice as we all know. I do not feel US Bank put themselves in the position to help their customers to prevent this kind of charges from keeping happening. They are more interested to defend themselves and having the attitude like " Cats catches rats". There times, the tellers told me this is "how US Bank make money."
US Bank is the one deciding when your fund become available and US Bank is also the one let the transaction go through when they decided that you do not have fund available so US Bank can charge you. But the transaction is normally much less (like my son's case only seven eleven, McDonald's) than the overdraft charge is. SO the bank said they have done you a "favor". Let your transaction go through. One thing I questioned the Bank was when US Bank charges you such a high penalty, they do not email you nor send out any message through your internet message center. I guess by law, they had to notify you. SO this little post card arrived after so many days later, so US Bank can continue to charge you the $37.50/transaction plus $8.00/day in between. W ANd US Bank continues After I went to the bank yesterday, to my surprise, US Bank has charged two addition $37.50 as mentioned above to my son's account. So I understand how some people are ripped off badly.
I have asked US Bank to set up some kind overdraft protection plan but the applications turned in and never got responses back.
I talked to Lisa at 800 number last night. She was nice enough to waive one of the $37.50 off when we were still talking the line was cut off (I called three times last night, all three were cut off during conversation,???) I will go in to the bank this PM to see if the manager would help me out. Or I will have to close the account, it's too worrisome to do business this way.
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