I bank at US Bank.
They suck.
Let me explain. Last week a client sent me a check, a good sized check. The check should have arrived in one to two days. As of yesterday it had still not arrived. Auto payments were beginning to hit my account causing a negative balance along with over draft fees of $37.50 each. I spoke with the client, whom I trust completely, and they assured me the check had been mailed. The client, who also banks with US Bank and at the same branch (but lives 200 miles from here) I might add, felt horrible about what was happening. I called the bank to explain to them what was happening and to find out if there was anything we could do since both of us banked at the same bank.
The first woman I talked to said all we had to do was have the client call and make a transfer to my account. She said it was an easy transaction since we both banked there.
The client then called the bank to make the transfer and to stop payment on the check that was lost in the mail. The person she spoke to informed her that she could not make a deposit into my account without being a signer on my account.
I know, WTF?
The bank suggested she do a “bill pay” through the bank system, however that would take at least three days to process. Meanwhile I am now overdrawn by more than $700, $150 of which was overdraft fees. So far the bank had not returned any payments. Not because they were being nice, they just hadn’t gone through the system yet.
I called the bank again and talked to some woman who was clearly bored with my story. She kept sighing as I tried to explain to her what was going on. Eventually it became clear that she was not the person I need to talk to and forwarded me on to someone else.
I asked this banker if they were going to return the payments that had hit and caused overdrafts. She told me she didn’t know.
My plan was to have the bank return the payments and I would make them with a credit card. Return the payments if I wasn’t going to be charged a fee for them.
“You are going to charge me $37.50 no matter what right?” I asked her.
“Yes” she said.
“Let me just be clear, if you honor the checks, which will cause me to be overdrawn you will charge me $37.50 per check, and if you return the checks, which would mean I am no longer overdrawn you are still going to charge me for being overdrawn for a few hours today, which will cause me to again be overdrawn?” I asked
“Yes”
“And you don’t know if these checks will be returned or honored” I asked.
“No, there is no way for me to know if the checks will be processed or returned” she said.
So, since I was going to be charged anyway I figured let’s just let it play out and maybe they will honor the checks. It would simply mean one less hassle in tracking down the returned checks and getting them squared with the businesses I sent them to. Checks usually get presented twice so clearing that up could take possibly two weeks.
I decided to let ’em ride and see what happens.
Today, I logged into the bank and saw that they had returned the checks and charged me all kinds of fees, returned check fees and overdraft fees.
US Bank received $6.6 Billion in the bank bailout.
In November of last year they charged me $37.50 because I was 8 cents overdrawn. They did honor the check however. That was really nice of them I must say.
Don’t get me wrong, this is my fault. The bank didn’t cause any of this to happen. However, they could have helped to minimize the costs of this snowball effect by allowing the client to transfer money into my account. I understand that people just can’t call and take money out of another person’s account but if people want to put their own money into someone’s account why should the bank prevent that?
Because the bank can’t charge $37.50 for each check that bounces if they do. That’s why.
I’ve been banking with US Bank for 12 years or so. I bank there because they are convenient and they have ATMs everywhere. Speaking of their ATMs, they have a little voice that comes on when you start the transaction. It is a woman’s voice which happens to have a very distinct British accent. It’s US Bank for crying out loud why the fuck do they use a British voice? Anyway, because of this recession, being a single mom, my inability to inherit gobs of money from a long lost relative, and because I have no net, I end up paying a lot of fees to this bank. If a client doesn’t pay on time or child support isn’t paid I still have to pay my bills and feed my kids. Because I run my account to the bottom and because I have no net to cover my ass when that happens I just assume the bank charges are a way of life and that I am a loser so I must just suck it up and pay it willingly.
I have asked, sheepishly because I am intimidated by the banks (see all the reasons above), for them to reverse fees from time to time. And they have, one, as a courtesy.
Even though I have had other deposits since this mess began I am still out all the overdraft fees which makes me still in the red because I have still not received the check that started the whole thing. The client and I have worked that out but it will still take a couple of days to get into my account. The bank isn’t finished charging me fees yet either. There are two pending today and then there will be the fees for having a negative balance.
Did I mention US Bank received $6.6 Billion in the bailout?
I’m paying their wages, I’m paying for their jets, and Mercedes and lake homes in foreign countries. I’m not talking about the bailout here, I’m just talking the fees they charge me. I’m paying for all these things and right now I can’t buy a gallon of milk.
Banks suck!!! I had a similar experience 🙁
.-= Stephanie´s last blog ..Appliance Death… RIP Washer! =-.
They use a British voice because everyone knows that people with British accents are evil. Like in old sci-fi movies.
Banks suck. I hate the fact that if you have more money, more benefits are available to you. It’s like penalizing people for being poor.
.-= mike´s last blog ..Chivalry Dead, Manners On Life Support =-.
They do suck. You poor dear.
I once deposited a very large check and instead of just not making those funds available until the check cleared, they froze my entire account and did not tell me!!!!!
Oh the horror.
Many bills were coming in and I had no cash and to make a long story short, eventually they remedied it!
.-= Laura´s last blog ..Playing Beauty Shop with Mommy =-.
Fuck these banks and their $37 fees. That shit happens to us all the time because it takes until noon for our paychecks that appear to be deposited the day before to hit our account on Fridays.
I hate banks.
.-= Ian´s last blog ..It’s Coming…the 500th post! =-.
Like a snowball in HELL! Banks are so dictatorial, it’s a huge frustration. If none of us ever had a screwup like this, how would they make money? If we always paid our credit card bills in full, and on time? I think the banks would go broke.
.-= Buggys´s last blog ..Health Reform? =-.
You know the solution right?
LEAVE the Bank!!!
Go to a credit union. Sure, it’s a little less convenient and a pain in the ass to get everything switched, but they treat you a hell of a lot better and you’ll save a TON of money. I was a Key Bank customer and at one point was basically told they could care less about my business because they wanted high net worth customers…I was 20 years old and not even low net worth. So I left.
$37.50 for an overdraft fee is INSANE! My credit union? If something comes in that takes more out of my checking account than is in it, they take the money from my savings account and charge me $5. That’s it. I rarely ask for a fee reversal because it’s almost always my fault. And it’s “only” $5 (which still hurts and reminds me of my own stupidity).
It’s not the banks fault that so many people put up with this kind of treatment and behavior. Don’t take it! If enough people leave maybe they’ll change their tune…or go out of business.
Oh…and while there might not be as many ATMs for other banks, you can always use other ATMs, although with a fee. Another nice thing about the CU is that they don’t charge a fee when you use someone else’s ATM (so if I use BOA they will charge me $2 but my CU won’t…Key used to charge a fee so I’d be charged TWICE if I didn’t use their ATMs).
Even the credit card I have with the CU is awesome (fabulous rewards compared to any other card I’ve ever had). I love our credit union. (And no, I’m not a CU employee…although I guess technically I’m an “owner”.)
see email
goat hugs
.-= Pricilla´s last blog ..Wordless Wednesday – Waiting and Hoping =-.
Stephanie: It seems everyone has had an experience like this. I seem to have hit a nerve.
Mike: I’m all for customers who haven’t fucked up their life as well as I have to get better rates, no problem there, but you are right it is like being penalized for being poor, ironically they are the ones making me poor.
British people are evil! hahahaha
Laura: I am glad they took care of it, that would be horrible to have your whole account frozen. That happened to me years ago when I got divorced the first time. Ex had just paid off the money he owed from the divorce (agreed settlement) and the IRS was going after him to pay his taxes. Since we weren’t officially divorced they froze my account and took the money he had just paid me. It was a huge mess and contributed to my being easily intimidated by bankers. They have all the power. Which is why I wrote this post and used names.
Ian: That has happened to me. I have an electronic deposit, which the bank can “see” but it hasn’t posted yet, meanwhile they charge me for all kinds of shit. Bastards.
Buggys: We all need to stop letting the banks take our money. If that means not living on credit anymore we should do it. We shouldn’t live on credit anytime but right now that is the only way people can get by. We, the customers need to stand up and demand better service, which we pay for from the bank. If any other industry pulled this kind of crap we would simply not use them anymore.
Meg: You are absolutley right and that is just what I plan on doing. My post was getting too long so I failed to mention that US Bank was not only going to lose me as a customer but my client is leaving too. My accounts don’t add up to much but my clients does. Of course I probably earn the bank more revenue.
Pricilla: Thanks for the email.
Have you heard of the rapidly-growing grassroots movement to move our money to locally-owned banks or credit unions. I’ve been with a locally-owned bank for years and it makes all the difference in terms of how they treat you. Now would be a good time to tell U.S. where to stick it and move your business somewhere it’s actually appreciated.
.-= injaynesworld´s last blog ..injaynesworld it was a "Rude Awakening…" =-.
I abhor banks. Wheres my bailout from the US Government?? I’d go to jail if I needed a 6.6 billion dollar bailout. For a very long time I’m thinking. Fuck, dont get me started.
I do have Navy Federal Credit Union now since my kids enlisted and I must say the hassles have been cut by 2/3rds easily.
I’m all hyped up now. This stuff makes me nuts. I need a xanax.
.-= peedee´s last blog ..TwoFer Tuesday – Maybe more… =-.
My comment got eaten. fuhk. I dont have the energy to write it again.
It just said I fucking abhor banks and use a credit union which is much better.
.-= peedee´s last blog ..TwoFer Tuesday – Maybe more… =-.
oh wow that sucks! Banks are MEAN!
Over-draft charges are $37.50 now? I feel like someone’s grandma saying that but really?? Banks suck.
.-= Tracie´s last blog ..My Life Is Not A Rom Com: Part 1 =-.
Last fall, I started noticing these curious fees associated with my savings account, that amounted to me essentially being penalized for accessing my own money too often. Nowhwere on their site did they reference these fees, or how often was “too often” and the person on the phone could only explain that they had mailed a letter regarding the new fees. This was the last straw. I was sick of being pissed off by the bank sucking money out of my account. I moved to a credit union. There’s a movement afoot encouraging people to move to community banks (and a video to boot!) called “Move Your Money Now!”
I hate banks too (I even worked for one once!) But no matter how much I despise them, I still have my accounts with them. Everytime I think of switching to a credit union my head starts to hurt from the hassle.
god help me.
.-= Pooba´s last blog ..Suck Face =-.
I too bank at US. I got an overdraft notice but when all the dust had settled the BANK was in error. So the friendly customer service guy tells me “I’m gonna help you out and fix the overdraft charge”. My ass. I told him it was the bank’s obligation. Or something to that effect.
.-= Stephanie´s last blog ..Theme Thursday – Red =-.
I hate US BANK! They are nothing but a nightmare they don’t help their customers what so ever and they just don’t care.
I hate US Bank with a passion because of a similar issue that actually was their fault. I bank with Bank of America right now and I might hate them more. It seems their policies change day to day depending upon who you talk to. But I get all up on them and flip out because when you mess with my money, I get a bit crazy. So far it has worked.
.-= Jenera´s last blog ..February Free Monthly Desktop =-.
I can’t keep up with all of these but I am really interested in hearing all your bank horror stories. If we don’t stand up to them they will keep doing this, and of course the gov allows them to. The only thing that will stop them is if someone complains. So keep telling your stories, especially about US Bank. I hear Bank of America sucks just as badly however and since they all are getting their bonuses this month, or last month, I want to hear all about them.
I know people bitch to high heaven about TCF Bank but I have to tell you that way back in the day when my 1st husband & I split up and I opened my own account (the joint account got closed) I got a call from TCF saying that my joint account had been closed by the bank and therefore I couldn’t have ANY account at ANY bank for 7 years. I explained (in a way TMI way) the situation (cheating husband, running up all the bills that were in my name, hiding overdraft notices) and she told me she would let me keep my new account but IF I overdrafted EVEN ONCE, it would be closed and no accounts for me for 7 years. Having now worked for a bank in the interim years, I know that she didn’t have to do that and probably got in hot water with a manager about it but all these years later, in spite of the fact I’ve moved out of state, I am reluctant to close the account at an institution I’ve had a good relationship with for 20+ years.
That being said… I loathe Capitol One and CHASE… OMG, CHASE… who, with NO WARNING closed one of my credit card accounts for “inactivity”… I had PAID THE CARD OFF and thought it was GOOD that I wasn’t accumulating more debt and they CLOSED THE ACCOUNT because somewhere in their fine print it says they can. They refused to either re-open the account or at least provide me with a letter stating that the account wasn’t closed because of any fiduciary negligence on my part. I hate them.
.-= MsDarkstar´s last blog ..You called for my limo, right? =-.
OMFG. I know they’re convenient and almost a must-have, but banks are nothing but money-grabbing, pocket-lining, brick & mortar monsters.
If my husband had his way, our shit would be buried out back in Mason jars.
.-= Christine´s last blog ..Please don’t thump me with scripture =-.
I hate banks more and more each day. What the hell? If I want to deposit a check into someone else’s account that’s MY business not theirs! But you’ve already said that, and I’m preaching to the choir… Good luck, maybe karma will get them in the end.
I feel your pain, Jen. Having gone from being comfortable financially to living paycheck to paycheck, I have to watch my account balances daily. It sucks… especially when you turn on the TV and see the new bonuses going out to banking executives.
.-= CatLadyLarew´s last blog ..RED: Theme Thursday =-.
Hi Jen, The banks have sucked long before this administration! This administration was just stupid and cocky enough to think that throwing money at the problem would change something. I said back then, let the weak fail and the strong survive. You know maybe then the surviving banks wouldn’t have raised every fee (and created those new ones) to pay back the government aka the people of the USA. Give ’em hell girl!
.-= redkathy´s last blog ..Macaroni and Cheese Paella with shrimp and scallops =-.
Totally ridiculous. The other thing I total love is how they post things to your account. At our credit union this processing starts at about midnight every night. First, they take out any payments, checks, etc. by starting with the largest amount then work on down to the smallest amount. And THEN they put in any payments you may have received. This way, they can stick it to you as best they can. I think it’s a bunch of B.S. They should put in the credits first, then take out the debits.
.-= Mee2´s last blog ..Wordless Wednesday =-.
“She kept sighing as I tried to explain to her what was going on”
MY blood is boiling for you!
This REALLY sucks. I used to expect being hit with $30 fee every time a there was a millisecond delay between a payment going out and one coming in.
One week I purchased 3 domain names (bit of an obsession of mine) in 3 seperate payments – total cost = $24
I had $32 in that particular account when I made the purchases, the next day $30 was taken from my account after a direct debit payment had been honoured ( thank you so much for that – take $30 from my account) , so my account was just $2 in credit when the 3 purchases for 3 domains popped up. They each incurred a $30 fee. So $114 down for $24 – then they reversed the payments and $30 was charged for each dishonour.
I recommend you do what I did. I went to the bank and told the teller I needed to speak to the manager since I was pretty sure she didn’t get paid enough to deal with my anger.
When the manager arrived I told him how extremely angry I was and how totally unreasonable these multiple fees were in terms of the cost to me. I said I was closing the account; he offered to refund my account and he did knowing that I was closing it anyway. He was embarressed and ashamed as other customers could hear what had happened and well, he should have been. They get away with this stuff because it is faceless.
Take your face in there and make it personal.
Seriously Jen, if after 12 years you can not get them to reverse at least some of these fees and charges you must bank elsewhere.
Good luck with it
Robyn
.-= Robyn ´s last blog ..Grocery Challenge: Stick To Your Budget & Get Out of Debt =-.
You can’t win with any bank – US is just worse than some in the Customer Service bedside manner. I hate getting the letter once a year describing their banking practices, which would be a good place to publish in big letter print the fees they intend to charge – but no they indicate they intend to charge a fee and down at the bottom of the page in tiny little print – mixed in among run-on bullshit sentences is the fee amount. They know NOBODY reads their stupid letter – yet they send it. In fact, I bet a lot of the 6 mil helped pay for mailing. You just can’t win with a any bank.
.-= hillbilly´s last blog ..A Persistent Democratic Party =-.
I bank with local banks and credit unions. I have rental property and I have stopped accepting personal checks when they bounce I have to recover my fees and the rent they didn’t end up paying. My question is why they charge me and the renters bank charges them. So both banks make at least 20 dollars on a check that is not valid and they are not out any money. I never bounced a check but I get charged for someone else bouncing a check.
.-= Carrie´s last blog ..Celia’s Puppies by Claudia Hall Christian =-.
Not to burst your bubble, but you aren’t going to find any bank that provides the level of service that our parents came to expect in the good old days.
We are all just numbers on accounts. Banks bend over backwards to get new customers and then totally ignore us thereafter.
I do not use auto payments–for this very reason. It’s worth the few minutes on the computer to pay bills to prevent massive bleeding if something doesn’t go right.
.-= The Mother´s last blog ..The Law of Time =-.
I went to my bank and asked them how I stood for a loan and they said “You don’t stand , you kneel!”. Banks suck!
.-= Friggin Loon´s last blog ..Epic Melon Fail! =-.
That is the problem. Our parents had things differently. Their generation had relationships with businesses. Now they are all chains and rarely does the same person work there for very long. It’s difficult to have a relationship with someone who moves from branch to branch. It sad really. We might all be connected on the internet through blogging or Facebook or Twitter but it isn’t the same as knowing your neighbors.
I am so sorry that you are going through this. It stinks. I agree with some of the previous commenters, it might be time to find another bank. Can you find one that at least offers lower fees? Charging $37 for a bounced check is insane.
I was charged a $33.00 overdraft fee a couple of weeks ago. The thing is, though, is that I HAD PLENTY OF MONEY IN MY ACCOUNT. What they did was they charged me DOUBLE for every check I wrote until I was finally overdrawn.
I went down to the bank and showed them what they did and this is what they said: “Oh, that’s happening to everybody right now. We’ll fix it by tomorrow.”
Are you kidding me?
.-= DeadRooster´s last blog ..Walmart Screaming Clown Commercial with Rooster Bonus =-.
I am RIGHT THERE WITH YOU. I sent a payment to my bank for my visa. It was late by a day. My bad. So without warning, they automatically take the due amount out of my checking and pay the visa. THEN they also deposited the check! So two payments were made. I knew my house payment was going to bounce, plus a few smaller things. I just KNEW they would fix the problem. But NOPE. They would not refund either payment, took both, and said tough luck about my house payment. I got charged ALL bounced check fees from the bank and of course from the people my other checks went to. GRRRRRR! I actually CRIED on the phone – they didn’t care.
.-= Fortune Cookie Katherine´s last blog ..The Man Was Doomed Even Before The Cookies Arrived =-.
Oh good! Glad to hear you’re moving banks…I totally recommend a credit union or local bank.
I also really like ING which is an on line bank. But we just have a couple of savings accounts there. They tend to have a higher interest rate than regular banks and even credit unions. If you are interested I can give you an affiliate link (they used to give new accounts $ for opening an account…not sure if they still do…but I think they still give current members cash for ppl who sign up).
Anyway…glad to hear your client is ALSO moving. A bad review can truly affect a business so much more than just that ONE person or business that got screwed. 🙂
.-= megscole64´s last blog ..I Think I’m A Bad Mom =-.
Jesus Christ, Jen. This is horrible. Those fuckers. That’s all I can say!
.-= Linda Medrano´s last blog ..The Quest To Earn An Honest Buck =-.
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Banks, insurance companies. law firms,
What triggered the real original sin…business putting dollars before people? As the Bush era bumper sticker stated: If we’re not appalled, then we’re not paying attention.
Pretty thought-invoking post – raises some interesting points for debate. I just stumbled upon your blog this morning and wanted to say that I have really liked browsing some of the posts. Anyways, I’m subscribed to your feed and I hope to read more very soon!
I don’t know where you are, but being in a similar financial situation, i recommend HUNTINGTON bank unconditionally. They are SO helpful, understanding, and offer 24 hour grace period for overdraws. 24 HOURS! I have never left an interaction with them feeling slighted or ignored or irate. US Bank, on the other hand… I’ll be closing my account soon, as soon as I can pay off the $100 of “negative charge fees” I received for a negative balance (of -2.00) that i was NEVER notified of. Can’t wait to be done with that shit show.