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I Wish I Knew How To Quit You…

I’ve talked before about the love-hate relationship I have with US Bank. I’m not going to link to it, but I’m sure the related links at the end of this post will point to those US Bank themed posts. Anyway, I really need to leave US Bank, but changing banks is such a pain…

I was watching PBS last night and they had a special about America’s problems with plastic and they told me about a procedure banks follow (and I’m 100% sure US Bank does) that blows my mind.

The banks process your transactions from highest to lowest regardless of time. For example, you have a $30 charge at a clothing store, a $75 motorhome warranty payment, two $5 coffee charges, a $20 charge and at the end of the day, a $500 charge. The bank will run the $500 charge first. They claim that’s what customers want, although when pressed by the interviewer, the banker pointed to vague, unverifiable ‘research data’.

Now this procedure doesn’t cause a problem unless you made a mistake and are underfunded in your acount. Instead of the one $500 being an overdraft after the others all paid, the other five smaller transactions go into overdraft. In US Bank’s case, this would rack them $175 in fees. Wow, these guys are a-holes. I also have a theory that US Bank holds transactions for days in the hopes that I’ll go below $0 and then they can push them and rack up more fees. I can’t prove this, so for the record, it’s only a hunch.

The other thing that really irks me is when I deposit cash to a teller and the deposit shows as ‘pending’ for the whole day. COME ON! I GAVE YOU CURRENCY! YOU SAW IT AND VERIFIED! Do not hold up my money.

God, I need to leave US Bank…

This entry was posted on Friday, November 27th, 2009 at 11:14 pm and is filed under My Giant Financial Mess. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “I Wish I Knew How To Quit You…”

  1. cinders Says:
    November 28th, 2009 at 10:19 am

    Yeah I had that problem where they took the large amounts out first when I was on vacay a few years ago… ended up with $300 in overdraft fees. They even charged me for checking my balance on another bank’s ATM, not even withdrawing. There were no US Banks where I was.

    Bank manager: “I think there’s one in Tempe.”
    Me: “I wasn’t in Tempe.” *cry*cry*
    Bank manger: Blank stare. “I’m not refunding any of these.”

    These days there are some nicer people at my branch, if I do happen to slip $2 below and get socked a $39 fee, they’re pretty good about reversing it.
    .-= cinders´s last blog …i just wanna bang bang =-.

  2. Melody Says:
    December 1st, 2009 at 4:02 pm

    Dude, the same thing happened to me once. An autopayment for a bill would have overdrawn me for $5, but instead I ended up racking up more than $600 in overdraft charges. I thought my world was going to collapse. I called the bank and talked, and talked and finally they refunded half of them but I was a senior in college trying to balance a full class load and full time job, it hurt.
    .-= Melody´s last blog …Liquid holiday cheer =-.

  3. LisaS Says:
    December 3rd, 2009 at 10:52 am

    whatever you do, don’t change to Bank of America if that’s a problem. because they are the kings of sock-it-to-ya.
    .-= LisaS´s last blog …Post-It Note Tuesday: I got Things to SAY … =-.

  4. Superdave Says:
    December 5th, 2009 at 10:52 pm

    All banks are evil….but you must find the lesser evil. I was real happy with Heartland bank, they had immediate full credit to your account with your deposit before 3…..then they sold out to National City….but theyre pretty relaxed as well….so Id recommend them….been with them for 4 years now….