18 Aug

I should clarify — when I said “US Bank” I didn’t mean all United States banks. I meant the specific bank called US Bank, which is headquartered in Minneapolis (I think). US Bank of Oregon swallowed up my old bank, Peoples Bank, then merged with a Minnesota bank to become US Bank.

I also wanted to add:

The main issue is not so much that the float is eliminated, but that the website does not at all make it clear that has happened. The combination of the changed behavior by the bank and the crappy UI of the website is what got me. Just one of those problems would have been OK, but both of them together = overdraft.

18 Aug

US Bank customers be warned:

They eliminated the float on debit card transactions.

Check card transactions are now being debited from your account immediately — but this is not reflected directly on the website. The website just includes them in “funds held pending verification” — which sounds a lot like deposited funds, doesn’t it? It’s not.

Default behavior until recently was that funds were not removed from the available balance until transactions actually cleared. Now they are removed immediately, even though it is frequently several days before the transaction goes through.

So when I made a couple of charges the evening before payday, knowing that my paycheck would be in the account by 6 am the next morning to cover them (something that has never, ever been a problem before — and don’t tell me you’ve never done this), I was instead overdrawn — because though the actual funds to cover the charge would be in the account before the next business day, and the charge in question didn’t clear for 3 more days, apparently the new system immediately made those funds unavailable to me — hence, a $20 overdraft fee, and a bunch of money sucked out of my savings account that I wasn’t expecting.

So now US Bank enjoys the use of my money for a few days while denying me access to it. This is a scam to get more overdraft fees. The person from US Bank I talked to on the phone claimed it was because of customer requests. HA!

US Bank customers, you are warned. NO FLOAT.

%d bloggers like this: