Consumer complaint received 2024-01-10
Company: U.S. BANCORP
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
XX/XX/24 : I transferred ( via ACH ) {$10000.00} from my Credit Union checking account to U.S. Bank to pay off an auto loan ( XXXX ). Confirmation # XXXX XX/XX/XXXX  : Transfer not reflected on U.S. Bank account web site. I contacted U.S. Bank and was told they have no record of the transfer. I provided the payment confirmation number and was told this was useless information as it can't be used to verify the transaction. I was also told to initiate a new transfer payment. I complied and made a 2nd transfer of {$10000.00} to pay off the loan. Confirmation # XXXX. I verified that the U.S. Bank account website reflected a pending transfer. 

XX/XX/24 : Both of the above transferred amounts were deducted from my Credit Union checking account. The U.S. Bank account web site reflected the first payment ( {$10000.00} ) was received, bringing my auto loan balance to XXXX. There was no record of the second transfer being received. The " pending '' transaction record shown the previous day was gone. I contacted U.S. Bank Customer Service again and they said they had no record of receiving this second transfer. I was told to wait and see if it shows up latter. 

XX/XX/24 : I contacted the U.S. Bank Fraud department hoping they could find more information. I was told that that 2nd transfer was received and that is was marked for return. I was told to expect an ACH electronic transfer of this payment back to by Credit Union Bank account within 48 hours. 

XX/XX/24 : No transfer yet to my Credit Union Bank. I went in to a U.S. Bank office in XXXX Ca. and asked if they would contact their ACH department and see what is happening. I spoke with XXXX XXXX XXXX ) and she was very helpful. She contacted the appropriate U.S. Bank department and was told that the ACH transfer back to by bank would be initiated seven business days after they received the over-payment per their standard process. Later that day, XXXX called me with an update. She said that they would mail be a check after the seven days rather that via a ACH electronic transfer. I asked if they could just deposit the funds in my U.S. Bank savings account because I needed the money sooner than this check-mailing process was going to take. She said she would find out if this was possible and that she would call be back the following day. 

XX/XX/24 ( current date ) : XXXX called me and said she was informed that the refund to me had to be by check mailed to me, and that deposit the funds in my savings account was not allowed by their standard processes. 

In summary, U.S. Bank had some sort of computer error that did not record the pending ACH electronic transfer that I initiated via their on-line banking system. Then after I made a second transfer per their instructions, this 2nd transfer, which showed as pending on the U.S. Bank website, then disappeared from the website. I did not receive any notifications from U.S. Bank about what was happening and their Customer service folks couldn't provide information either. The transfer confirmation numbers provided to me were worthless. Then I was provided several different responses regard when and how I would receive a refund. I expect it will end up taking 2-3 weeks before the refund check will be provided and clear my bank. This was all caused by a poor U.S. Banking system processes but I'm the one spending hours of my time to find out what's happening, and I need this refund now, not weeks from now.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation