Consumer complaint received 2023-11-09
Company: U.S. BANCORP
State: PA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Hi there. Im typing this in hopes to avoid having to cross state lines in order to retrieve funds that US Bank is holding, and making me visit a branch in person to retrieve. 

In XXXX, I saw that US Bank was running a promotional {$500.00} bonus when you open an account and deposit {$5000.00}. I figured it was a good deal, and decided to open the account. Admittedly, US Bank is not local to me, as I have other bank accounts elsewhere that dont even have physical locations.

So fast forward, US Bank sends me a new account funding form to fill out with my external banking information, and sweeps {$3000.00} ( which was the minimum I then planned to transfer {$2000.00} more in order to meet the bonus requirements ) out of said external account and I figure all is well. However, once the {$3000.00} transferred, I then went on US Bank to initiate the remaining {$2000.00} from my external account and BAM. Everything was blocked, jammed, and frozen.

So long story short through a TON of frustrating phone calls, I am eventually told US Bank is closing my account. I figure okay well why? It turns out the risk department noticed irregular activity, and my relationship with them is no longer an option. While its the first time this has happened, I figure okay, send me the cashiers check and Ill be on my way I guess. 

Three months later in XXXX, I receive the final XXXX statement that shows the money was debited out of my account, which I was under the impression the cashiers check was mailed to my house, as thats what every US Bank employee on the phone told me but lo and behold I still have no cashiers check. Push came to shove and its now XXXX, and through my persistence, Ive come to find out that my funds are being safe guarded, because US Bank cant verify the funds in the external account, and are telling me to get in contact with branch employees in order to resolve the matter, which is exactly what I did. In contacting a branch, I provided the necessary documentation to prove everything even with the new account funding form and external bank statement, the whole 9. Furthermore, in banking, if the funds were to be returned from my external account, this process would have already happened within days of the transaction, not 5 months later. Anyway, the branch employee says everything I provided looked good, and she got approval to release the funds, but is still firm stating that I absolutely HAVE to come into the branch to be verified in order for the funds to be released. 

The problem is that Im not located in US Banks footprint. Im located outside of XXXX, and the nearest US Bank branch is XXXX hours one way in some small town in XXXX, so a XXXX hour round trip drive is what is needed in order for me to recover the funds that US Bank transferred out of my external account and then froze. 

After doing extensive research, Ive come across similar situations where new customers have sent off red flags like fraud and check kiting ect., but I literally just did two ACH pulls with US Bank to pull funds from my external account. None of my transactions were withdrawals directly from US Bank.

This is truly my last attempt, as I am simply seeking US Bank to mail my funds in a cashiers check form instead of me having to complete a XXXX hour round trip, as I have also recently had a XXXX  child.

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