Consumer complaint received 2018-07-07
Company: U.S. BANCORP
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
This is a complaint against US Bank. I have had a business checking account with them as XXXX XXXX  for over 25 years. I have over that time deposited more than a million dollars worth of clients checks in the process of running my business. I have used both the ATM and in person tellers to make these deposits. I have two complaints to make regarding events around deposits that have happened recently. 

The first occurred in XX/XX/2018. I deposited a check for XXXX. I understand that there is a period of time before the check would clear my clients bank and the funds would become available for my use. I waited until the funds changed from pending to actually available in my account as I could see using my direct online portal access to my checking account. When I saw the funds available I made an online payment to one of my suppliers for XXXX. Two days later the original funds were withdrawn from my account and put in a pending state again. When I called to find out what happened they said that the check was flagged and an additional seven day hold had been placed on it. Needless to say this was  extremely frustrating and no one was able to explain why or help resolve the issue in a timely manner. Consequently my supplier payment was not covered and I had to deal with NSF fees for this. Finally the check did clear and the funds were available and except for the fees I was charged ... things worked out. 

The second event occurred this last week and is still unresolved. I deposited a check for XXXX ... from the same client as above. This time I was more suspicious so I waited and again after a few days the check cleared and according to my online bank access I had the funds available. Great .... so I wrote about XXXX worth of checks to my sub contractors for work they had done. Two days after this I was informed the funds were once more removed from my account. This time after a couple more days ( XX/XX/XXXX was a Wednesday and so there were less banking days last week ) I was told that the check was removed and returned because it was not endorsed correctly. I made this deposit in a US Bank branch ATM the way I have done thousands of times before. I have never in 25 years signed the back of one of my checks made out to XXXX XXXX .... even when making a deposit personally with a teller ... .. Anyway this was the last straw for me. I got absolutely no explanation for how this could have happened ... in fact no help at all from my bank manager .... except to say that an official copy of the check would be sent by mail to me and I could endorse it correctly and redeposit it .... This is completely unacceptable to me and find my self at a loss as to what to do. I need these funds to be able to run my business and this kind of delay and appropriation of my time to try to resolve the issue is beyond belief .... I'm sorry but I really feel at the affect of these circumstances and unable to do anything to help myself except wait for the Bank 's mistakes to play out .... Is there anything else I can do to help make sure this doesn't happen to anyone else?

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