Consumer complaint received 2018-07-12
Company: U.S. BANCORP
State: KY
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
I have concern about an increasing Reserve Line Credit fee charged to my account originally at around {$1300.00} that has been lowered to {$880.00}. Due to the interest that has accumulated on the fee, my {$25.00} minimum monthly payment towards the Reserve Line has been nothing short of futile as Ive unknowingly and unwillingly continue to pay these advances, even though I never applied for such credit and my local branch could not locate a document containing a signage agreement.

After two years in and out of numerous US Bank branches and numerous hours on the phone with representatives, not one US Bank employee could inform me where these fees were coming from. After being redirected countless times by numerous US Bank branches and over-the-phone attendants ; it was assumed the Reserve Line Credit accumulated due to numerous over-drawings of my account. One supervisor at the US Bank in XXXX, Kentucky offered me a {$45.00} incentive while he would review my account statements and inform me of the results later by phone, a phone call in which I never received. It seemed more like a bribe to keep quiet until my problem was given to the next representative, and a scolding from an over-the-phone employee stating that if I didnt pay the fee it would go into default and I would face legal ramifications. It became evident that I would have to explore the issue myself, and after intense speculation Ive came to the conclusion that US Bank systemically is allowing unwarranted banking fees for personal gain or a systematic error caused an opening of a reserve line credit without my knowledge or permission with clear evidence stating such. 

I have taken it upon myself to purchase ( for {$80.00} ) my statements over the past 4 years. After intense review, I have came to the conclusion that a systematic error initiated the opening and transferring of credit to this reserve line and caused numerous overdraft protection fees when my account was not overdrawn. For example ; my account statements show : On XX/XX/2015, my account balance was {$310.00} and on XX/XX/2015, I spent {$140.00}, leaving a credit balance of {$170.00}. On XX/XX/2015, the bank made a {$100.00} deposit from the reserve line without my knowledge and without any potential overdraft. 

On XX/XX/2015 my account had a balance of {$41.00}. On XX/XX/2015, I spent a total of {$37.00}, leaving a balance of {$3.00} in my account. The bank made a {$50.00} deposit from the reserve line and on XX/XX/2015, the next day, I deposited {$500.00} into my account increasing my balance, nowhere near an overdraft state. This statement account period is also the first time I was charged a monthly maintenance fee, of which was said to be waived as I was a student account holder. During this statement period of XX/XX/2015 through XX/XX/2015, I was unknowingly charged a total of {$61.00} in account fees in addition to the {$50.00} line of credit. 

The third and fourth transfer to the reserve line was the following statement period, as once again the unwarranted line of credit continues to plague my account. On XX/XX/2015, my account balance was {$170.00}. I made three purchases the next day, XX/XX/2015, totaling {$70.00} leaving a balance of {$99.00} in my account but I was once again charged an overdraft protection fee while another {$50.00} was dumped into this invisible line of credit. The following day I made {$46.00} in purchases, still leaving me well over an overdrawn state and I was charged another {$12.00} in overdraft protection fees and another {$50.00} was dumped into this invisible line of credit. A total of {$66.00} that was taken out of my account due to more unwarranted banking fees. If needed, I can continue writing out examples as Ive analyzed all my account statements to date. On XX/XX/2015, unwarranted bank feesoverdrew my account in the amount of {$88.00}. 

I could continue ...

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