Consumer complaint received 2019-07-08
Company: U.S. BANCORP
State: OH
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem when making payments

Complaint:
I obtained a XXXX XXXX from XXXX XXXX Bank for {XXXX}. On XX/XX/2019 I recieved the XXXX XXXX deposit of {XXXX}. My first payment was due on XX/XX/2019. I set up automatic payments. On XX/XX/XXXX I had the amount owed for the XX/XX/XXXX payment and decided to pay it early through the online banking platform. It updated the amount owed for XX/XX/XXXX to {$0.00}. However, on XX/XX/XXXX another payment was pulled. I was quite shocked by this as it stated I had no amount owed. I contacted the call center on that day, who transferred my to the loan servicing center. They informed me that my payment was made too close to the due date and that is why the auto payment generated still even though {$0.00} was owed. I asked them to reverse out the payment. They stated they could however, it wouldn't hit the account until Tuesday of the following week. I was concerned as other bills were coming out. They stated I could contact the banking center and ask for provisional credit to ensure that my account doesn't overdraft due to the error of the automatic payment pulling for the XXXX payment even though the XXXX payment had been paid. They transferred me to a banking center and I spoke to XXXX at XXXX. 
XXXX was amazing and understood how this issue could greatly effect me. She spoke with her manager and provided provisional credit until the loan servicing department could reverse the payment it had taken by error. 
At this point I had the XXXX XXXX the amount of the additional payment they had taken ) placed back in my account. However, I noticed that the XXXX payment still appeared to be satisfied, as the additional payment was applied to XXXX. I assumed that maybe they needed to wait til the statement cycle to correct. However, even though no payment was due in XXXX - another payment on XX/XX/2019 was taken for XXXX. Now the loan appears to be paid off, and on XX/XX/XXXX the Banking Center associate XXXX requested I pay her back the funds because the loan servicing department didn't credit them or me. Ultimately US Bank is forcing me to pay off a simple loan early. 

I should still have a XX/XX/XXXX payment due of XXXX ( However they are essentially forcing me to pay this now even though its not due yet. ) In addition I can no longer see my loan or the history in my OLB. They consistently took payments automatically that were not due. However, the released a new disclosure after the original issue essentially paper overing this issue. Still after the date of my incident. I would like to understand how they are allowed to act outside of the terms of our agreement and obligate me to pay them the XXXX prior to the due date of XX/XX/XXXX. 

I want to point out that the retail associate XXXX has been fantastic and I believe ultimately if the Loan Servicing Department  had done their job of reversing the payment taken in error, then the provisional credit provided could have been paid back quickly. I am on day XXXX of attempting to deal with this. I just want my loan reinstated, the XX/XX/XXXX payment reversed and applied back to my account so that the provisional credit can be supplied back to the appropriate banking center. In addition, on my reinstated loan, I want it to reflect that the XX/XX/XXXX payment is still due which would actually conclude my loan once paid. I am concerned about some major violations to small loan guidance, their misunderstanding of Automatic payments and ACHs, and ultimately their ability to act outside of their loan note by taking payments when none is due and also, forcing repayment prior to the contractual obligation. Thank you.

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