Consumer complaint received 2022-12-24
Company: U.S. BANCORP
State: OH
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
Monthly Interest applied on unpaid balance without users knowledge! 

XXXX XXXX withheld information to members stating, " to not use their credit card during XXXX of the month to the XXXX of next month ''. Since they can not assure their XXXX days in pending will be observed! See attached! 

This could cause the user of the VISA card thinking such, but the said purchases are included in the current month and compound interest is unnecessarily applied! I have an email from their customer support saying they have no control over the 5 days pending! 

In addition, their robotic remote teller by phone says I have a {$600.00} credit! But this is not shown in my account! And they have no knowledge of it! So, I do not know how to access it! The following is subject recording from XXXX card services XXXX : Most banks use a five-day pending with it being mutually exclusive to statements closing date with posted purchases! This would have prevented XXXX 's unfair practice in this matter! And would not require a disclaimer " to not use card between XXXX through the XXXX of the new month! '' And payment date being XXXX weeks after statement date to give customers time to respond! 

Keep in mind lots of folks on fixed income. With income coming on a certain date. So, their budgets are time sensitive! 

I request an audit of XXXX XXXX practices not being able to control XXXX day pending when statement closes, Specifically dates XXXX of month to XXXX of next month. The XXXX of the month is when they post the statement but confuses the XXXX as the date to make a payment! So if purchases are made during this period they do not get a XXXX day pending! And the user/customer/member have not been told of this method! Plus their method do not show credits and how to access those credits. I called their XXXX number and their remote teller says I have a {$600.00} credit but there's annotations how to access those credits! that number is XXXX I'm asking for an audit and fair adjustment to me, and a review for class action for how long practice been in place and how many customers were affected! 

XXXX XXXX XXXX XXXX XXXX XXXX Supporting Attachment showing days in pending are un-controlled! And customers/users are not informed! 


Date : XX/XX/2022 Message # : XXXX From : XXXX XXXX Subject : Questions : Doesn't purchases stay in pending for 5 days as a policy? 
Message : Dear XXXX XXXX XXXX : Thank you for contacting XXXX XXXX via our website about your Visa account ending in XXXX. 

When a merchant initially charges your account, the amount will remain as a pending authorization for up to XXXX business days before posting to your account. Pending authorizations are charges that have been approved but have not posted to your account. The amount is deducted from the available credit but is not yet part of the balance. This ensures that the funds will be there for the merchant when they forward the charge request for posting to your account. 

We do not control when a transaction posts to the account. If the transaction posts by the time the statement generates, then that transaction would need to be paid in full by the due date on the statement to avoid interest charges. 

If you have further questions or concerns about your account, please contact us again. 

Sincerely, XXXX XXXX. 
XXXX XXXX XXXX Additional information for audit request! 




Additional information :

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