Consumer complaint received 2021-03-21
Company: U.S. BANCORP
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
XX/XX/XXXX : XXXXXXXX XXXX XXXX Money Market Savings Account XXXX opened. 

XX/XX/XXXX : Introductory APY 1.85 % guaranteed for one year XX/XX/XXXX through XX/XX/XXXX : XXXXXXXX XXXX XXXX credits my account the 1.85 % APY interest rate as they guaranteed. 

XX/XX/XXXX : XXXX XXXXXXXX XXXX transfers this account to US Bank XXXX. Consumer-facing disclosures state that US Bank will continue to honor the 1.85 % APY guarantee until XX/XX/XXXX. 

XX/XX/XXXX, call ended XXXX XXXX Pacific time : I asked XXXX on a ( recorded? ) phone line at US Bank, What interest rate is US Bank paying on my account now that the one-year introductory guarantee period has expired? XXXX informed me that US Bank will continue to pay me interest of 1.85 % APY until XX/XX/XXXX, the first anniversary of the transfer of this account from XXXX XXXXXXXX XXXX to US Bank. Knowing that interest rates had generally declined since XXXX of XXXX, and, wondering if XXXX may have been mistaken, I asked XXXX a second time and she confirmed that the rate would continue to be 1.85 % APY until XX/XX/XXXX. 

XX/XX/XXXX, phone call ended at XXXX XXXX Pacific time : An examination of my next statement reveals that on XX/XX/XXXX US Bank paid me only 1.33 % APY, which is {$220.00} and {$330.00} less than the {$560.00} that Capris, the Bank representative, had assured me would be paid. I called XXXX at US Bank who confirmed that his call log showed that I spoke with Capris on XX/XX/XXXX. However, he also informed me that the call log did not say specifically what was discussed. It did not occur to me to ask him if there was a recording of the call. XXXX then informed me that US Banks rate had dropped to 0.01 %. I informed XXXX that his information conflicted with what XXXX had told me on XX/XX/XXXX and asked if I could speak to his manager. XXXX informed me that his manager was not available. XXXX then asked me to hold and that he would see if he could speak with his manager. XXXX returned to the line and said that his manager had told XXXX to tell me that I needed to go into the local US Bank branch to solve the problem. I asked XXXX if he would please obtain the credit to my account for me since it was the banks error and I had already spent about 30 minutes on the call. XXXX informed me that he would take care of the problem and get back to me. 

XX/XX/XXXX, phone call ended XXXXXXXX XXXX : XXXX had not returned my call of three days prior as he had promised. XXXX took my call and said that she had no authority to credit me the unpaid interest that the Bank owed me. I asked for her managers name and was told XXXX. I then asked who XXXX manager was and was told, XXXX. I then asked XXXX for XXXX extension so that I could call her directly. XXXX informed me that she did not have XXXX extension and that she could not transfer my call to her. XXXX then asked me to hold while she spoke to XXXX, who though he was not available to speak with me, apparently was available to speak with XXXX. XXXX returned to the line some minutes later and told me that XXXX told her that US Bank had no agreement to honor customer agreements that XXXX XXXXXXXX XXXX had made. This information is simply false as evidenced by my XXXX and XXXX US Bank statements that showed that US Bank was indeed honoring the 1.85 % APY rate and also as stated on page 9 of the Welcome To US Bank consumer disclosure form that US Bank provided to me prior to taking over my account. At this point I concluded that US Bank had no intention of dealing fairly and honorably with me and I informed them that I would be lodging a complaint with the CFPB and the XXXX. 

XX/XX/XXXX : As I file this complaint today, no one from US Bank has called to rectify the loss I incurred as a result of my reliance on XXXX XX/XX/XXXX statement to me and her statement may have been captured on a recorded line. For privacy reasons I have not attached any bank statements. Also please note that page 9 of the US Bank consumer disclosure document did not upload after numerous attempts. The cover page of the disclosure did upload however.

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 monetary relief