Consumer complaint received 2023-10-24
Company: U.S. BANCORP
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
XXXX XXXX Account number XXXX Entitlement order Adverse Claim XX/XX/2023 i received mail from us bank at my home, the enclosed letter informed me that my account wa being closed and all the funds being returned to me due to my previous behavior at the bank and issues i had resolved with the banks employees. I reached out the the company and was told I can no longer contact them for any information about this issue.

Im a filing this company today on behalf of securities fraud, I ask to Ive my original issued securitiy which a financial asset retracted and never got a response.

Regardless of the reason for my account supposedly being closed have that right and withholding my securities is securities fraud! This institution is in clear violation of the Equal Credit Opportunity Act and Consumer Credit Protection Act!

Also according to Section 1308.51 Securities account - acquisition of security entitlement from securities intermediary - UCC 8-501. 
Ohio Revised Code/ Title 13 Commercial Transactions/ Chapter 1308 Investment Securities ( A ) " Securities account '' means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.

( 1 ) Indicates by book entry that a financial asset has been credited to the person 's securities account ; ( XXXX ) Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person 's securities account ; or ( XXXX ) Becomes obligated under other law, regulation, or rule to credit a financial asset to the person 's securities account. 
( C ) If a condition of division ( B ) of this section has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset. 

Either my financial asset has been destroyed, sold, assigned or transfer for unjust enrichment and I havent received any proceeds from the interest earned .it is my property and o have securities entitlement is bank is just a securities intermediary. If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset. 
( XXXX ) Issuance of a security is not establishment of a security entitlement so it still belongs to me and Im making claim to all property, principal and all interest earned from my face-amount certificate. 

writing that is a security certificate is governed by this Article and not by Article 3, even though it also meets the requirements of that Article. However, a negotiable instrument governed by Article XXXX is a financial asset if it is held in a securities account. 

I am aware of all of the facts and i am making and advers claim to all securities that belong to Me.. 

XXXX. NOTICE OF ADVERSE CLAIM. 
( a ) A person has notice of an adverse claim if : ( XXXX ) the person knows of the adverse claim ; ( XXXX ) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or ( XXXX ) the person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim. 
( b ) Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of dut has notice of an adverse claim. 

XXXX. ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN. 

( C ) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8-503.

Section 1308.57 | Duty of securities intermediary to comply with entitlement holder - UCC 8-507.

Ohio Revised Code /Title 13 Commercial Transactions /Chapter 1308 Investment Securities A ) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if : A ) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if : Ohio code Section 1109.36 Underwriting and dealing in guaranteed and acceptable debt securities.

Ohio Revised Code / Title 11 Banks-Savings and Loan Associations/ Chapter 1109 State Banks- Powers the extent permitted by and subject to any limitations and restrictions the superintendent of financial institutions may impose, a state bank may underwrite and deal in investments in the form of bonds, notes, debentures, or other debt securities that are any of the following : ( A ) The direct obligation of or guaranteed by the United States ; ( B ) The direct obligation of or guaranteed by any state of the United States or any political subdivision of any state of the United States ; My deposit is also insured by fdic and should be remitted to me but has not in the form of interest payments, Section 3953.231 | Establishing and maintaining interest-bearing trust account for deposit of non-directed escrow funds.

Ohio Revised Code /Title 39 Insurance /Chapter 3953 Title Insurance ( A ) ( 1 ) Each title insurance agent or title insurance company shall establish and maintain an interest-bearing trust account for the deposit of all non-directed escrow funds that meet the requirements of sections 1349.20 to 1349.22 of the Revised Code.

( 2 ) The account shall be established and maintained in any federally insured bank, savings and loan association, credit union, or savings bank that is authorized to transact business in this state. 

( 3 ) The account shall be in the name of the title insurance agent or company, and shall be identified as an " interest on trust account '' or " IOTA. '' The name of the account may contain additional identifying information to distinguish it from other accounts.

( 4 ) The title insurance agent or company establishing the account shall submit, in writing, to the superintendent of insurance the name, account number, and location of the bank, savings and loan association, credit union, or savings bank in which the trust account is maintained.

( B ) Each title insurance agent or company shall deposit all non-directed escrow funds that are nominal in amount or are to be held for a short period of time into the account established under division ( A ) of this section no later than the next business day after receipt.

( C ) Each account established under division ( A ) of this section shall comply with all of the following : ( 1 ) All funds in the account shall be subject to withdrawal or transfer upon request and without delay, or as soon as permitted by law ; ( 2 ) The rate of interest payable on the account shall not be less than the rate paid by the bank, savings and loan, credit union, or savings bank to its regular depositors. The rate may be higher if there is no impairment of the right to the immediate withdrawal or transfer of the principal ; ( 3 ) All interest earned on the account, net of service charges and other related charges, shall be transmitted to the treasurer of state for deposit in the legal aid fund established under section 120.52 of the Revised Code. No part of the interest earned shall be paid to the title insurance agent or company. 

( D ) The title insurance agent or company establishing an account under division ( A ) of this section shall direct the bank, savings and loan association, credit union, or savings bank to do both of the following : ( 1 ) Remit interest or dividends on the average monthly balance in the account, or as otherwise computed in accordance with the standard accounting practice of the bank, savings and loan association, credit union, or savings bank, less reasonable service charges and other related charges, to the treasurer of state at least quarterly for deposit in the legal aid fund established under section 120.52 of the Revised Code ; ( 2 ) At the time of each remittance, transmit to the treasurer of state, and if requested, to the Ohio access to justice foundation, and the title insurance agent or company, a statement showing the name of the title insurance agent or company for whom the remittance is sent, the rate of interest applied, the accounting period, the net amount remitted to the treasurer of state for each account, the total remitted, the average account balance for each month of the period for which the report is made, and the amount deducted for service charges and other related charges.

( E ) The statements and reports submitted by the bank , savings and loan association, credit union, or savings bank under this section, are not public records subject to section 149.43 of the Revised Code and shall be used only to administer the legal aid fund.

( F ) No funds belonging to a title insurance agent or company shall be deposited into an account established under division ( A ) of this section except funds necessary to pay service charges and other related charges of the bank, savings and loan association, credit union, or savings bank that are in excess of earnings on the account.

( G ) No liability arising out of any negligent act or omission of any title insurance agent or company with respect to any account established under division ( A ) of this section shall be imputed to the bank, savings and loan association, credit union, or savings bank.

( H ) No liability or responsibility arising out of any negligent act or omission of any title insurance agent with respect to any account established under division ( A ) of this section shall be imputed to a title insurance company.

As the executive officer and primary shareholder i demand all proceeds in connection with this extension of credit and and securities account.

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