Consumer complaint received 2023-03-17
Company: U.S. BANCORP
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
First of all, my bank account is a joint account and this alleged interest income was received under my husband 's name only. Bazaar! On XX/XX/2023 I received a 1099-INT form from US Bank XXXX The interest form alleged {$500.00} interest income, which was outrageous for a checking account that earns XXXX cents interest a month. In this lifetime, this amount will never be achieved. I called US Bank the first time and requested explanation as to how this inflated interest income was calculated, based on what exactly. After being put on hold for 30 minutes, the rep came back and told me she couldn't find any basis for that and it was all very strange for this type of basic checking account, even folks who have 6-7 digit savings accounts do not earn {$500.00} interest income a year ; she had no idea where {$500.00} originated so she would submit a request for correction and I would expect it in 10 business days. Fast forward a week, I received duplicate 1099-INT form rather than getting an explanation and correction. I called US Bank again on XX/XX/2023. And again, after being on hold for nearly 40 minutes the rep came back with the same answer that she couldn't find out the origin of this alleged {$500.00}, and it was very strange for a very basic low balance checking account. The man I spoke to put me on hold for over 46 minutes, came back and apologized and said he needed more time to look into this since he could not understand what was going on, after the 2nd hold period, the call automatically bounced to the main line, and another rep answered and asked me how she could help me. I was frustrated at this waste of time and dysfunctional phone system, nevertheless I started explaining the reason for my call over again, when I realized 4 minutes later that the line was dead, no one on the other side of the receiver. I didn't call back and I did not receive a call back. Fast forward another week, I did not receive anything in the mail. I called US Bank again on XX/XX/2023 and spoke to rep named XXXX, who started to read the notes and tried to assist me. She came up with nothing, just like her predecessors, and told me that it was very strange, and the system wouldn't even allow her to submit a correction. She said this was bazaar. How could someone come up with {$500.00} on a checking account earning XXXX cents a month interest. I explained her that I need to file my taxes and I was not able to do it because of US Bank not fixing this egregious bank error on my 1099-INT. XXXX suggested she filed an internal complaint however I have to wait another 10 days to get a response in the mail. Every time I call, I have to wait 10 days to get a response that never arrives, and this effects filing of my income tax, and now because of this bank XXXX XXXX I have to get an extension because I can not afford to file an erroneous 1099-INT, and then pay my accountant to amend it. Knowing how irresponsible US Bank is I am filing this complaint to finally get someone's attention to fix their own mistake, and send me corrected form ASAP, expedited. It has been 17 days now I have been desperately trying to get answers from US Bank.

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