Consumer complaint received 2019-01-17
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: U.S. BANCORP (CA)

The issue is Elder Financial Abuse and Failure to Follow California Controller 's rules concerning abandoned Cashier 's Checks. 

On XX/XX/XXXX I received 5 Cashier 's Checks sequentially numbered XXXX ( {$8000.00} ), XXXX ( {$8000.00} ) XXXX ( {$8000.00} ), XXXX ( {$8000.00} ), and XXXX ( {$8000.00} ) from US Bank located at XXXX XXXX XXXX, XXXX XXXX, CA XXXX. XXXX XXXX, Assistant Manager handled the transactions. 

Shortly thereafter, I could not locate the 4 of the checks. I reported the  issue to Ms. XXXX, and she stated not to worry as the checks were valid " for a lifetime '' because they were cashier 's checks. I wanted to replace the checks but Ms. XXXX stated since I did not know the date I received the checks and the check numbers, she could not help me. I would have to locate the checks. 

Six years later, XX/XX/XXXX, I found the missing 4 checks. I went to the same XXXX XXXX branch that issued the checks to cash the checks. I was told by the cashier that the checks were negotiable, but the cashier said she wanted to check to make sure. She made a call to US Bank administration in front of me. When finished, she said the checks were on-negotiable as they had escheated to the State 's unclaimed property dept. " If you want your money, contact them. '' Left the Cashier and used my cell phone to contact the CA unclaimed property dept 's website. Per law, US Bank was to notify me that the checks were being turned over, escheated, to the State. I was not notified. Further, the funds were not turned over to the Calif Controller 's officer per law. US Bank kept the entire funds and numerous times denied having the funds. I used my cell phone to check the Calif unclaimed property dept 's website. My name was not listed. I called the CA department 's office and after checking the office stated no funds were transferred by US bank in my name. US Bank failed to adhere to the State 's laws about unclaimed/stale funds, i.e., see rules posted on https : //sco.ca.gov/Files-UPD/guide_upd_updlaw.pdf I returned to the cahier 's area and then two more cashiers got involved as well as the Branch Manager, Ms. XXXX. 

Step 4 : What company is this complaint about? Elder financial abuse by the US Bank and its employees who not only denied having my {$32000.00} funds, but lied the funds whereabouts, lied to me about the funds being transferred to the State Controller/Unclaimed Property Dept,  and failed to correspond with and transfer the stale checks to the Controller/Unclaimed Property Dept.. The entire 6 years, US Bank had my funds and paid no interest on the funds. 

Step 5 : Who are the people involved? Former asst. manager, XXXX XXXX. Branch Manager, XXXX XXXX and various cashiers ( everyone got involved [ head cashier, and two other cashiers [ names unknown ] who all stated US bank did not have my funds ). All these cashiers and branch manager were at various times on the phone to US Bank administration determining where my money was. The persons on the other side of the phone stated the funds were with the State of Calif and to check with them. 

I left and returned after I checked with the State of California, unclaimed property dept. Finally, not only did the various cashiers state but XXXX  XXXX also stated that US Bank 'XXXX  up ', i.e., by law, US Bank failed to notify me that the funds would escheat. Further, US bank never notified the Calif Controller/unclaimed property dept that my funds were going to escheat ; and, US Bank never transferred the stale funds but kept my {$32000.00} secret from me and the State. It appears US Bank kept the funds for itself Further, US Bank and did not pay me any interest on the funds. After hours of working to resolve this issue that US Bank stated was not their problem, US bank issued four consecutive checks # XXXX, XXXX,XXXX, and XXXX to replace the XX/XX/XXXX checks.