Consumer complaint received 2025-08-20 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: U.S. BANCORP
State: NJ

Complaint narrative:
I opened a business checking account with US Bank on XX/XX/XXXX. The first check I deposited that week was put on hold for 5 days. I thought nothing of it because the account was totally new. 

I began fulfilling a contract with a trusted vendor in XXXX and we agreed that he would pay me weekly with a personal check, as the contract is ongoing. The first check I deposited from this vendor was on XX/XX/XXXX for {$600.00} from XXXX Bank. It was put on hold for XXXX business days! I received a letter from US bank stating that they had reason to believe that there was insufficient funds in that account, which was untrue. I called my vendor and he said that the money was removed from his account the next day XXXX. I didn't have access to mine till XXXX. 

On XXXX I deposited {$750.00} from the same vendor, same bank account, and my money was put on hold yet again for XXXX business days. I called US Bank and spoke with representative XXXX. I wanted her to remove the hold or explain what was going on. I said that the reasons for a bank to put a hold on money legally was not applicable to my situation : my account was not opened 30 days ago or less ; I've never had insufficient funds, bounced checks or lack of funds, and these deposits are not over {$5000.00}. XXXX stated the same vague reason that they had reason to believe that the vendor account doesn't have sufficient funds and had to be verified. I said, not only do I know he has sufficient funds ( the vendor has shown me on his phone the balance on his account ), I also know the money was removed next day from his account. So why would it take another XXXX business days to appear credited on mine? Also, if they verified that specific vendor 's account last week, wouldn't it be already verified for this week 's deposit? She had no answers and very lame excuses, but she helped me file an official complaint with US Bank. 

I told them that it is completely ludicrous to wait XXXX business days to be able to access money that is being removed from a thoroughly verified account the next day. I said I'm being unfairly targeted and that these holds are illegal. There are no reasons they can provide except for a vague, completely XXXX reason they keep repeating. According to XXXX, there was nothing she or anyone could do about it. I hope you guys can help and stop US Bank on this illegal activity. I said I was going to close my account with them if it continued, but I already invested money in checks and products with them, plus linking direct deposit accounts it would be a pain in the XXXX to change. 

I received a letter about my complaint with the same vague and untrue " reason to believe '' the account might not have sufficient funds on XX/XX/XXXX. 

Since then, I deposited a check on XX/XX/XXXX for {$750.00}, and of course was put on hold for XXXX business days. And then another check today XX/XX/XXXX for {$1900.00} that I won't be able to access till XX/XX/XXXX!! 

Every week it happens, and every week I get the same letter with the same LIE.

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