Consumer complaint received 2023-06-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: U.S. BANCORP
State: WY

Complaint narrative:
Dear Sir/Madam, I hope this letter finds you well. I am writing to express my deep dissatisfaction and frustration regarding an unnecessary hold that has been placed on my funds in my account with US Bank since last 2 Months, I believe that this hold is unjustified and has caused me significant inconvenience and financial hardship. 

On XXXX XXXX XXXX, I made a deposit of USD XXXX into my account number XXXX. According to your bank 's policy, funds from deposits should be made available to customers within a certain period, typically a few business days. However, I was informed that a hold was placed on the funds, preventing me from accessing my own money. 

I have contacted your customer service representatives several times to inquire about the reason for this hold, but I have received conflicting information and no satisfactory resolution even on customer support phone and branch phone as well as no responses on Email. I understand that banks may implement holds under certain circumstances, such as suspicious activity or checks from unverified sources. However, none of these situations apply to my deposit, and the lack of clear communication from your bank has added to my frustration. Encl - 1 No Email Responses from any of the Authorities of US Bank Copy of Email Send Attached. Encl -2 Details of Call Done ( XXXX ) The unnecessary hold on my funds has caused me severe financial difficulties. I had anticipated having access to those funds for important expenses, such as paying bills and meeting other financial obligations, to process my payroll etc. As a result of this hold, I have incurred late fees and penalties and a loss of around USD 50,000 which could have been easily avoided if the funds were made available as expected. 

I have made the complaint for the same and after making the complaint I have been informed that the same account has been closed by the bank and on recently when we made the complaint with you, US bank have just sent us a Cheque of USD XXXX dated XX/XX/2023 and which was received by us a couple of day back. In the complain I kindly request that you immediately release the hold on my funds and provide a reasonable explanation for this inconvenience. On demanding the explanation from them they said that they did not receive any kind of email from our side ( below are the attached screenshot as a proof we have mailed them Encl -3 ) They give us two options in the Letter dated XX/XX/XXXX ( Encl -4 ) in response of the complaint. In the Response they gave us XXXX options XXXX. Talk to the branch manager to release the funds : when I talk to them the branch manager XXXX, She doesn't have any update on the those funds on XX/XX/XXXX ( here are the screenshot of the communication Encl -5 ) As This shows their Clear misrepresentation, manipulation and unnecessarily holding of funds since last 60 days which leads unnecessarily harassment of a customer. 
XXXX. We tell our Originated Financial Institution to recall the Transaction. : when I talk to the financial institution, they said that account from which we have to recall or debit is already closed account confirmed by the US Bank Authorities? How can we recall the funds after 60 days? 

We would like to Request XXXX. The money hold by US Bank Shall be Refunded back to Originated Financial Institution without other financial institution recalling the same or without any other Further Communication. 

XXXX. For Misrepresentation / Material Misstatement, Harassment as well as the Losses incurred because of Not Updating Correct Manner we would like to claim additional compensation of XXXX I believe in resolving disputes through amicable means. I have attached copies of relevant documents, including deposit receipts and any correspondence I have had with your bank. Please review the matter urgently and inform me of the actions you will be taking to address this complaint. I expect a response within reasonable time frame from the date of this letter. 

Thank you for your immediate attention to this matter. I trust that you will take the necessary steps to rectify the situation and restore my faith in your bank 's commitment to customer service.

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