Consumer complaint received 2025-04-07 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: IN

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX U.S. Bank Customer Service XXXX XXXX XXXX XXXX XXXX XXXX XXXX Subject : Request for Refund of Excess Funds Following Account Closure Account Number : XXXX Dear U.S. Bank Customer Service XXXX XXXX am writing to formally request the refund of excess funds that appear to be due to me following the closure of my checking account ending in [ last four digits of your account number ]. I received a final account statement dated XX/XX/year>, which indicates the following : Charge-Off Amount : {$43.00} Total Overdraft Fees Year-to-Date : {$140.00} Total Returned Item Fees : {$0.00} Total Fees Waived : {$140.00} Final Account Balance : {$0.00} The statement includes the note : A waive occurs when an assessed fee is credited back automatically. This suggests that while my account was overdrawn by {$43.00}, U.S. Bank waived a total of {$140.00} in fees, resulting in a surplus of {$100.00} in my favor. 

Legal Basis for Refund : 1. Truth in Savings Act ( TISA ) : Under 12 U.S.C. 4301 et seq., financial institutions are required to provide clear and accurate disclosures about account terms and fees. The waiving of fees, as indicated in my statement, implies a credit back to my account, which should be refunded upon account closure.

2. Indiana Unclaimed Property Law : According to Indiana Code 32-34-1.5-2, any financial asset with no activity by its owner for an extended period is considered unclaimed property. While my account was recently closed, any funds owed to me should be promptly returned to prevent escheatment to the state.

3. Federal Reserve Regulations : Per Regulation CC ( 12 C.F.R. 229.31 ), banks are obligated to handle returned checks and associated funds expeditiously. Although this primarily addresses check processing, it underscores the broader principle of prompt fund handling by financial institutions.

Request for Action : Given the above, I respectfully request that U.S. Bank : 1. Issue a refund of {$100.00}, representing the surplus funds resulting from the waived fees and the charge-off amount.

2. Provide a detailed explanation if U.S. Bank believes no refund is due, including a breakdown of the account balance and any applicable fees or credits. 

Documentation : I have attached a copy of the final account statement dated XX/XX/year>, for your reference. 

Conclusion : I trust that U.S. Bank will address this matter promptly and in accordance with applicable federal and state laws. Please process the refund or provide the requested explanation within 14 days of receiving this letter. 

Thank you for your attention to this matter. I look forward to your prompt response. 

Sincerely, XXXX XXXX XXXX Last 4 of SSN : XXXX  Attachments : Final Account Statement dated XX/XX/scrub>XXXX XXXX XXXX  Notes : Contact Information : Ensure that your current mailing address and contact details are up to date with U.S. Bank to facilitate the refund process. 
Follow-Up : If you do not receive a response within the specified timeframe, consider following up with U.S. Banks customer service department or filing a complaint with the Consumer Financial Protection Bureau ( CFPB ).

Legal References : Truth in Savings Act ( 12 U.S.C. 4301 et seq. ) Indiana Unclaimed Property Law ( Indiana Code 32-34-1.5-2 ) Federal Reserve Regulation CC ( 12 C.F.R. 229.31 )

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