Consumer complaint received 2024-11-12 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: U.S. BANCORP
State: OR

Complaint narrative:
This complaint is filed against US bank Business Checking. 
On or about XXXX XXXX XXXX leasing got in touch with me to inform met their XXXX payment was being rejected due to lack of funds. Having known since XXXX that an XXXX in the amount of {$1800.00} had been pulled from my account I erroneously assumed that was the financial payment to XXXX leasing XXXX I was expecting a new monthly payment in the vicinity of the charge to be pulled via XXXX for the purchase of a dozer for the company. Upon learning that financial XXXX had not received their payment I immediately called the XXXX number for US bank. The XXXX banker opened a fraud case and informed me that they were confident the payment would be returned within XXXX business days. They determined the payment in question had been sent to XXXX. They provided me with reference number XXXX. 
On or about XXXX a second transaction in the amount of {$1000.00} was pulled via XXXX from my account. The record showed initially it being sent to XXXX XXXX it has since been updated on online banking as having been sent to XXXX XXXX XXXX As I was dispatched to an emergency response incident, I did not immediately notice the charge. Upon seeing the charge I realized there was a larger security issue with my bank account I went into the XXXX in XXXXXXXX XXXX on XXXX. The bank teller advised me to close the account and open a new account and that the account appeared to have been compromised. She assisted me in freezing the compromised account from allowing withdrawal as it is attached to accounts receivable for my company. She assisted me in opening a new checking account and transferring cash flow funds to the new account. She also submitted a request for late return of corporate transaction for both fraudulent XXXXs. She also provided me with the listed phone number of both XXXX transactions. Both phone numbers were called while at the branch with the teller XXXXXXXX XXXX, both numbers were disconnected phone numbers. 
XXXX The corporate fraud department responded to the case that XXXX can only be returned within XXXX hours of their origination. Despite both numbers being disconnected the corporate fraud department and US bank advised me to utilize the numbers to recoup losses independently. A second report was filed on my behalf with the fraud department by the branch XXXX XXXX XXXX. I expressed discontent that the exposure to XXXX fraud should have been clearly explained after the first complaint was filed with reference number XXXX. If I had informed that the bank only assures recapture of fraudulent XXXX within XXXX hours I would have closed the account or frozen it as I did with XXXX business hours upon being informed of the policy by the branch in XXXX on XXXX. 
Since filing the reports with US bank, the phone number for the first XXXX withdrawal has activated and put me in touch with XXXX XXXX insurance company. I have a general policy that XXXX draws under their name. Since being in touch with them I am confident that the initial draw for {$1800.00} was in fact not fraudulent but a payment for my business pulled under a subsidiary name. I am relieved to learn this. However, the second XXXX  payment to XXXXXXXX XXXX XXXX remains unidentified. 
Now that I understand the US bank policy on XXXX withdrawals, I check the account daily for fraud. If I had been informed of the policy upon filing the initial complaint I would have avoided being a victim of fraud in the amount of {$1000.00}. The bank should be responsible for informing clients of their risks upon filing claims to avoid future issues. I feel it is fair for US bank to refund the {$1000.00}, or to participate in tracking down the payment.

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