U.S. Bank owes 2.7 million people for overdrafts

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: September 27, 2013 - 2:31 PM

Number of people who are part of deal is higher than first thought.

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  • Comments

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donm251Sep. 26, 1310:39 PM

I've always found the best way to avoid any overdraft is to have money in the checking account. The last time I had an overdraft fee was 1989 - for $5.00.

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mariezzSep. 26, 1310:40 PM

$20 per person affected is punishment to US Bank for this?

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zkat5zugSep. 26, 1310:44 PM

Not surprising that the banks and their lawyers deny any wrong doing even though a 6 year old knows it is wrong. I'm with US Bank and it's a daily job to stay on top of my accounts to ensure they don't try to pull something over on me and charge me a fee for something.

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zkat5zugSep. 26, 1310:52 PM

donm251: having money in your checking account isn't always enough. As the article stated, by resequencing the bank in essence holds your money until after you write a check on your deposit, then hits you with an overdraft when you assumed the money would be there. A lot of people don't have reserves to stay way ahead, but they try to be careful and not write a check they don't have money for. That kind of responsible financing doesn't stand up to bank trickery. It's good you don't live paycheck to paycheck, but a lot of hard working people do.

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boozlesSep. 26, 1311:13 PM

I closed my accounts at US Bank and moved over to a Credit Union 3 years ago and I LOVE my Credit Union!

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chlyn001Sep. 26, 1311:33 PM

I always feared Norwest, and then Wells, but I guess US Bank is right up there too in the tricks department. Definitely buyer beware these 2.

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erikj3Sep. 27, 1312:42 AM

"All she really remembers, she said, is that years ago when she worked as a grocery store cashier, her overdraft fees at U.S. Bank snowballed so badly the bank wound up garnishing her entire paycheck."...It should be illegal for a bank (or any other company) to take full paychecks from people. Anyone can get a little behind on making payments, and losing wages for weeks or even months obviously makes it much harder to get back on track.

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golf4lifeSep. 27, 13 4:38 AM

15% payout, this means an 87% retention rate for the bank. Why would they stop. Oh yeah, because people should be leaving in droves due to schemeing that this bank has proven to be capable of, but they will stay. When will people learn that sometimes you just choose to be a victim.

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dragon2000Sep. 27, 13 5:33 AM

My fun experience with USBank just in the last year: my account was at about $6. They charged me ($9?) for the monthly service charge that put my account -$3. Since it was now overdrawn, they gave me a $25 overdraft ding. Then they added on a "Account below Zero fee" of $20 as well. $45 for a $3 overdraft they initiated? Nope - on my "suggestion", a CSR wisely removed the "fees". You just have to know how to ask nicely, in a menacing way, without breaking any laws.

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gophfan10101Sep. 27, 13 5:51 AM

" having money in your checking account isn't always enough. As the article stated, by resequencing the bank in essence holds your money until after you write a check on your deposit, then hits you with an overdraft when you assumed the money would be there."

You know what they say about those who assume things don't you? The fact that the first comment got so many thumbs downs just further proves that personal responsibility is lost in this county. You know how you don't overdraft? There is that handy ledger in your checkbook that you use too keep track of what you spent. When that hits zero....you're out if money. It doesn't matter what order the bank processes them in, if you keep good records on what you spend, you should never have an overdraft. But of course, its someone else's fault when people are too lazy to track their own finances.

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