USBank Screw-You-Overdraft Protection Part 3
So I had a spy go back to my branch and ask the exact same question I asked: how do I turn off courtesy overdraft protection? Same branch, but this time the interaction was with Universal Banker Joshua M. Green.
The best part: we got Josh on audio.
Unlike assistant branch manager Andre, Josh knew what courtesy overdraft protection was, and steadfastly insisted that it was a feature that could not be turned off. Never mind that nasty little federal banking regulation that requires banks to allow customers to opt out of it.
Audio and transcript of US Bank teller (1:54)
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Josh: Hi, how are ya?
Customer: Ah, good. Um, I wanted to turn off the courtesy overdraft protection on my checking account.
Josh: Ok. And you have your account number and your drivers license.
Customer: Sure.
Josh: So, you do not want to have overdraft protection?
Customer: Yeah, I screwed up last month and ended up ... I'd really rather just bounce like the one check.
Josh: Ok ... it looks to me that there is no overdraft protection on this account. There's nothing attached to it for overdraft protection.
Customer: Oh, no, it's the um, when I use my debit card, I got the $35 fee each time I went over, and I'd like to turn that off.
Josh: That's not something that can be turned off.
Customer: It can't be turned off?
Josh: No, no, that's that's something because those are actual overdraft charges.
Customer: Yeah.
Josh: Uh,
Customer: Because I'd rather just not have my debit card work.
Josh: I, I understand that. I'd like that - I've done that enough times. Ah, but unfortunately the bank will allow you to overdraw your account up to about $500.
Customer: OK.
Josh: While your card still works and checks still clear. Um, because the way the bank puts it is, you know, if you have four dollars in your account and you're stuck in the middle of nowhere and you need to get gas ...
Customer: mm-hmm.
Josh: And you don't have that in your account to put gas in your car. That's basically the thing is you got it there for an emergency you can overdraw your account. But it's-
Customer: OK, so there's no way, they're just going to charge me a thirty five dollar fee and let me use my card.
Josh: Um, the only thing you can really do to prevent that is to set up a actual overdraft protection on the account which would be a line of credit or another account that would pull funds from if your account were to overdraw.
Customer: OK.
Josh: It's cheaper than paying thirty five dollars for each item.
Customer: OK.
Josh: Especially because as of *unintelligible* the fees are actually going up.
Customer: OK. Oh, wow.
Josh: So, they're going up to $37.50.
Customer: OK. Is this your card?
Josh: Yes it is.
Customer: OK. Thank you.
Josh: Thank you!
Wow.
Ending thoughts: what I left out of this audio was my spy first asking a regular teller if he could turn off overdraft protection. She immediately escalated him up to Josh (the guy on the recording). So, I think it's reasonable to assume that after my ordeal with Andre, an office memo or something went out educating everyone. Did another memo go out telling customers to lie, or is Josh just really bad at remembering the details? Either way, very disturbing, indeed.
Stay tuned, this isn't over.
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[ banking published on 2008-02-16 | Permalink (1,615) | ]
9 Comments
We need to rally a class action lawsuit. I have been trying to get this taken off my account since November 2006. I have been a US Bank Customer about 7 years. Why haven't I changed banks? 2 reason actually, 1- Principle and 2- US Bank has an actual branch location inside our office building. Even though I never visit the branch, there are alot of employee perks. If I downloaded all my transaction history, I bet I've paid over $10,000 in NSF/Low Balance fees.
Please contact steven.talbott@comcast.net if you have any advice.
24.16.50.61
@retarded comment above.
I'm not complaining about overdraft fees, asshat. I'm complaining about US Bank's tactics to prevent people from opting out of their courtesy overdraft service.
Seriously, is it that hard for you to read?
I just wanted to take a minute to thank you for your awesome article. I didn't even know that banks offered an opt-out feature and that the feature was demanded by banking code.
I have overdrawn my account about five times over the past five years. Although the overdraft is only 30-100 dollars, I'll wind up close to 300 dollars in debt after the 'courtesy' fees are applied.
I'm going to my bank this week to opt out, and I'll back up my request with the literature that your website provided.
Thanks again!
US Bank is stealing my money-over a thousand dollars-I have reported them to the OCC, FDIC, FTC and BBB. It still has not gotten me anywhere, but they have official negative marks on record. I'm sure in my case, it will end up in court. But do not ever hesitate to make a complaint, no matter how small you think the complaint is. A lot of these agencies act as mediators and the agencies are much more pleasant to deal with than the banks and "customer service" people. Also, it may benefit to read us bank's code of ethics and refer to it often when dealing with less than desirable service. and, as part of the"five star service guarantee", we, as customers are to expect certain benefits and services including customer service, or we are supposed to be paid for our inconvenience. That fact is published on us bank's web site, and because it is, is legally binding. good luck and protect yourself from this bank and their illegal and unethical practices.
This is awesome...I was researching US Bank because I wanted to file a complaint against their online service which does not allow for auto payment setup. I think this is another US Bank's way to charge customer for late payment!
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I just got hit will $450 in overdaft fees in 2 days and i only spend $57 so now my bank account is negitive over $500 and guess what they told me... either you pay it or it will go to collections.... i hate us bank i wish i had never started using them!
WhatRumors.com
Fascinating.
I'm curious how this will turn out. Also, nice job obscuring your friend's voice. It reminds me of the things the local news stations do whenever they're doing a DRAMATIC EXPOSE. You should call yourself the "R-Team" or the "Drama Solvers" or something in that vein.