I recently opened an account with U.S. Bank for a fairly simple reason. I wanted to internally transfer funds monthly from my checking acct. to my family's checking acct. to pay back a loan. I asked when I opened the acct. if this could be done and was told, yes of course. Well, the manager, assistant manager and banker could not make it happen (sending money twice the first month, among several other problems.) Stupidly I stayed with the bank because I didn't want to go through the hassle of changing all my online banking procedures with the companies that draft funds monthly from this acct., which I had just set up.
Today I deposited $300.00 from my CA state tax return check. When I returned home and logged onto U.S. Bank to check something, noticed that they held half of the $300.00. As if the state of CA (as bankrupt as it is) would send bad tax return checks. I soon came to learn that this is their policy with any check from any source, regardless of how large of a balance you maintain in your checking account, and regardless of how long you've been with the bank. They hold most of the funds for what they call "processing time" - a day, or so, depending on weekends/holidays. Unbelievable and unacceptable. I'm closing this acct. tomorrow and heading to the Credit Union, that does not hold your money.
I'll mention this only because it applies. I had several thousand in this account - since it's the type of checking acct. that requires a $5,000.00 minimum balance, so there were ample funds to cover the $300.00 deposit. Absurd! read more