U.S. Bank customers should be aware that effective billing periods July 2011, some checking account types will change and U.S. Bank has applied maintenance fees from $6.95 for online statements and $8.95 for paper statements. This means U.S. Bank no longer has FREE checking accounts.
| If You Have: | Here’s What to Expect: |
| Free Checking Balance Checking Exclusive Checking Express Checking Interest Checking Interest Plus Checking Relationship Checking Value Checking Workplace Checking |
Your account will become Easy Checking. |
| Elite Checking | Your account will become Premium Checking. |
| Silver Package Checking Gold Package Checking Platinum Package Checking |
Your account name will not change, but some features will be modified. |
| Student Checking Silver Elite Checking |
Your account will stay the same. |
(Retrieved from U.S. Bank site: http://www.usbank.com/checking/choice.html )
Options to Waive the Monthly Fee for Easy Checking Accounts:
- Combined monthly direct deposits totaling $500+, OR
- Average account balance of $1,50012
(Retrieved from U.S. Bank site: http://www.usbank.com/ICWeb/productComparison.html?productCode=DDA)
My Personal Experience:
I don’t use my U.S. Bank account often for many reasons but I received a letter in the mail from U.S. Bank on August 17, 2011 stating that my account has had a negative balance for over 5 days and I may have not been aware. It’s true!! I didn’t know that I had a negative balance since August 8, 2011 and actually thought someone may have stolen my information.
I checked my U.S. Bank online account right away and it was true, my account had a balance of -$4.50. I checked the activity and it showed that U.S. Bank charged me a “Maintenance Fee” of $6.95 3 weeks earlier. That means my account was negative for over 3 weeks before I actually received a letter from U.S. Bank. Some people might have just accepted the fees but I wouldn’t allow U.S. Bank take my money.
Dispute Process:
I called U.S. Bank right away and disputed the transaction. The customer service representative informed me that letters were sent out of the change in account names. I was not aware of the change and demanded for a copy of the letter to be sent to me. The customer service representative then said that brochures were sent out and she’d need to talk to a supervisor to get a letter. The only thing available was a brochure and I told her that I could get all the information from the internet but I was never notified of the switch by mail.
How was I supposed to know that my account changed when I haven’t used my account for over a year with no notification?
I asked what the procedures were to close my account and the rep. informed me that I must have a positive a positive balance or wait for two more weeks for my account to automatically close. I was not going to wait two weeks for my account to close and possibly go into collections.
Resolution:
I knew I couldn’t get anything resolved over the phone so I was prepared to dispute the charges at an actual U.S. Bank retail branch. I had the last 6 months of statements printed out and requested to speak to a personal banker. I explained to them that I should not be responsible to pay for the fees because I was never notified. The banker explained the same thing as the customer representative that supposedly letters were sent out.
I showed him my statement that I subscribed to online statements and none of the last 6 statements informed me that my account would be changing. The only announcements U.S. Bank made to me was to buy gifts for my mom (no joke!).
I also showed the banker that the only thing that changed on my statements was the words “Free Checking” was changed to “Easy Checking.” It would be very difficult for anybody to catch this. My online profile also does not tell me what type of checking account I have, it only states that I have a “Checking” account.
The banker started looking at the statements and my profile on his computer and he had nothing to come back at me with. He said that he’d remove the charges and I asked for him to also close my account. The resolution took me less than 15 minutes and I did not have to pay for any fees.
Summary:
I feel extremely lucky that I didn’t use my U.S. Bank account between this time because I would have been charged additional fees. The reason why I didn’t get charged additional fees was because the maintenance fee is what made my account negative and U.S. bank will not charge me for that. If I had charged my card between the beginning of the month then I would have been charged overdraft fees for every single transaction posted, $25.00 a day for a negative balance and possibly get my account closed (to be sent for collections)
I suggest anyone in the same situation as me to dispute the charges and be prepared to dispute the charges. U.S. Bank really did a poor job disclosing this information. 1 more thing you could use to get your problem resolved if you’re an online customer and subscribe to ONLINE STATEMENTS. Make sure you let the banker know that you are not satisfied with the US Bank 5 Star guarantee and you deserve to receive a credit for the outstanding balance.
Please feel free to contact me with any questions that you may have. If people request for screen shots of what I pointed out then I will most certainly post it up.
someinfonow 