U.S. Bancorp Bank Account Or Service Complaint

U.S. Bancorp Bank account or service department,

Checking account Account opening, closing, or management Minnesota

I 'm writing about a personal banking issue I had with U.S. Bank. In 2013, U.S Bank opened a reserve line on my behalf, at the suggestion of a personal banker. It was pitched to me as overdraft protection. The problem is that the instrument was not properly explained to me over the phone and thus I was unaware that in the event of a negative checking balance, the reserve line would be drawn upon, rather than simply dipping into my savings. The banker did not tell me this crucial fact. Over the course of 3 years, I received a number of unnecessary and extreme interest charges totaling around $800.00. I believe the following : 1 ) This instrument was " sold '' to me improperly 2 ) It was not properly explained by the banker ( the process to authorize by phone and there is no paper trail to show that I understood the penalties or how the instrument worked ) 3 ) It amounts to fee gouging and does not alert consumers clearly that they are drawing on this expensive line ( had I known this, I could have simply replenished my checking account ) I 've been


I am diligent in my review of my monthly statements but they are not laid out in a transparent manner and this reserve line was buried on page -. Yet another reason I do n't believe the reserve line was issued or managed in a transparent manner. Because my initial conversation about the reserve line with the U.S. Bank banker was in - of 2013, U.S. Bank claims they no longer have a record of that voice conversation but rather I should trust that the benefits were explained clearly. I disagree with this assertion. CFPB is a great resource and I thank for your consideration. I look forward to hearing back. Sincerely, - -