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July 2024 by John Wrigley
March 27, 2024, a discussion with banking official (Madison, Eureka main branch) of a Certificate of Deposit which had come due and automatically rolled over to a low interest (0.05%) rate was had. Learning at this moment, if by choosing to withdraw this CD early, there would be an $800+ fine associated with doing so. Thus far (3 months into the rolled over CD account) the accrued interest was roughly $9. Previously this CD account had earned over $1,500. In other words, the first CD earned roughly $1,500 in interest which then became principle. Three months later, we were then charged a penalty of $800 on the principle, not interest, as there was only $9 in interest earned at this point on the automatically rolled over CD.
As a hypothetical example, say a $100K CD account automatically rolled over at US Bank with an interest rate of 0.05% interest. In a year, said interest would be $50 or $4.16/month. In a 60-day period one discovers the oversite and tries to remedy the problem. An offer to roll the account into a higher earning interest rate is given. Essentially this presents an opportunity in the next 10 months (you have already lost two months at the 0.05% interest rate) to earn $3,375 in the same time period. However, do not forget, you would have lost the opportunity during the first two months to earn nearly $750. So, in total, opportunity cost plus penalty of over $800 you have now lost $1,500, dropping your relative rate from 4.5% to 1.87%. This is obviously a better rate than keeping it in the auto rolled over account for 0.05% which would have earned $50. A win-win for the bank and a loss for the customer which perhaps most customers would put up with. We closed all of our accounts and walked down to Redwood Capital Bank where the CD policy penalty is interest earned only and tops out at 3 months interest.
**UPDATE** 2/6/2024
A US Bank representative has reached out and posted a response (below) to my initial review. Thank you for reading my review. Rather than me privately respond to your invitation, I would encourage you to clarify, correct, or validate my encounter with US Bank on March 27th. if I have misstated the facts of my encounter with US Bank, I will gladly edit my review to represent more clearly what happened. I would also like to remind US Bank that prior to March 27th closing of our accounts we had a 20-year relationship with US Bank.
**UPDATE** 7/23/2024
After several attempts by US Bank representatives to reach us by regular mail the below attached check was received for a full refund of the previous early CD withdrawal penalty.
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July 2023 by jaden
Locked my new account because they spelled my address wrong. Been waiting 3 days since providing every possible form of identification known to man still haven’t heard from the department that locked my account. Worst bank hope they fail
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May 2023 by Joan Thomsen
I love US Bank been using them for decades. They are the best.
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May 2023 by Bando
Locked my new account because they spelled my address wrong. Been waiting 3 days since providing every possible form of identification known to man still haven’t heard from the department that locked my account. Worst bank hope they fail
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May 2023 by Kuku
so professional it's almost scary; I feel like I'm part of the mafia when I make a withdrawal
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April 2023 by Kenneth
My partner and I opened a new account last Friday 3-24-2023 they took all the documents needed. Has signatures done. Took our money and opened the account.Today on 3-28-2023 my account is on hold and we can not access our money because the bank decided they wanted proof of an address we just moved to.We travel and have no way to get gas now and they are telling us there’s nothing they can do or check on the verification process.We will be closing the account and opening with a different company. This bank is unprofessional.They said the “back office” doesn’t have a phone “THEY” can reach out to.This is 2023. Theirs is no possibility that the “back office” doesn’t at minimum have an IM system they use to communicate.
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November 2022 by Mat Hiner
I've been with us bank since 1998, great service all the way ? super friendly with my Bordeaux as well
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March 2021 by Rupinderjit kaur
Haley gurr is very nice and sweet person she very helpful
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May 2020 by Kulwinder Hothi
Good service ?
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April 2018 by shawnatee parris
Debbie and her staff, we'll they are just amazing! From Buisness to personal they are nothing short of providing the highest quality service and professionalism. My personal appreciation for them goes beyond words. Thank you all for making everyday life easier. I refer everyone I know!
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March 2018 by Randy E.
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!
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November 2017 by D And D.
Most banks in Texas do not charge customers for notary service. This bank not only charges but their fee is insane $12 per signature
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October 2017 by Heather Tierney
Convenient drive-through ATM and great customer service.
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July 2017 by Valerie Kelsay
Great customer service. Adequate bankers hours. They always have a question on the wall while waiting on line (which isn't usually long at all) but the question either makes you think or smile and learn something new!
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May 2017 by Alex Luna
I try to open an account here and the business specialist won't alow me to open it won't even tell me a specific reason why she won't help me open it she just hang out on me really poor customer service
