US Bank exposed - overdraft fees - Part 4 of 5

[karlniachip]

Jason, you are an idiot.

[jwerner79]

@karlniachip An honest idiot.

[GERMANYFrankie]

Here is the solution! Americans! Cut all your Debit-and Credit cards an checks into thousand pieces and open the bin.

Pay with cash, like the german does too.

All American Banks will start to cry, and? let them cry!

[captkirk2010]

Also,since 2000ish merchants who accepted cks started a data base of people who "bounced" cks on them.once your name was in that data base NOBODY accepted ur checks going forward (not talking about chexsytems) as a Branch Mgr for 15 yrs trying to undo that system is a nightmare. Currently USB allows customers to "Opt out"of going neg using debit cards,it's fun getting 6-10 calls per week with cust yelling at me because they're @ the gas station, store etc & can't pay for it.-that's the ticket

[captkirk2010]

Jason. in 1994 there was no "free checking" u paid monthly fees if a min balance was not kept in your account, that is what we will see again starting in 2011.Econ 101 tells us why checks are not "rejected" when short of money .Retailers stop accepting cks. u r a store owner, three people "buy" your products this week & their cks bounce. do you want to spend time trying to collect those funds?because nxt week 3 more cks bounce,then 3 more etc.. Is that what a small business owner has time 4?

[rizziesd]

You're very right, the crime of writing bad checks is ignored nowadays. As for the begging for money, not every bank did that. US Bank is viewed as thr strongest bank in the country. Are you aware of how soon after receiving the TARP money that US Bank paid it back? The banks that didn't need the money took it too so as not to spotlight the weaker banks.

[jwerner79]

@rizziesd Any loan would be easy to pay off quickly if the person or entity had access to a "discount window" at their local Federal Reserve Bank. FYI, you can thank the taxpayers of the United States of America for the Federal Reserve System for that.

USB certainly is performing better than most banks out there right now.

[KaiserVadin]

@jwerner79 USBANK Never let me pay my debt off the settlement that i was apart of near show any changes, STRONGEST bank on earth i don't fucking think so more like weakest, GREENDOT is better then USBANK ...

[jwerner79]

@KaiserVadin Banks want to control you and abuse you. GREENDOT certainly is better than USBANK,but that is like saying that Bernie Madoff is better than Jamie Dimon (current CEO of Chase), which is a fact, but they are both nasty criminals. And yes, Richard Davis certainly is in the same class as Jamie Dimon while he is spreadking the filthy "gospel of US Bank."

[KaiserVadin]

@jwerner79 i am sure greendot has some hidden tactics but so far there not hitting me any fees other then the one to keep the card active and they have a way to wave it automaticly !

[jimenezjamz]

@KaiserVadin First of all PAY YOUR FUCKEN BILLS ON TIME! ... i have also been fucked my these banks but if i think about it! it all comes down to me! i pay late! Shit!

[MadeByEduNotLaziness]

@jimenezjamz easy to say during good times. You don't think people don't know that?

[rizziesd]

@ebenoozen Banks don't choose when and what to pay. The processing centers run every banks transactions in the exact same manner. Credits before debits, highest amount to lowest amount. Of course the individuals that have a lot of money won't have an issue as they don't run right to 0. Banks don't take advantage of people. The issue is with people that don't know how to manage they're money.

[jwerner79]

@rizziesd "The issue is with people that don't know how to manage they're money."

While this is a true statement, remember who the banks begged for $700 billion because they mismanaged their business.

Finally, banks should not capitalize off the crime of people writing bad checks - although it's ignored these days as a crime.

[khalilahinjapan]

@rizziesd That's crazy! These banks are punishing people who dont have a lot of money in their account. These banks are not your friends, they are set up to rob you as much as they can. Checks are laughable and its just a way for people to pay more frees and also small fees they tack onto your account. AMERICAN BANKING SYSTEMS ARE SET UP TO CHARGE YOU FEES!!! I live in Japan and the accountants here laugh at usa banking. ive been in japan for 5 years never once overbounced on my account

[Ebenoozen]

@rizziesd All I know is that the numbers don't lie. US Bank was recently sited as being second only to Bank of America, in "legal nickel-and-dime scams against their customers". They may be an ultra-conservative bank, but they are not shy about "legally bilking" their customers. I once had a USB exec., himself, tell me: "USB is careful to only "fracture a law... not break it. Once in a blue moon, USB will do something nice for it's customers, but it always does something nice for USB."

[rizziesd]

@jwerner79 If the bank doesn't pay the item, they'll still charge a returned item fee, so it isnt a moot point. And people do write checks when they dont have funds so my point is 100% valid. As far as credit unions doing the same, I can't say for sure, but calling it fraud is a little overboard. I would rather pay an overdraft fee if I'm desperate for gas than have my card declined because I'm a few dollars short on the cost of said gas.

[jwerner79]

@rizziesd Writing bad checks is still considered a crime, obviously not criminally prosecuted the way it was a decade ago.

The answer to your question is still moot unless you want me to negotiate with myself. : )

[inspirediam]

The local community banks are the way to go, move your money.

[jwerner79]

@inspirediam Absolutely right on.

[rizziesd]

@jwerner79 Two things. 1) Would you rather have a $33 overdraft fee or have your rent check returned and get evicted, or pay the returned check charge your landlord will charge. 2) What's being exposed here? This is the same practice at every financial institution. Banks are businesses. Just like electronics companies that mark up televisions, clothing stores that pay half of what they charge for the clothes they sell.

[jwerner79]

@rizziesd 1) A "$33 overdraft fee or have your rent check returned and get evicted" is a moot point because the customer should not be writing a check for which they do not have enough money to cover, thus the bank should not be allowing the money to be drawn if it is not there.

2) It certainly is a common practice at nearly every FDIC-member financial institution; most of the smaller banks and credit unions do not practice this fraud, and are clean in their business.

[Ebenoozen]

@rizziesd OK... Here's the drama... People who keep enough money in their accounts, that deposits are not coming in to cover written checks by the skin of their teeth...will not have a problem. Accounts like this make it difficult for a bank to "stack" post midnight incoming deposits against incoming checks to their advantage. BUT those who live pay-check to pay-check, and are at the banks mercy, can be taken advantage of in this manner, more easily, as it's less difficult to cloak practice-

[pigybnksbtr]

The best thing to do is to put in a savings account. When pay bills transfer the amount that enough to pay your bills from the savings to checking account. When there's no more bills to pay with in that month, withdraw the rests for foods etc. expense rather than saving in the accounts for only the scam bugs will benefit a 2 cents interests.

[Lonsoleil]

For those of you who blame the account holders for OD fees, here's my story:

US Bank clears all debits BEFORE deposits made to your account on the same business day. I got ripped off that way.

I made a deposit one day and then purchased several things, thinking I was OK because the check I deposited was enough to cover it all.

I was charged with over $100 in OD fees two business days later. I called to complain, but they wouldn't reverse the fees due to their "debits first" policy.

US Bank sux!

[jwerner79]

@Lonsoleil File a complaint at occ.gov. While you are waiting for their regulator to do their job, seek counsel. Make phone calls looking for an attorney in your area to file a small claim against the thugs at US Bank. You need a consumer law attorney who specializes in stuff like this, and do not settle; be sure they give you back your money, pay your attorney's fees, court costs, and be sure to find a good credit union to leave USB.

[Lonsoleil]

@jwerner79

Thanks for the advice!

But my story actually gets worse . . .

A few months later, I refused to pay for a different unfair OD fee that overdrew my account. I told them to close it cuz I wasn't going to pay them, but they kept it open and charged a daily "overdrawn" fee. Next thing I know, a -$32 balance became a -$895 balance that went to collections and Chexsystems!!

I don't owe them SHIT! I'm going to call up some small claims lawyers AND get in on that class-action lawsuit.

[jwerner79]

@Lonsoleil But be sure to sue them separately than only the class-action. Class-action, I've experienced, is quite weak by itself.

[rizziesd]

@Lonsoleil You wrote this a little too late. About a year ago US Bank went to same day availability of funds. What you're referring to is next day availability. The funds from the deposit you made were available the following business day, therefore wouldn't cover the debits you had coming through. There is a reason banks give out new account disclosures when people open accounts. Don't get me wrong, I thought it was horrible, and I'm glad it changed, but it was disclosed.

[Mplay1983]

Jason, I'm confident you got fired for misinformation. Or, you're running for office.

[PhantomMarcher]

I was recently charged a maintanence fee that put me in the negatives at US Bank. They've been charging me an overdraft fee for it for about a month. The annoying thing is, I tried to close the savings account the last time I went to the bank because I don't really use that particular one. They convinced me to keep it open by waving the maintanence fee. Was there some kind of time limit on that? Is there any way to avoid paying the fee?

[seahawks37tds]

yeah, fuck us bank.bank of america is much better

[jwerner79]

Contrary to what some believe, it's not possible to have sex with a corporation. As for Bank of America, they are thugs as well. Stay away from FDIC-member banks. Look for American Share Insurance (ASI) credit unions or simply get yoru own safe for your home and store your cash there, better yet go with gold.

[mlafon25]

Credit Union now charge $35 but there are more fair and will listen

[jabb11930]

Jason- You are a moron, good thing you were fired. Go get another job instead of spending your time on YouTube. And as far as overdraft fees are concerned, keep money in your account and stop overdrawing you idiots. If you would become responsible and stop spending more than you have the banks would stop charging you. Banks are not a non-profit organization they have to make money. Please stop listening to this moron, good thing he lost his job.

[jwerner79]

Look, we both agree and know that people fraudulently float checks. That in itself though should not allow banks to cash those floated checks and charge fees. Keep it simple; operations department should not allow the draft if there is no loot to cover the payment.

Thank you for your comment and for watching.

Signed,

moron

A fellow American (moron - ouch)

[MrMadden73]

fuck you jabb us bank are a bunch of fucks that rearrange your withrawals to try and fuck you out of money.you probably work for these bastards.I know a long time employee of us bank and she told me the way they scam everyone. I had an account there years ago and they rearranged my shit all the time.these banks need shut down they are no different from the criminals on the street

[Elysium3006]

In November of '09, US Bank charged me a $5.00 fee due to my statement being returned to them. They did not properly update my address/phone #. I had a zero balance so went negative $5.00. Because I was negative, they continued to charge me DAILY OVERDRAFT fees. I just found out. The fees are up to $331.00 and they put me on check Systems. They said they'll only reverse 1/2 the fees and only if I continue to bank with them, otherwise they will charge me the full fee amount. I DON'T THINK SO!!!!

[JDIProductions]

All so, it does have all the security protections from frauds.

[JDIProductions]

I really dont like Wal-mart but they have a visa "debit" card that you can deposit your check or cash in it and they do not charge any kinds of fees (except for a one time 3 dollar activation fee) because is you dont have enough money in it for a transaction it gets denied. Banks do the "pending" cam so you can go over and not really know for a few days. This wal-mart card get the money out right away. I dont have one but I think i am going to be getting one after I close my bank of america acc.

[jwerner79]

I urge everyone to close their FDIC-member bank account immediately. Run to the bank. There are many better ways to operate cash flow, just like one of the examples you gave, although I'd steer clear of FatMart. Thank you for sharing.

Jason

[danratsnapnames]

@jwerner79 lol.. you cant.. as soon as you file for unemployment, they OPEN A US BANK ACCOUNT IN YOUR NAME!

[jwerner79]

1. I absolutely agree with you AND I confirm what you say that the banks are scamming because they have the ability to shut down those cards at 0; I did it all the time.

2. Find a lawyer in your area to sue them in small claims court for recoupment. they don't usually fight back.

3. Pull your money out of FDIC-member banks because FDIC is the main problem.

[ffcloud321]

I think the owners of banks that push these fees on the public and encourage employees to be uncooperative with customers based on a bonus system, should be drag out of their homes and eviscerated, along with their family's, friends and associate's.

[haylspa]

sry guy that was not meant for you but tiffanie2279 you on the other hand it has let me know what I should do to get back at my bank and thats start a petition to end 0% lending to the banks with tax payers money that is used to steal or squeeze more out of the tax payer you don't buy a factory pay for the production then pay some one else to own it but that is just what the banks are pulling on tax payers I don't like being stolen from or getting tag teamed for overdraft fee's

[skot66]

all banks are crooks ..and will go down.

[jwerner79]

Thank you. Again, I appreciate the kind comments from US Bank employees.

Jason

[jwerner79]

Thank you. Comments from US Bank employees are very thoughtful.

Jason

[haylspa]

I have us bank committing fraud on me I have a deposit slip with two dates on it one of the dates was for two days after it was deposited with the bank, the other showing my new balance with the real date it was with hold 48hrs which was to cover a charge that I never approved! every time I send them proof they come up with another excuse}:( I live off 800 a month they have now stolen $500 from and don't try to call your self any thing else other then a thief because thats the truth

[tiffanie2279]

It is the customer's responsibilty to pay back the CAA. IF they cancel their DD or deposit, then that is their own fault!!

[jwerner79]

Thank you for explaining how bankers (like me previously) prey on customers for their employer and shareholders; nice job, rip off people who are already negative. Too bad those banks are no longer profitable.

Jason

[jwerner79]

That could not have been explained by a person with a better youtube channel: Beautiful. I like how a US Bank manager has the total lack of professionalism, namely the channel of tiffanie2279.

Reminds of be Banker Bowl in Cincinnati.

Very unique.

Jason

[upstandingj]

Other than one citation that the internal bonus system is fee-incentive based, I really am not walking away with any information I can use against their predatory practices.

[jwerner79]

If there is not enough money in the checking account, then why is the Bank, and nearly all others for that matter, allowing the checks to be paid and allowing customers to use the debit card?

It becomes vehemently predatory when it is obvious that the bank truly encourages further overdrafts by allowing transactions when the account is clearly negative.

Personally, I have no problems with incentives for fees, but it is a crime to allow debits when the account is negative.

Thanks,

Jason

[smcjones1978]

OH yes and it gets worse if you're an employee they offer a loan called a CAA (checking account advance) that accrues so much interest on your account that you'll actually go into debt trying to pay it back!!

[jwerner79]

So I guess you just get random bonuses.

Seriously though, not only did managers get bonuses, but tellers and bankers also got bonuses. DMs were very specific about our bonuses with many documents.

You should also be aware of Banker Bowl, which was motivated by bonuses.

But look, I'm not against bonuses. I merely argue that our bonus structure is structured in such a way that customers can easily get ripped off (i.e. fees for the branch).

Thanks,

Jason

[mortech100]

ok let me make this as clear as i can ... there... is ... no ... bonus... system.. at... us bank.... hope i made that clear for u there is how ever raises based on what skill set u learn say cking saveings etc they some times ever fall under a tier system for the cc department. were u may half to learn afew skills to get a raise but there is NO BONUS u get. and def no bonus for fees ...stupid

[vasifka]

how you say customers get ripped off? everyone knows that banks mostly earns on fees. BUT, if the customer is aware of his spending and if he accidently overdrawn account, branch manager can reverse it, and you know it better than others, because you were BM.. right?

[mortech100]

what a crock of S*&% ive worked for us bank for YEARS now. A. we dont have ANY Bonus based on ... ANYTHING. hell last year no one in the company even got a raise. this guy is a total FAKE

[ChicoEdge]

I completely agree that the bank's terms and conditions favor the bank and some bad math can cause a string of overdraft fees. It's an outrageous amount to be sure.

However, you can avoid overdraft fees. Don't spend money until it is fully available in your account. You can't make a deposit to cover debits that were previously made. Never, EVER spend more than what's in your account, especially if there are pending transactions. If you're low on cash, get an advance. It will be cheaper.

[lilbitch878]

All banks charge overdraft fees. And we put all credits before debits. WHAT BONUS?? You're an idiot.

[tornmien]

people who agree to the overdraft charges are way to rich or rich faggots that want to prove how the cash don't add up since they're so rich to the regular folks, kinda like how they are taxed more to the less incomed.

overdrafts are inflated sums that are rediculouse over 1 penny and that charge? rediculouse! they make money with our money we put in the bank i wanna see the charge cost them how they charged us for using that charge.

[jwerner79]

I agree that it is ridiculous and that there should be transparency.

Remember though that a faggot is a bundle of sticks.

Thanks,

Jason

[rymin75]

Simple solution to overdraft fees - don't spend money you don't have. Overdraft fees are plain and simple, you spending money you don't have. I don't see why people get so mad over overdraft fees when YOU'RE THE ONE spending money YOU DON'T HAVE.

[jwerner79]

I agree with you that people should not spend money they don't have, however the bank should not honor the check that would have overdrafted the account if the money was not there in the first place, which is what I argued in the video.

Finally, I hope you take that same concept to your politician to prevent our government from spending money the government does not have. (You knew I had to take that shot at our ungodly USA government's spending frenzy)

Thanks,

Jason

[vasifka]

customer should not write check if he/she doesnot have that money in account. account can go negative up to 500. may be more, but customer should know, that if he writes check, it means he knows he has a money in account.

[jwerner79]

Allow me to give suggestions of how to make them pay:

1. Protest on a public sidewalk in front of branches.

2. Encourage people to pull their money.

3. Encourage people to sell their mutual funds.

4. Call and send email to the following thugs:

State Street, Barclays, Berkshire Hathaway, Capital World Investors, MARSICO, Vanguard, Northern Trust, FMR, Bank of America, Chase, T. Rowe Price, just to name a few of their big investors.

They'd really appreciate that.

Thanks,

Jason

[xxdrew333xxx]

US Bank sucks. Their overdraft system completely screwed me AND it wasn't entirely my fault. But they weren't willing to reduce or wave their insane fees. 22% interest rate??? So their scumbag CEO can't afford a decent living on something more reasonable like 9%? I wish closing my account could have more of an effect on him and his business but the reality is it would have to take several hundred account closings. Moral of the story: screw the banks join a credit union!

[jwerner79]

"We are paid our incentive based on the total revenue that is brought in to the branch!!!"

That also includes fees such as overdrafts.

That's exactly what I said, however if you listen to the video again, you will hear that I did not say the following:

"We get paid bonuses based upon fees per quarter."

I know the whole is the bonus, which is exactly what I said.

Thank you for exposing how US Bank employees are misled by management.

Regards,

Jason

[bfurnace]

I'm pretty confident that at 1:43 in the video you say that EXACT line. Do you not hear it?

[theunben]

Seriously...? Reg CC states that you get $100 available the day you deposit, the rest goes the next day. If a check clears the same day, you wrote it before you deposited!!!  We are not paid our bonuses based on how many OD fees we charge our customers!!! We are paid our incentive based on the total revenue that is brought in to the branch!!! You are insane to say that, "We get paid bonuses based upon fees per quarter." Obviously you were not taught the incentive plan accurately!

[Grneydbmbshell38]

its not the REG CC that states we get the $100 available. It's the Funds availablity act.

Maybe you should go through training, again.

[wnstrun]

jason, Funds availability is part of the reg cc compliance training...I just took it!

[baggy2377]

I give up? Just sad you pick on a bank returning TARP money and did not get in to fancy lending. The country and pier banks would be better off if they followed their guidelines and policies. No arguement for that. They do lend money and make money the Old Fashion way. They earn it!!!!!

[jwerner79]

I agree that USB is one of the cleanest banks, but they're not much different than the others.

My experience is recorded here; it's merely my experience.

For the record, US Bank did a ton of subprime.

Thanks,

Jason

[jwerner79]

I think all banks and customers now deserve an apology from you because I never advocated a person being wreckless with money. You read what I wrote and you know what I conveyed.

Thanks,

Jason

[jwerner79]

Banks should absolutely charge a fee if there are insufficient funds. The bank that should charge (the way it was 10+ years ago) is the receiving bank.

The bank on which the funds were drawn should not charge the $34 to the customer with further fees unless it truly does cost them money, which if they cut off the ability of the account to go negative, there'd be no work or processing involved.

Finally, Internet is a pronoun, so that 'i" should be capitalized.

Thanks so much,

Jason

[jwerner79]

I agree that people are oftentimes irresponsible with their checkbook, but whatever happened to the old days (maybe ten years ago) when the check would merely not be cashed if the funds were not available. The banks today have their own payday loans system with overdrafts.

Finally, with the corruption in the banks and regulators, we don't need banks that badly, especially when it's at the cost of the taxpayers.

Thanks,

Jason

[bfurnace]

That was the original purpose of the overdraft fee. Instead of bouncing an check and having to pay a $25-$40 fee at the point of sale, the bank would cover the check and only charge you a $20 fee or so. Learn your bank history. The banks have turned this around since the invention of debit cards to become the primary source of fee income on a checking account.

[jwerner79]

You really have no clue what you are saying. Thank you for the comment though.

Jason

[bfurnace]

I have no clue what I'm saying? Do your homework before speaking. Go do the research and tell me what overdraft charges were.

[wowzaggo]

I dont understand why people are so upset that they are charged when they write checks they dont have money for. And even if you 'think' you have the money... or you deposited the check that morning... all banks have a funds availability policy. you may not agree with it (and if you dont, go find another bank) but dont cry that banks make money off of peoples irresponsibility. People need banks as much as banks need people. Good luck getting a car, house, business loan without a bank.

[markhameggs]

your a retard, dont use money before its in your bank account, bottom line, if you live by that rule, you will never overdraft your acct!

[matt32539]

If only everything was that simple. They kept approving me for an overdraft line of credit that actually showed as a positive on my balance so if I had 100 bucks and went to check my atm it would say I had 600 bucks in there. About once a year I had to go and opt out of it.

[Ebenoozen]

There is a worse scam than the OD fee's/I'm talking about the "reserve line of credit" fees/If you have a great credit rating, US Bank LOVES for you to have this "bounced check protection"/Let's say you have a balance of $140.00 in you account, and write a check for $143.00, they don't just advance you the $3.00 They can't make any money from that/They forward you $100.00/AND they never post you a notice & @ 27% interest/C.A. lawsuit for "dubious proclivity" to one for "malfiesance of practice"

[jwerner79]

You have a good point that banks do not make any money on the $3, however they have a signed contract stating what they would advance in such a case. Then, you'd have a case of misrepresentations for not knowing about the larger amount being advanced. I NEVER told customers how much money would be advanced simply because I did not know.

Thanks,

Jason

[Heny4563]

I always call to get mine returned, so far BOAmerica has returned %90 percent of them but man do I have to explain myself. One thing that works, for me, is that I live in a state where there are atms but no banking centers, so i cant deposit the money if I know ill be negative. their deductions are also all electronic so if you go negative 30 cents and another 50 cent charge after that you get charged $70 even if you put in enough money to go positive seconds after the transaction. Thieves.

[jwerner79]

Another way to beat the system is simply to get out of the system; avoid all FDIC-member banks.

Thanks,

Jason

[therealcaptobvious]

I've had this ugly problem where the timing of the transactions didn't coincide with the deposits and my balance was out of whack. I ended up either writing down my balance in a notebook and keeping the receipts or just spending money in cash instead of using the debit card. Sure I spent less, but it ended problems. Any company that sells you something and keeps track of your usage, not just banks but Sprint will ALWAYS ALWAYS rip you off. I switched carriers. i like my money too much.

[jwerner79]

Good move.

Jason