F*ck banks.
I left US Bank after they screwed me over. I got three overdraft fees. They agreed to reverse one of them the next day. I said alright, i'll deposit money and cover the rest. Ok, ok.
Should have had a balance of 42 and some cents. I used my card for an $11 purchase, and bought a soda at a gas station the next day. On the third day i received a letter telling me i had received 6 over draft fees.
I looked online, and my account was negative over $200. I called and asked WTF was going on. They said they never received the reverse over draft fee, and that the transactions went thru. I said, well if i didn't have the money, because according to my check balance i should have a few bucks left, why did you let me spend the money?
Her exact words....
"Well we let you spend a certain amount before we shut your card off because you may need to pay a car payment, or mortgage payment."
My reply...
"Correct me if I'm wrong, but the average car payment probably runs about 250-600 a month. And a mortgage payment runs anywhere from 500-2000 a month. If i was going to spend that amount of money, don't you think i would know 110% that i was able to make the payment and not spend money i didn't have?"
"We treat every transaction the same no matter what size it is"
"So what if i went and spent 10k and then ran on you guys?"
"We would do our best to obtain those funds"
This went on for about an hour and i told her that US Bank could eat what ever fees that wanted to give me because i was not paying them.
The checking account manager is who told the rep on the phone when i first called, that she would reverse one of the fees. I told the lady on the phone that they had flat lied to my face more than once. One employee told me they called people if they were about to go over drawn. I said really? She said, yes that lady right there, as she pointed to a woman across the room. I scrolled thru my missed calls, and calls received for the last week and asked her if she recognized any of the numbers. I even offered to go get my phone records for the last two months. She didn't like that idea.
I eventually forced closed the account, once it got up to about $480. They sent me a letter saying they were willing to resolve the account for a lower sum if i went to their website. They offered me $380, i offered them $250, they declined, i offered $275, they declined again. So i said the hell with them.
Call me a fool, but i held up my end and they didn't hold up theirs. $37.50 is outrageous for a over draft fee. Considering, and i don't have a source, the average dollar amount that causes a overdraft fee is under $10. 26% interest loan. A loan you never signed up for.
They are giving you a loan so the transaction can go thru, and then charge you a flat fee for doing it.