I deposited My deposit at a US Bank ATM on Satuday. Monday the proceeds showed deposited into my sav

14th of Feb, 2011 by User430619

I deposited My deposit at a US Bank ATM on Satuday. Monday the proceeds showed deposited into my savings account however the funds available was only what I originally had in the account. On Tuesday I checked the balance in my savings to see if the funds were released. They were but I noticed that my Checking showed a NEGATIVE balance of over $1500. Had any checks been presented or had I made and ATM withdrawals I would have overdrawn and the US Bank would have started adding charges not to mention the customer I wrote the check to. I called and confronted them. The covered it with THE TELLER MADE A MISTAKE. Some convient mistake, but what I've read , I still would have been the victim. The MISTAKE was corrected, but now a week later my deposit to Savings still has not been cleared. I called the Bank the check was drawn on and was advised the check was presented to them and cleared 3 days after I deposited it. I called US Bank and asked why it funds did not show available and was told that US Bank is allowed a certain amount of time to hold funds by the Fed's and they have done nothing illegal. I was also told they did it for my protection. Yes, can you believe it, My Protection. Instead of having a procedure to verify the check, they wait what ever time they feel appropriate to see if the check comes back. With this day of electronic data transfer, that's the best they can do and in the mean time Screw their customers. I think the most aggrivating part of the whole thing was being told the were doing me a favor by calling the bank and trying to verify. I feel that 4,5,6,7,8 and more days is extreme these days just to confirm payment on a check. If you make a charge on Credit Card those charges are recorded and added to your account even before they actually are recorded. There is no reason the deposited check cannot be verified with the bank it's issued on and funds frooze at that time guaranting a good check.

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