To any and all small business owners that use U.S. Bank:
I recently discovered a charge on my bank statement that read "Service Analysis Charge", which is apparently bankspeak for "This is How We're Going to Steal Your Money this Month". My local branch manager explained it as follows:
"With your specific account, any cash deposited (in excess of $2,500/mo) incurs a fee of $0.26/per $100.00." I replied to the effect that I would never agree to do business with you if that were the case. Then I asked her to do a little math. How much money would I have to put in MY account to rack up a $50 bill in such a manner? Well, turns out $50.00 / $0.26 is 192+ units, and 192 x $100 is over $19k! As clearly evident on my bank statements, I've not come close to putting that much money in my business account in any given month, let alone $19k cash. She finally agreed to "make a call". Supposedly they are issuing a refund that will take up to (3) business days to process.
Anyway, heads-up if you use this particular bank. They are thieves.
I recently discovered a charge on my bank statement that read "Service Analysis Charge", which is apparently bankspeak for "This is How We're Going to Steal Your Money this Month". My local branch manager explained it as follows:
"With your specific account, any cash deposited (in excess of $2,500/mo) incurs a fee of $0.26/per $100.00." I replied to the effect that I would never agree to do business with you if that were the case. Then I asked her to do a little math. How much money would I have to put in MY account to rack up a $50 bill in such a manner? Well, turns out $50.00 / $0.26 is 192+ units, and 192 x $100 is over $19k! As clearly evident on my bank statements, I've not come close to putting that much money in my business account in any given month, let alone $19k cash. She finally agreed to "make a call". Supposedly they are issuing a refund that will take up to (3) business days to process.
Anyway, heads-up if you use this particular bank. They are thieves.
