I’ve had bank accounts at USBank for many years. When I was in high school USBank bought out my old bank, so I’ve had USBank accounts for 8 or 10 years. In that time I’ve had checking accounts, a savings account, CDs, a credit card, and my Roth IRA all through USBank.
About 2 years ago they pissed me off pretty good by charging me overdraft fees when I had already transferred money from my savings account to my checking (since apparently EVEN WITHIN THEIR BANK AND THROUGH ONLINE BANKING it takes them a few days to process a transfer? wtf?). My accounts weren’t linked at the time because my father’s name was still on my checking (from opening the account when I was a child), but only my name was on the savings. Therefore they wouldn’t let me link the accounts.
So about 6 months ago I finally started moving my money toward ING Direct. I’ve been meaning to ever since the incident of 2 years ago, and now that I have most of my savings is there. I still keep five hundred to a thousand dollars in the USBank checking and saving accounts, in case of emergency, etc., but the majority of my money is at ING.
Today I logged in to make sure my check was direct deposited and transfer some money to my ING savings. I go to make a credit card payment (which I do each time I get paid, twice/month) and see that they have CUT MY CREDIT LIMIT TO $300. I am livid right now. I rarely have more than $300 on my card, but my limit was around $1500. It’s the only credit card I have. I pay my balance in full every month. I’ve never missed a payment. My current balance is about $225. That leaves me with about $75 of available credit right now.
I also just dropped my car off at the shop this afternoon and found out that I need to get a car repair that will cost me $219 plus tax. I have plenty of money in my savings to pay for it, but I am livid that I have to make a decision TONIGHT about how to re-budget my money rather than being able to pay with my credit card and have a few weeks to decide which savings account to pull from, how much to withdraw from savings, and how much I want to re-arrange my current budget (so I can withdraw less from savings and pay more from my current money).
I am livid right now. I will definitely be stopping by USBank tomorrow or Monday, and likely very closing out my accounts there.
The one bright spot in all of this is that I happened to check tonight. Had I waited until tomorrow, I would have already used my credit card to pay for the repair, and either had my card declined or been charged fees (I’m sure insanely high ones, at that) for being over my credit limit, when in fact I would have been at less than 1/3 of my old limit.