Kessler Topaz Meltzer & Check, LLP is currently litigating a lawsuit against US Bancorp, Inc. and other related entities, on behalf of customers who participated in US Bancorp, Inc.’s Bank Deposit Program. Pursuant to the Bank Deposit Program, the company transfers customers’ uninvested cash to interest-bearing accounts at its affiliate, U.S. Bank. In reality, the Bank Deposit Program is a sham. Defendants paid Plaintiffs and members of the class near-zero interest rates; most customers now receive 0.23%. Meanwhile, market interest rates have jumped as competitors pay rates approaching 4% on swept cash; the federal one-month treasury rate has exceeded 5%; and the benchmark federal funds rate has exceeded 4%. Rather than pass these market rates on to its customers, Defendants pocket the spread.
Please contact us today if you have a US Bancorp, Inc. brokerage account and participate in the Bank Deposit Program. You may contact us at 484-270-1453, or you can fill out our online form below, or by email at info@ktmc.com.