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Fifth Third Bank


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Credit Card Application Security
Posted by JasonZ on 09/14/2010
I received a credit card application that offered a 0% APR on balance transfers and mailed it to 5th/3rd in the enclosed postage paid envelope on August 20, 2010. Having not heard anything from 5th/3rd, I became increasingly concerned, considering it has my social security number as well as other personal information and today is September 14, 2010.

I called today only to be treated as though I had done something wrong. The customer service person told me if the offer period expired, the application would be shredded and I would not receive any notification. I then told her I was extremely worried about my personal information being in the wrong hands and she told me, "You should have applied online if you are concerned".

I then explained that the website was down on the night before it was mailed (as it still is www.apply53.com) and I was of the impression that a postage paid preprinted envelope would make it to its destination.

She responded with "You should have called, we are open until 8PM Eastern Time". There was absolutely no concern as to the security of my personal information, contrary to what the website states. Furthermore, when I asked her advice as to what I should do next, I was told I could call back everyday until it comes in.

In twenty-five days I would think an envelope could make it to Australia and back. I am thoroughly displeased with 5th/3rd, will NEVER do business with them, and will ALWAYS recommend another financial institution over 5th/3rd.

     
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Posted by FlShopper on 2010-09-14:
It's not the bank's fault that the envelope hasn't arrived; take it up with the post office. Those postage paid envelopes are notoriously slow; they don't get treated like first class mail.
I agree you should've done the application online if you were concerned about sending your personal information through the mail. It could just have been bad timing that it was down every time you tried to log on(I just tried that website and there seemed to be no problem with it), but
if they did give you an option to do it over the phone, maybe that would've worked better for you.
Posted by rockfishing on 2010-09-15:
What shopper said, the credit card company has no control on how fast the mail moves. If it is going overseas than that is a longer delay.
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Overdraw Fees or Legalized Loan Sharking
Posted by Ba1337ed on 03/19/2008
MICHIGAN -- It no secret that many people get themselves buried in credit card debt. Hidden fees and secret rules make it easy to charge just that little bit too much that keeps you in debt for the rest of your life. Its not quite like being pushed off a cliff, but more like the scoot you dangerously close and grease your feet.

I decided to go what I thought was a safer route getting one of Fifth Third's debit cards. Debit cards were supposed to just draw from my account, so I wouldn't end up destroying my life with it right? Before signing up, I agonized over it and asked if there was any way I could end up getting in trouble with the card and she smiling told me that I couldn't- at least, thats what it seemed like. Misleading language must be in the training manual.

Well, my math slipped and I overdrew my account by $16 dollars on the 10th of March, 2008. Not four days later, and I find it has grown to $79 dollars, with an increase of 6 dollars of additional debt each day! Not to mention, I was not made fully aware of these repercussions until the 19th. Apparently, this was not the safe card I had been told I was getting.

Maybe I should've seen it coming, since something similar had happened to a relative of mine, but I thought that it was different situation. To summarize, Fifth Third has policies in place made to punish and strip money from those of low income. Going beneath $50 in savings allows them to begin drawing funds from your account due to it being 'insufficient' while overdrawing not only puts you in debt, but they don't even stop the debit card from functioning, allowing you to go DEEP into debt and charge you a great deal more than you borrowed.

I recommend avoiding these crooks and their war on the poor.
     
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Posted by Suusan B. on 2008-03-19:
There are no "hidden fees or secret rules" with a debit card. You are using it in place of checks to withdraw money from your checking account. If you withdraw more than you have available, then you will be charge an overdraft fee. It doesn't matter what you were told - - the answers to all of your issues are contained in the account holder agreement you received when you opened the account.

I, for one, am really getting tired of letters from people who overdraw their accounts and are in an uproar over the fees they are charged. If you are unable to maintain an accurate check register then you should not have a checking account.
Posted by Anonymous on 2008-03-19:
Amen Suusan!
Posted by Anonymous on 2008-03-19:
I, for one am getting really tired of people complaining about people complaining about over draft fees. If you don't want to read these complaints then don't. Nobody is sticking a gun to your head. I myself enjoy them immensely... almost as much as somebody complaining about Target's return policy.
Posted by bargod on 2008-03-19:
lol, Stew
Posted by madconsumer on 2008-03-19:
over draft fees are in place to teach us a lesson. sometimes people donot learn. and like some people, they must place blame on someone else, after all we owe them everything.

like wise stew, if our comments upset you, read on......
Posted by Suusan B. on 2008-03-19:
Speaking of Target - - did they revise their return policy? I'm curious because we didn't get one single complaint today!
Posted by Nohandle on 2008-03-19:
I'm sorry you are having problems with your account at Fifth Third Banking but I disagree with your statement:
Fifth Third has policies in place made to punish and strip money from those of low income. Banks will punish anyone for withdrawing more money than he has in his account. Banks are not charitable institutions and never have been. With enough reviews like yours people will finally get the idea..I guess.
Posted by Anonymous on 2008-03-19:
touche madconsumer...touche.
Posted by jktshff1 on 2008-03-19:
NoH...On the money!
Posted by Starlord on 2008-03-19:
Posted by Starlord on 2008-03-19:
What do you mean, I'm overdrawn? I can't be! I still have checks!
Posted by Anonymous on 2008-03-19:
I gotta admit that was a good one starlord.
Posted by Not fooled by you on 2008-03-20:
All of you Fifth Third employees can back off. I deposited my paycheck early one Saturday. Sunday afternoon I used my debit card while grocery shopping. Monday night (a holiday) I made an online payment. Tuesday morning, the thieves put thru the online payment and overdrew my account and returned the payment, then they put thru the debit card purchase and charged me for that overdraft, then they deposited my check. Racketeering at your finest.
Posted by GothicSmurf on 2008-03-20:
Deposits that are NOT cash usually take between 3-5 days to clear. Meaning that the money isn't in your account for a few days. It's that way with all banks.
Posted by Not for the narrow minded on 2008-04-21:
I hope you all don't really think that the overdraft fee "is a punishment by the bank." You are obviously not as smart as you think you are when it comes to money. The bank doesn't give a rat's a$$ about you or anyone else for that matter. 10.1 billion dollars a year in overdraft fees is far from a punishment.
And why should the bank reap the rewards of billions? Because ignorant people just don't listen. I just don't see how you guys can think that what they are doing to people is right. You want to charge me fees? Sure ONCE is FAIR. Heck, you can even charge me $100 for that ONE TIME.

But don't authorize transactions when the funds aren't available. We all know you have the ability to DECLINE the transaction SO WHY DON'T YOU DO IT WHEN IT'S APPROPRIATE?
CROOKS.
Why do you think your debit card has a daily limit? Because that is all the bank wants to dish out in order to pay transactions they can put overdrafts on.

I meann, enough is enough. Really, it makes me sick how they allow this so they can profit in the billions.
Posted by Patch24680 on 2009-01-30:
I don't mind the initial overdraft fee. It's the daily $6.00 fee they keep charging until your fees are all paid up!!!! FIFTH THIRD BANK ARE CROOKS!!!!!
Posted by Patch24680 on 2009-01-30:
I don't mind the initial overdraft fee. It's the daily $6.00 fee they keep charging until your fees are all paid up!!!! IT CONTINUES TO SNOWBALL!!!! FIFTH THIRD BANK ARE CROOKS!!!!!
Posted by BokiBean on 2009-01-30:
Going under $50 allows them to begin drawing funds from your savings account as being insufficient? Wha????? If that's true, that's a bank to avoid just based on that alone.

People don't remember the days when banks were institutions that were in place to PROTECT your money and not think of ways to dip their theiving little fingers into it.
Posted by Cee Graves on 2009-05-06:
These banks want to take our government tax money to get them out of THEIR debt and then again TAKE the taxpayers money whom they hold in accounts in unfair fees. A slap in the face of Americans. How can the meltdown of the American financial system be stopped if banks keep taking consumers money? Fifth Third Bank has proven to me, my family and friends to be one of the worst banking institution to trust with our hard earned cash.
Posted by Anonymous on 2009-09-17:
Any bank if going to charge you if you overdraw. Blame yourself for your negligence.
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5th 3rd Auto Loan payoff .. RIP OFF ! ! !
Posted by KathyPissedOff on 05/17/2011
CINCINNATI, OHIO -- OK.. So get to the LAST page in my Car payment book... It says to call this number at 5th 3rd to get the final payment amount... I did.. Payment was slightly lower than my monthly car payment. :) ... I send in that payment and assumed BINGO... Car is paid off. ... Fast forward 1 1/2 months and I get a letter in the mail saying I owe almost $1100 for the final payment and its due in two weeks or I will get charged extra late fees!... What a bunch of BULL! ... Why is the final payment OVER TWICE what the normal monthly payment is? ... Why did THEIR AUTOMATED SYSTEM give me the amount it did, then want more later... Its a bunch of shlt... I called them to try to sort it out.. Big surprise.. They say say that I owe this $1100 and they have no record or proof that the other amount was given to me. And there is NOTHING they can do and that the amount owed. ... 5th 3rd SUCKS! ... If you have a car payment with them and your near your final payment... Call the automated number they give you.. AND RECORD THE CALL! Otherwise they will pull the same BS with you as they did me. ... I WILL NEVER EVER EVER DO ANY BUSINESS WITH THEM EVER AGAIN! ... I will steer EVERYONE I KNOW AWAY FROM THEM ! ... And I LOVE the fact that this P. Brian Moore whos name is on this crap letter can not be gotten a hold of... No email address anywhere... No one will connect you to him... EVERYONE STAY AS FAR AWAY FROM 5TH 3RD BANK NO MATER WHY!... DO NOT get a Credit Card from them, don't do a car loan with them, do not get a house loan with them, Don't even get a checking or savings account with them. ... If this is how they treat someone who has ALWAYS paid they payment on time... Think how they treat others! ... 5th 3rd YOU SUCK A$$!
     
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Prior Reviews
Posted by DM01 on 02/12/2010
I work for a large national financial institution, so I know a little bit about banking. I was reading reviews and made my way over to this Fifth Third page. It is amusing how all of these reviews are about people that have overdrawn their account and are angry they are being charged fees. All banks that I know of charge overdraft fees, even credit unions. I have relationships with 6 banks (3 of which I have checking accounts with), and if I were to overdraft my account or "Cut it too close" on the dates, I would expect an overdraft charge.

Some of the other reviews are about the "Grace period" First off, the grace period is something that is granted to you by the financial institution. I have been in the recovery side of the business, and for example, they can technically repo your car the day after your due date even though you are in your "Grace period"

I know that people only go online and vent when something is wrong, and never when they are happy or content with something. But it seems that the majority of the reviewers are people who obviously don't handle their money well or run into financial hardships and blame the bank. I personally make sure that there is money in the account prior to writing a check or making a payment online.

Another fun fact for you people that enjoy the grace period...Just about every auto loan is a simple interest loan, every day that you are in your grace period, you are going to owe additional interest at the end of your term. Granted, in most cases it is a small amount, but I have reviewed accounts in which someone was a month late for all 72 months so they received both a late fee and additional interest. This person had a $10K auto loan and after the 72 months, had an additional $4000 to pay the loan off because of the additional interest and penalties on top of the interest charged.

All in all, I just wish people would spend more time keeping their books as opposed to jumping online and blaming all of these banks for their problems.

     
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Posted by Anonymous on 2010-02-12:
People are not so much complaining about getting charged an overdraft fee as they are complaining about the unscrupulous way 5/3 manipulates transactions in order to charge unreasonable overdraft fees. Interestingly enough a class action law suit was just filed against 5/3 for their abusive overdraft practices. Those practices include:

1. Charging overdraft fees when customer's account has sufficient funds.

2. Charging overdraft fees and additional fees for every day an account is overdrawn -- even when an account is overdrawn solely because of bank fees charged by Fifth Third essentially charging overdraft fees on overdraft fees.

3. Improper and deceptive disclosures.

4. Not not allowing its customers to opt out of "overdraft protection," as recommended by Federal regulators.

It will be interesting to follow this case through the courts although I'd bet that 5/3 will settle before this one hits the court room ya know don't want to take the chance on a nasty precedent being set.

http://www.marketwatch.com/story/class-action-lawsuit-filed-against-fifth-third-bank-alleging-bank-improperly-charges-overdraft-fees-violating-federal-law-state-law-and-its-contract-with-customers-2010-02-01
Posted by skelly39 on 2010-02-12:
You make excellent points, but you have to admit that the bank wastes no time in grabbing every last dollar it legally can. Yes, people are responsible for their own money, but I think a lot of the complaints relate to the never-ending fee cycle generated by a minor mistake.
Posted by goduke on 2010-02-12:
sic 'em, Stew!
Posted by trueakitalover on 2010-12-11:
If you bank online you can keep a tally of what is going on with your account. I know exactly how much is in my account at all time. If you look at the available balance after you see what is pending you will be able to see that after xxx. has cleared I will have xxx.00 available this means you either spend it or you don't. You just don't keep spending your money you don't have. If people went in and talked with the personal bankers they would find out what the penalties are with their particular accounts are. Read all information you get from the bank. I was with another financial institution and I will never go back to them again. I will stick with the smaller banks.
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Unethical overdraft fees
Posted by Lilac21 on 08/02/2010
OHIO -- Fifth Third Bank is robbing people. My daughter's boyfriend deposited a check to pay the bills on Friday and was told it was deposited. He asked if it was okay to write checks on the weekend and the teller said sure.
The next week on Wednesday he found out that the check he deposited didn't go in until late Monday and he had several overdrafts which were acumulating. By the time he found out his whole paycheck went for overdraft fees. It was over $200.00 and he needed the money to go for his rent. He went to Fifth Third Bank and begged them to please drop some of the fees and they said no..in fact if you don't get money in there right away another $200.00 will be charged to your account by the end of the week so he had to borrow some money from his parents to keep from going bankrupt this month. This is a young kid with very little money who by the way doesn't bounce checks all the time and works very hard for his money. I don't understand why a check isn't deposited right away and if it isn't why that isn't indicated on the deposit slip. No other banks that I have ever dealt with are like this. Of course the answer is simple I bet....so they can rack up fees on poor people and make all kinds of money. This is so unethical. Now the poor kid is trying to close out his account and go to another bank but they told him it costs $50.00 to close his account. What a bunch of crap!!! I hate this bank. I dealt with them many years ago and they said I made 1/2 a car payment which I would never do. I always paid the whole payment on time. They sent the information to a collector and I had to get it off my record. The information was completely wrong. I have no idea where they got their information but they would not fix it on our credit report. I dropped Fifth Third years ago and now it makes me sad to hear they are still just as unethical as ever if not worse. It makes me mad because no one will do anything about this bank and all the unfair things they do.
     
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Posted by yoke on 2010-08-02:
What time on Friday was the check deposited? If it was after cut off time it will not post until the next business day which would have been Monday. Did he write the checks out before the deposit was made?
Posted by Anonymous on 2010-08-02:
It's a damn shame some banks operate this way. At my bank if you make a deposit at the bank then it's immediately available. Same is true with my wife's credit union. They don't play these stupid 'gotcha' games.

Find yourself a locally owned and operated community bank or credit union. You'll get far better terms, better service and your business will be appreciated.

Good Review!

Posted by SaMoore on 2010-08-02:
I haven't ended up with overdrafts because of it but have had a teller tell me that a check would post before it did. This sucks. Sometimes tellers don't actually know their banks policies or just say whatever they think will get you to go away. The ethical thing would be that it was teller mistake and to give the boy a pass on his OD fees... but banks don't typically do ethical.

I have found that the quickest way to get a check posted is to put it in through my banks ATM instead of going into the bank.
Posted by SaMoore on 2010-08-02:
Stew... even if I deposit cash there is a 24 hour hold at one of my banks. I think it's incredible.
Posted by goduke on 2010-08-02:
You are absolutely right. If a bank doesn't tell you there's a hold, or if the deposit slip doesn't give you an "account balance" and "available balance" (my CU does), and makes it appear that the funds are available, then you should be able to rely upon what they gave you. That's just not good service by any definition.
Posted by Obsfucation on 2010-08-02:
He asked if it was OK to write checks. It was, since checks cannot be cleared over the weekend, they couldn't be deposited until Monday. I suspect he didn't ask if it was OK to go out and immediately begin using his debit card, which is pretty much how he would have been overdrawn. The exception would be if he actually wrote and gave checks to people who took them into 5th Third and deposited them on Monday. Possible, but not likely.

All deposit receipts say on them that funds are subject to collection.
Posted by goduke on 2010-08-02:
Can a bank charge $50 to close an account? I've never heard that one (didn't pick it up until a re-read)......
Posted by PepperElf on 2010-08-02:
At my new job I deposited my paychecks before getting direct deposit.

I picked up the check on Thursday afternoon and deposited the check on Friday and knew the bank had a 1 day turn over.

I made a point of checking my balance on Saturday. No sign of the check. um... ok. I checked it Monday - nothing still. So I called the bank.

I found out with my bank, checks deposited on Friday are processed on monday, and the money is there on Tuesday (tho not until late morning).


my trick however was that I checked the balance first. Cos i didn't want any overdrafts.



This is also why it's recommended you get direct deposit. Now the money is in place by Friday morning.
Posted by yoke on 2010-08-02:
The teller did not mislead the OP's daughters boyfriend. He asked if he could write checks out over the weekend and the teller said yes. Why would you not be able to write checks out on the weekend?
Posted by Ytropious on 2010-08-02:
All I know is I have 5/3rd and I've never had this problem. I deposit my paycheck at the ATM a lot and I only get the first 100 dollars instantly. The rest is held, usually 2 days or so. Regardless, I guarantee if the OP's daughter's boyfriend checked his account balance online, it would have reflected the account amount and the available amount.
Posted by rockfishing on 2010-08-02:
Did you hear this first hand from your daughters boyfriend, or did you hear it from your daughter from what her boyfriend told her. Either way it is not a first hand account of what happened. It is a second or god forbid, a third hand account. Since this did not happen to you, your charge of the bank being unethical are unjust and unfair. Mothers daughters boyfriend stories most often don't represent the facts of any story.
Posted by oldisgood on 2010-08-02:
actually anything deposited after cut off time on Friday (from 3-5P depending on the bank)is not deposited until Monday evening - available on Tuesday because the Federal Reserve which processes all this is closed Saturday and Sunday. Once you learn this it is easy to know how much money you have available. Also, if people would just not use their debit cards for every little thing (cup of coffee, package of gum, ice cream cone, morning paper, etc) and use cash these things would not happen near so often. People nickle and dime their balance in the checking account not realizing they are over drafting their account and then blame the bank. ALL BANKS work this way.
Posted by Anonymous on 2010-08-02:
GermanGirlHanna when you post, "If you wrote paper checks during the weekend, there is NO WAY they would be summitted to your bank anytime MONDAY", you are absolutely wrong. There is a way. It's called check 21. Write a check at the walmarts around here and the authorization will hit your bank before you can leave the store. Works like a debit transaction.

Anyway that beside the point. These ODs were caused by 5th 3rd not making the deposit immediately available but holding it for the max legal time as to garner more fees.

Bottom line when you say "there is NO WAY they would be submitted to your bank anytime MONDAY" you are wrong because indeed there is a way.
Posted by Skye on 2010-08-02:
Good information Stew. Around here, that's called an, "electronic transaction", and the money is immediately withdrawn from your account. As soon as they put the check through, out comes the money.
Posted by Ytropious on 2010-08-02:
If the check 21 thing acts like a debit card, why the heck don't people just use debit and save some trees!
Posted by mrnmrsweibel on 2010-08-02:
My bank doesn't process deposits after 2:00 until the next business day and there is a little calender thing at all the tellers showing "If you make a deposit after this time it won't be processed until such a date." I wonder if his bank had this and he just didn't take notice.
German- I agree with you. He asked a question, the teller gave a simple answer. Maybe she just thought he was young and ignorant to how or when to write out checks.
I think a lot of places are now putting checks through as EBT with same day withdrawal. I know even some doctors I've gone to have a paper you have to sign saying you understand that your check can be processed the same day you give it to them.
Posted by Weedwhacked on 2010-08-03:
Any bank would do this. He needs to learn the intricacies of having a checking account. You cannot spend more money than you have in your account.
Posted by Anonymous on 2010-08-03:
Sorry Weedwhacked, you are wrong, any bank would not do this. And where did he spend more money than he had in his account? He was told the money was available, and it was not.

The moral of this story is, obviously you can't depend on what a bank teller says, and a person must check and double check that the funds are available before spending.
Posted by yoke on 2010-08-03:
The teller NEVER told him the money was available, he asked if he could write checks over the weekend and the teller told him yes, why wouldn't she there is not law that says you can not write checks on the weekend. He never asked if the funds were available. On his receipt what did it say as to when the funds would be available? Considering this thread is written by the mother of the girlfriend alot could be missing from the story.
Posted by Nicole on 2011-05-27:
I thought it was illegal for creditors to harrass people but I guess not because thats all Fifth Third does. We will scedule our car loan payment with them, but it doesn't matter. They will not only call us fifteen times a day, but they harass our cosigner as well! Work on your customer service Fifth Third. If I haven't paid you, what good is calling a million times? If I don't have, I don't have it! It's not like I forgot and your fifteen calls keep reminding me. It's that I don't have it. And no matter how many times you call, I still won't have it because there's no where to get it from.
Posted by DebtorBasher on 2011-05-27:
Nicole, telling them you 'don't have it' isn't going to stop them from calling. Their collection department will call on delinquent accounts until they are brought up to date. That is their job. I highly doubt that they are calling you 15 times a day, unless they are not getting any answer at the number they are calling, which will keep your phone number in rotation on the dialer until they make contact with you. If collectors stopped calling everytime a person says, 'I don't have the money', they will never get anything collected. Instead of just telling them that, try telling them when you expect to have the money. Tell them what your situation is and see if they have a hardship program that you may qualify for. Just saying you don't have the money isn't going to help your situation any.
Posted by Anonymous on 2011-05-27:
Just for the record, that's a different Nicole.
Posted by DebtorBasher on 2011-05-27:
Record noted.
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Payment two days late? Expect Harassing Phone Calls
Posted by 5th3rdSUX on 02/15/2010
CINCINNATI, OHIO -- Car loan from 2005 is almost paid off. We have NEVER missed a payment. NOT ONCE. This month's payment is late by about a week (due 2/2, with a 10 day "grace period", my husband usually sends it out that week). We had a HUGE snowstorm last week - 36 inches of snow in a five-day period - so mail is delayed. Our payment is late and there is no option to pay online. Started receiving phone calls on 2/12. Over the weekend (2/13-2/14) we received about 13 phone calls from Fifth Third Bank. I asked them twice not to call back. They did. I received another call from them this morning at 8:30. They call from another country and you can barely understand the representative due to poor English. I told them the check was sent and they still call. If this is not harassment, please tell me what is. My husband and I are professional people who pay our bills. We do not deserve this type of treatment. I will never, EVER again do business with them. I will tell everyone I know to avoid them.
     
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Posted by saj80 on 2010-02-15:
Do your loan documents specifically state you have a 10-day grace period? Your loan coupon will show a date that a late fee will be assessed, but it is not a grace period. Your payment is due each month on the date specified on your loan documents. Many creditors will now call if you are late one day; pay on time and the calls will stop.
Posted by Nicole on 2011-05-27:
My husband had lost his job and so we were behind on our car loan. We contacted fifth third on numerous occassions asking them to work with us and they refused and instead threatened repossession. So we borrowed the money to bring it up to current. Made arrangements with a worker at Fifth Third who noted on the account that we were going to pay the next morning when the bank opened. So what did they do? They came and repossessed our car THAT night. And they held it over the weekend, a holiday, and then had to hold it for two more days because they have a two day release procedure(!!!!!). So then to get it out, we had to bring our account to current and pay $400 worth of repossession and holding fees. Not to mention, driving almost two hours to a random impound lot to get the car. If all of that wasn't enough. They made us pay the $400 fees in the form of an automatic debit, which they took out twice! They refused to admit fault and refused to refund the money. They just said that it was all applied to our car loan so that next months bill wouldn't be very much. Well that's all dandy except what about the other bills we need to pay this month? Way to be helpful, understanding, and competent in this hard economic time Fifth Third. You disgust me and I will never use you again!
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Rip Off Check Cashing Fees
Posted by Gusladders73 on 12/12/2011
FT MITCHELL, KENTUCKY -- Today I went to 5/3 bank to cash a $60 check I received from a friend. I was informed by the clerk that since I did not have an account, although my friend did, there would be a $4 fee deducted. even the manager declined my request to fore go this fee on such a small amount. I argue that since it was written on a 5/3 account that they should honor the full amount. or perhaps charge the account holder the fee. my bank does not penalize a person for cashing checks I write when cashed at my bank. 5/3 sucks.
     
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Posted by DebtorBasher on 2011-12-12:
I don't know of any bank that will cash a check for someone without having an account with them. It doesn't matter what back the check is written from.
You mentioned you have a bank account at another bank, why didn't you take it your bank to cash? The reason you have to have an account with the bank cashing your check, is because they hand you the cash and if the check bounces, the bank takes it from your account, since you are the one that got the money. If they didn't, they'd be out the cash. I'm surprised they were willing to cash if for the small fee of $4.00.
Posted by madconsumer on 2011-12-12:
it would seem they would cash a check written on their bank. the days of friendly banking are long gone!! i too agree the account holder should be charged the fee.

very helpful.
Posted by Churro on 2011-12-12:
I totally agree that any redemption fee should be paid by the account holder since they are the customer of 5/3's service or lack thereof. It should be illegal for a bank to charge the person cashing a check a fee for a check drawn against one of its own depositor's account.. That's total lunacy.
Posted by clutzycook on 2011-12-12:
OP, I don't know what bank you use, but most of the big banks went to this method a long time ago. If you have an account with another bank, why aren't you cashing the check there? Maybe I'm wrong, but that would be the obvious choice to me.
Posted by trmn8r on 2011-12-13:
The account holder shouldn't be charged a fee - that would be an bad policy. That would mean anytime you handed someone a check, they could walk into your bank and you get penalized because they don't have an account.

The onus is on the person hawking the check. The OP needs to realize that these days banks are charging for this whereas in the past they did not. I know BoA does it, and one of my local banks does too.
Posted by Churro on 2011-12-13:
I sell somebody something for a hundred dollars. They give me a piece of paper instructing thier bank to give me a 100 dollars from their account. I go to their bank to redeem their paper for the money owed to me only to find out their bank expects me to pay a service charge for the redemption of that paper. The redemption of that paper is a service provided solely for the benefit of their customer the check writer and not me. Why the heck should I pay it. It makes no sense.
Posted by Anonymous on 2011-12-13:
DebtorBasher> I respectfully disagree. I know several banks that will cash a check for you, even if you don't have an account with them. Nearly every bank will do so, as long as the check is drawn from their institution. Some banks will charge you extra for not having an account, while others do not. But nearly everyone will cash it regardless.
Posted by CowboyFan on 2011-12-13:
If the $4.00 is so important, ask for it from your friend or have them give you the $60.00 in cash.

Even this bank does not charge when it pays the check recipient, as long as it pays through the normal banking channels: receives the check from another bank or as part of a deposit. The fee is for teller and related costs, so that a person can walk into a bank, talk with a teller, and have cash handed to them. If the op does not want to pay that fee, the op is free to deposit the check anywhere in the world and receive the full $60.00.
Posted by traceylynn on 2011-12-13:
Fifth Third has always been good to me but I am low maintenance. If there is any banks left that do not charge this type of fee it is a very low list. Banks are absolutely out to make as much money as they can, in fact their stock holders demand it. Banks are a business and cannot give away service for free, if you do not want to deposit the check into your bank account unfortunately you do have to pay a fee for that service they are rendering you ( aka cashing the check).
Posted by 5/3 does suck on 2011-12-29:
I have a savings account with them and was told today that I would be charged a 1% fee now because it wasn't a checking account. I asked for my check back and told them to close my account.
Posted by Dan on 2013-10-30:
These fee's are preposterous. The account holder whose money is in the bank is probably paying the bank a fee to bank there, but more importantly, they provide the money by which the bank can invest and actually do banking things. Charging to cash a check, when that's the basis of their business is criminal! Do they charge other banks to cash checks? No! Just consumers.
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Overdraft Fees
Posted by Eversoletristen51 on 11/28/2011
OHIO -- I have bee a 5/3 customer for years. 5/3 recently changed their online bill pay and instead of the items coming out on the date that you select 5/3 sends them when they want to that results in overdraft charges if you don't have the money in your account days in advance. I made a mistake of depositing money in anothe checking account on a Monday. The accounts are all together and connected. They sent out bills out the account that had no money in it(despite there being no available funds in that account and over the course of three days charged me $856 in overdraft fees. I went in to explain that I had made a mistake but that also that the bills were not to be paid till that Friday and they refunded $111. Which is laughable. I was ready to get over it an move on when I noticed they then charged me another $90 in overdraft fees after meeting with them and after I transferred money that made my account poaitive again. Bottom line not a forgiving institution and looking for anyway to get money. Why would you send out bills on an account with no money in it?

     
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Posted by trmn8r on 2011-11-28:
http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm

The bottom line is banks aren't forgiving. I've never heard of them sending out payments "when they want," and would like more details of how you allege this took place. If you cue a payment for November 1, and the bank sends it on October 29th, this is something the bank can be held accountable for.

Automatic bill-pay and checks aren't covered by the "Opt-In" law, so if the money isn't in the account the bank will send it and charge you an overdraft fee. Most all banks do this.
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Policy of Evil
Posted by Charlene27 on 10/03/2011
I work at a used car dealership that has been in business for 29 years. A customer traded in his vehicle to us and it had a payoff at Fifth Third Bank.
We wanted the title as soon as possible, and the customer had the 10 day payoff amount, so I sent a CASHIER'S CHECK overnight via UPS to their national headquarters at 5050 Kingsley Drive in Ohio 45263. I included a PRE-PAID return UPS envelope to send us the title back, along with a signed release form from the customer. UPS verified that they received the check on September 28th.
On October 3rd, I called the 800-972-3030 and waited on hold for 30 minutes before a hurried woman answered. She looked up the customer's information and told me she'd need to contact the title department and put me on hold for another 20 minutes. Then another woman answered and told me she refused to help me unless I had the customer's SSN or account number and that the woman before shouldn't have helped me at all.
I called the customer, got his SSN, and called Fifth Third back. I waited on hold another 20 minutes before I got through again. Once I gave the customer's SSN, I was told I was calling the wrong number and the wrong department. They gave me another number to call: 877-812-0490.
I called them and waited on hold for a brief 10 minutes before another woman answered, Ethel. She told me it was their policy to hold the title for 10 business days before releasing it and that she couldn't tell me anything more unless I faxed her a signed authorization release from the customer.
Lucky for me, I had one, and I faxed it right away. I called back and waited another 10 minutes before I reached Ethel again, who told she didn't actually get the fax I sent, it went somewhere else, and I would have to wait till tomorrow to call her to get any information.
WHY DOES IT TAKE TWO WEEKS (10 BUSINESS DAYS) TO PUT A TITLE IN A PRE-PAID ENVELOPE AND SEND IT TO THE MAIL ROOM?
I work with banks, credit unions, and finance companies from across the county. I have never been so mistreated and witnessed such unprofessional and rude behavior in my life. Does Fifth Third just have a general policy of evil or what?
     
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Posted by trmn8r on 2011-10-03:
I witnessed an auction here in PA last week that included several vehicles.

The auctioneer stated that unless cash was being used to purchase the vehicles, there would be a 10-day waiting period to obtain the title. It was not 5th Third Bank.
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Misrepresentation
Posted by Pmapage7 on 06/21/2011
Recently had a situation where damage to my vehicle resulted in reimbursement from my insurance company made out, unfortunately, to the lien holder and me. Employees at Fifth Third Bank instructed me to endorse the check before sending it to them because that was policy (they could not endorse it without my endorsement first) and that their claims department would then sign and return the check to me. I was told this was the only way they would even handle the check; there was no other option (besides driving 100 miles to the nearest branch of the bank). In good faith, I did as instructed. I received a phone call today letting me know the check had been applied to my loan. Obviously, it is not the worst thing to have a chunck taken off the balance of my loan. However, in my average American paycheck-to-paycheck household, I was looking forward to being able to pay off a bill or two and give my son a nice birthday present. Now his birthday is next week, and I have to that long to replan it. It is a big inconvenience that could have been avoided with a little bit of honesty on behalf of Fifth Third Bank employees. You could say perhaps the person giving me the information made a mistake, except that, according to her, she had the "handbook" so to speak, reading to me the instructions on how to handle this particular situation. Therefore, whether it be she that I spoke with or the authors of their policy and procedure guidelines, someone is intentionally misleading customers of Fifth Third Bank. My loan payment was not behind, by the way, so that had nothing to do with it.
     
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Posted by clutzycook on 2011-06-21:
I think I would have asked the insurance company to only make the check out to you. Usually that's what they do because that insurance payout could typically go toward the repair of the car. The only time I've heard of a check written out to the lein holder is when the car is a total loss, which is what happened to me 4 years ago. What happened then was that the insurance company wrote a check out to my lien holder for the remaing amount owed on the car, and then sent a check to me for the balance.
Posted by saj80 on 2011-06-22:
clutzy, you are wrong. Insurance proceeds, regardless of damage amount, are made payable to both the lienholder and owner. If repairs are made, most banks will hold the check until these repairs are verified, and then release the check to the repair facility. However, if a lienholder is omitted on a check, the damage reduces the value of the collateral, and many people use the proceeds for reasons other than repair of the vehicle. If an insurance company omits the lienholder on the proceeds check, and the repairs are not made, then the insurance company can be held liable in the event of loss of value to the lending institution.
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