Bank Delays Repayment Of $2,527.18 Car Loan Overpayment 3 Weeks And Counting
BRADENTON, FLORIDA -- This bank is possibly intentionally using archaic methods that result in additional late fees. This could be financially advantageous to them so they have little motivation to improve.
When I got this impression dealing with their car loan to me, I decided simply to pay off the remaining $2,445.00 balance on the loan. I sent in the check but after 8 days they called to say I hadn't made a payment and claimed I was past due. At this point I became alarmed and eager to be done with their poor service and aggravation over possibly trumped up late fees. I ended up making a payoff by a ACH funds transfer over the phone, and of course, had to pay a penalty and funds transfer charge. The resulting payment was $2,527.18 which posted to my checking account at my regular bank on 2/12/2009. The next day (2/13/2009), the check I mailed in posted to my account for the original payoff amount of $2,445.83
I noticed the overpayment two days later when I checked online my regular checking account statement. I called 5th 3rd Bank promptly and let them know they had debited my account twice for a sizable sum. It took a long time over the phone even to get them to agree there might be a problem and they asked me to provide documentation. I offered to send it and they then referred the matter to a supervisor who said that the first payment may have closed the account so the second payment had no place to go. I was told the matter would clear up if I was just patient and that within 10 working days, I should receive the overpaid money back in my account. So far this has not happened 14 working days after I notified them and they said the solution was in progress. So I asked, at what point should I become concerned.
I am also planning to write a complaint but am only now learning who, what agencies to address. I still haven't received my overpayment money, although I received the title to the car a few days ago.