Fifth Third Banking Complaint - Overdraw Fees or Legalized Loan Sharking
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.