Fifth Third Bank Daily Overdraft Fees Cincinnati Ohio

Jay,

The best suggestion I can give you is to better manage your account to avoid these fees altogether. That's what I do, and it works. I do not pay NSF fees. Ever.

It is the policy of every financial institution that I know of to post checks/charges before deposits/credits in the same business day.

By your own admission you "floated" transactions.

You initiated transactions and counted on an incoming deposit to cover them.

>>
Their computer system is set to steal from you in that it if you do make a deposit on the same day that a debit is coming through, guess which one will post first? When your account slips into the red, it's raiding time!
>>

I suggest that you get a checkbook register and learn how to properly use it.

Then, pull out the TERMS AND CONDITIONS on your account that you agreed to and read, and understand them. STOP floating transactions!

You MUST have funds available PRIOR to initiating a transaction. Period.
Not rocket science here.

No rip off.

If you feel the bank stole from you, file a police report for the theft!

You won't have a problem if you make the deposit BEFORE you spend the money. It's plain and simple.

Saturdays and Sundays are not business days; i.e. the Federal Reserve Bank in not open to process checks. A deposit you make on Saturday is considered part of Monday's work, so you are correct in saying that you won't see it refelected in your available balance.

The days of beating a check to the bank with a deposit are pretty much history. You almost never win that race, and you will NEVER beat a debit card transaction, because legally those happen when you swipe the card.

Fifth Third is a federally chartered bank and not subject to state laws. And yes, when you opened the account you agreed to the terms of the account.

You might consider switching to a local bank, or better yet, a credit union. It isn't going to stop your overdrafts (unless you change your habits), but their fees are lower, and the most likely won't have a daily OD fee.

I find it interesting that, relative to 5/3 bank, folks will say "just don't overdraft your account and you won't have this problem". I banked at 5/3 for three unfortunate years. Their deposit practice is such that most individuals have to deal with overdraft fees at least once per year, if not multiple times throughout the year.

To the individual that said "don't spend money before you make the deposit" - I would suggest that you understand that many individuals banking with 5/3 AREN'T spending the money before a deposit - OR aren't relying on a float. Here is a classic example that happened personally - to me - that exhibits their practice:

Account Balance on Thursday - $249.00
Checks or Debit Purchases Outstanding - $22.00
My Balance in my Register on Thursday - $227

Deposit Made on Thursday at 10:45 a.m. via check drawn on 5/3- $567.00
New Register Balance - $794

Account Balance by 5/3 Bank online and via phone on Friday - $249
Per 5/3 Branch Manager, account shows it will update that evening to reflect deposit made on Thursday a.m.
Register Balance on Friday - $794

Debit Card Purchase on Sunday - $57.00
Check Written to Grocery Store on Sunday - $157
Register Balance on Sunday - $580

Debit Card gas purchase on Monday - $47.50
Car Payment Made directly at 5/3rd at 11:45 a.m. - 209.00
Register Balance on Monday - 323.50

Account Balance on Tuesday both online and via phone: $191.50
Register Balance on Tuesday: 323.50
Variance between two: 132.00 (the amount of 4 overdraft fees charged to the account)

Here is how 5/3 processed the account Monday evening:
Account Starting Balance: $249
Account Debit: 209.00
Account Debit: 157.00
Account Balance: $-118.00
Account Debit: 57.00
Account Balance: -165.00
Account Debit: 47.50
Account Balance: -221.50
Account Debit: -22.00
Account Balance: -243.50
Overdraft Fees: -132.00
Account Balance: -375.50
Account Credit: 567.00
Final Account Balance: 191.50

When I called and demanded an explanation for the overdrafts, I was (not so kindly) informed that the deposit hadn't posted until Monday evening/Tuesday Morning. When I pointed out that it was drawn on 5/3, I was informed that they can take up to 3 business days to post a local deposit and that I "should have received a copy of this policy when I opened the account", as this policy had been in place for 2 years. I informed them that I opened this account three years ago, and had never seen evidence of this policy in my disclosures, nor did I see an indication of this in any fee change notices they had sent me (I keep EVERYTHING), nor did I see a sign in their branch indicating anything other than "Deposits made may not be available for immediate withdrawal". The response was "Oh. Well, it is our policy - we can hold deposits up to three days".

I also asked this Branch manager why he had told me that the deposit would post on Friday evening - to wit he responded "That was what was in the computer on Friday, but it ended up not posting until Monday night".

When I asked for a fee waiver, I was told that I caused the overdraft - not 5/3.

So I ask the person who stated "you shouldn't spend money you don't have" - I ask, how could I have avoided that??? I made a deposit. When it wasn't initially "posted timely" I asked the question of the branch, found out when the deposit would post, kept my register up to date, didn't spend money against any part of a negative balance, and 5/3 still managed to assess fees against a positive balance account.

This occurred 3 times, and I was done. I had NEVER overdrafted my account prior to banking with 5/3 bank (16 years), and I have NEVER overdrafted my account since leaving 5/3 bank (2.5 years). In fact, the only time I have EVER paid overdraft fees was to 5/3 bank - and each time, it was relative to a held deposit, drawn on their bank, and held far more arbitrarily than any policy would dictate.

By the way, just for grins on the example shown above, I asked my employer - the company that the check was drawn on above - if they could provide me with a date that the $567 funds were debited on their account's side. They reviewed their account and indicated that the funds were withdrawn on the same Thursday that I presented the check for deposit.

Yes many folks make costly mistakes with their checking accounts. But I submit to you that 5/3 Bank is also an inherent party in generating fees through the abject creation of many of these "costly mistakes" through their creative accounting practices as well.

If you are so innocent and correct in your retarded logic, the press charges against the bank. You are the ones calling them 'thieves......have them arrested as it is against the law.

John, I would like you to understand how difficult it is to "file charges" criminally against a corporation. Unless the federal government pursues criminal action, it doesn't occur.

I will tell you though, that I did bring action against 5/3 bank, and was able to recover a significant amount in fees and damages through a settlement with 5/3 for relative to this accounting practice. While (sadly) I settled before going to court, I was able to include a provision that would allow for the reporting of this settlement and its details to the US Government Consumer Protection Division, as well as the Attorney General of the State of Ohio.

I am also not quite sure exactly why you are so very vitriolic - and can only assume that you genuinely believe that the average consumer is wrong in every encounter with a corporation - especially banking!

Very well said Jojooz. There are tons of reports of situations just like yours where the customer did everything they thought was right. And even when they were still unsure, they called the bank and a BANK EMPLOYEE confirmed that indeed a deposit was fully available.

But also as in your case, many times customers find out after the fact that what the bank employee told them was wrong. So now it's your word against their's. And sadly, many customers do not have the wherewithal like yourself. But the saddest part of it all, the fact that you even had to fight at all, for YOUR OWN money, after doing nothing wrong.

So not all NSF and Overdrafts are the fault of the customer in EVERY CASE, like Steve, John, and others claim. What a shocking revelation.

How do the majority of us NEVER over draft our accounts or pay ANY fees? I have a 5/3rd account and cash is deposited immediatly and rarely do checks take longer than a day if they know who the account is written on. However sometimes it is important to verify funds, so that can change when the money is available! Stop bellyaching and deal with it! I've had banks who charge many more fees than 5/3rd! Many accounts and you won't be dealing with fees! I've had an account for over 30+ years and mo NFS fees.

I too have been the victim of ridiculous overdraft charge practices at my Fitfth Third Indiana bank.  I received my overdraft notice via paper mail conveniently one day after the deadline to avoid accrued overdaft fees of $8/day, on top of the $36 one-time charge, all for an overdraft of $86!  By the time I received my notice total fees had exceeded $100!  When I inquired about the delayed notice receipt  I was told that all notices were mailed from Cincinatti.   Is it any coincidence that even though I get my monthly statement via email, they choose to use the more expensive paper mail option for overdraft notices?  And to add insult to injury, they started charging a $10/month service charge the same month.

What happened to the practice of refusing payment for an overdraft check?   I suspenct that rarely happens any more because it is not a cash cow for the bank like these new "unapproved high-rate loans".  Is this not simply a case of the bank extending credit to an individual without their approval?

What is so complicated about the suggestion that someone you believe 'stole' money from you should be arrested?

Isn't theft a crime?

In fact, I think there is a revolution on the brim of reality. Each and every one of the banks and credit unions collecting multiple overdraft fees as a result of deadbeats refusing to manage their accounts like responsible adults must be guilty of theft. They are criminals, and therefore should be treated as such.

I implore you:

1. Go down to the police station right now

2. Press charges against the bank for 'stealing' your money

3. Hold a press conference demanding justice

4. Call Ralph Nader for support...and while you're at it, have all 12 of his supporters come as well.

Once you have announced to the world that you're an irresponsible, unaccountable deadbeat, I'm sure that promotion at work will be yours for the taking. You'll he hailed as a hero by dozens. Heck, you may even be offered a spot as the next ping pong ball caller at the local Bingo.

Justice is yours for the taking. Carpe diem!

If managing accounts with criminal elements like Fifth Third Bank is so easy then why in the world did they need assistance from "US?" Not the "US" Government but we the people! I am assuming that you smart people that have seemingly come up with a solution to my problem work for these criminals and as such will get what is coming to you just like we all do when we steal!