Fifth Third Bank Formerly known as First Charter Bank Failure to process direct deposits in order to rack up overdraft fees. Internet

You stated that they were previosly deposited within 48 hours with First Charter.  But they APPEAR to be holding the deposits. 

How does it APPEAR to be that way?  What day and time does the deposit get made and when does it post to your account.

"My company has a business acount with Fifth Third Bank.   We previously banked with First Charter bank, that was then purchased by Fifth Third Bank.    As a floor covering store, we process $200,000. to $300,00. in credit card transactions per year.   Our direct deposits from VISA, MC and AMEX were in our business banking account within 48 hours when we were with First Charter.    Fifth Third appears to be using these deposits for days prior to crediting our account.

As a result, we are incurring massive od fees as we expect our money to be deposited and pay the vendors accordingly.   We had no idea Fifth Third would intentionally withhold our direct deposits for their own gain, and to our financial detriment."

What it "appears" to me from this report..is that before First Charter was taken over by Fifth Third..that the deposits cleared in 48 hours. Now the fifth third took over..they seem to not be able to do it within 48 hours..causing the poster financial detriment..and the bank to gain income...not surprising at all from the things I read here all the time about Fifth third.

As far as what exactly Fifth third is withholding, using or otherwise creating some kind of electronic financial cyber abyss with the posters deposits "for days" is beyond me..perhaps someone better qualified can explain???

I think it's time you have a seat with your Commercial Banker and try to determine what the delay is here.  Explain the need for you to have the money in your account within 48 hours - guaranteed - to pay vendors, contractors, etc...  I don't believe for a moment the hold is due to financial gain (in other words, to invest your money and earn something off of it, or to gain through OD fees).  I think there is something else at work and you need to sit down with your banker and figure it out.

Moreover, I think it would be a better idea to truly setup a commercial account if one isn't setup already.  I would also consider a line from the bank as well so that your account doesn't go into the red, and that you pay your line with deposits.  As a commercial client, you ought to be paying analysis fees, not OD fees.  It may also be cheaper to pay interest on a line, than OD fees at this point.  Consult an accountant for the best course of action.

...that something "changed" with his business merchant account when the bank was taken over by Fifth Third. But agreed...what is not so obvious is ..why??