SUBMITTED: Wednesday, September 09, 2009
POSTED: Wednesday, September 09, 2009
"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???