FIFTH THIRD BANK, CINCINNATI OHIO 5/3 Bank Fifth Third Bank Growing Profits through Unscrupulous "Payday Predatory Lending" Practices Fairfield Ohio

Thanks Jim,

It is interesting to learn that courts have recently decertified lawsuits regarding these kinds of banking strategies. 

Would like to see some of that literature if you could kindly give me a resource? 

Also, Jim I agree with you entirely about staying with the bank.  To be clear, it was not my assertion that the Bank was wrong, at least about my transaction and specifically, I noted that the Bank forgave some of the overdraft fee.    

I do not understand what you mean regarding, it's now cost you $460 - if you plan on arguing the point, it will cost you more.

Can you please clarify for me, help me to understand more cost as it relates to arguing?

In all due respect; the assumption that my unemployment compensation is less than $500/monthly and instructions on how to manage my debit card finances is not part of this discussion. 

Rather, I noted the enormous amount of consumer and Fifth Third Bank employee complaints, on the internet about the banks services, business practices, and workplace ethics.  I disagree Jim; certainly all of these diverse and mixed complaints cannot be singularly the fault of the customer.  Something smells, and someone needs to blow the whistle. 

Regarding payday loan bargains.   

Thank you for the suggestions for best deals and also for the reference web site, Cash Call Reports. 

As I noted in my previous comments, at that time I was unsure about the payday loan specifics.

Since then, Fifth Third Bank has contacted me via my online authenticated banking account.

Next to my checking account link, a NEW PROGRAM hyperlink was added which linked to a new page inviting me to sign up for this NEW DEAL service program.

I did some detective work and here are the facts, copied from the web site: (Id be interested to hear your take on this???)

My Accounts Card Activity Message Center  

Service Center, Tuesday, August 18, 2009

Fifth Third Early Access Enrollment  

Fifth Third Early Access allows you to request an advance on your next direct deposit.

Fifth Third Early Access Key Features:

1.        Real-time transaction where you can transfer cash into your associated checking account.

2.        Automatic payoff of each outstanding Advance balance and associated finance charge.

3.        Payments will be automatically deducted from your associated checking account on your next qualifying direct deposit of $100 or more.

4.        If there is an outstanding balance on the 35th day after each Advance, we will automatically pay off the outstanding Advance balance from the associated checking account.

5.        Associated finance charge with advance is 10% ($1 for every $10 borrowed) each time you make an advance, which equates to an 120% Annual Percentage Rate (APR).

6.        Advances can be made in dollar increments up to your maximum credit limit.

7.        If your associated checking account is negative, an advance must bring your checking account to a positive status before you can access your full credit limit.

8.        If you would like to proceed with the verification of your Fifth Third Early Access product,

a.        please select -  Next.

b.        Select -  Cancel, if you are not interested in the Fifth Third Early Access product at this time.

9.        Learn More about Fifth Third Early Access.

But they have the law and courts on their side.  The courts have already decertified the most recent lawsuits on the matter.  So let's stop with the class action nonsense.  There could be hundreds of complaints here - maybe more - but almost all are the fault of the customer, not the bank.

Next, the bank was probably right in that the money was not available and you spent money you didn't have.  If you receive less than $500 per month in unemployment, the first thing you need to do is STOP using your debit card.  Don't even argue the point.  It's now cost you $460 - if you plan on arguing the point, it will cost you more.

Next, a payday loan is unnecessary, but at 10%, it's a bargain.  I would invite you to go to Cash Call reports on ROR.  There you'll find an interest rate of 99.25% for a payday loan.  I wouldn't do that either.  But if you needed the money, it would seem the bank is giving you a better deal.

All banks are the same; the only difference is the name in front.  Changing banks would not help your situation.  In the future, know when your check is available.  Don't assume anything regarding its availability.  Wait a couple of days and then spend what you need.  Stop using your debit card and stick to checks and cash.  If you do that, you'll do fine at any bank.  If you don't, then you'll have this problem at every bank.