• Report: #577047

Complaint Review: Fifth Third Bank DEARBORN, MI

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  • Submitted: Tue, March 02, 2010
  • Updated: Thu, March 04, 2010

  • Reported By: cfaitel76 — wyandotte Michigan United States of America
Fifth Third Bank DEARBORN, MI
ford rd DEARBORN, Michigan United States of America
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Fifth Third Bank MOney deposited isn't avaiable for almost 2 days! NO-ONE tells you this when you open accounts with them! SCAM overdrafts!!!! DEARBORN, Michigan

*Consumer Comment: Other factors to consider...

*Consumer Comment: Posting

*Consumer Comment: Why were the transactions approved?

*Consumer Comment: Questions also

*Author of original report: Answer to question

*General Comment: Questions...

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Was never told that money wasn't avaibale until almost 2 days after a deposit! Deposited a comapny check, thought it was available, went on a family trip that weekend, used our debit card 12 TIMES to come home and find out we have $400 in OVERDRAFT FEES! Spoke to 2 differnt managers, explained how upset we were that we were never notified of this and we could not afford all the over draft fees and that it was very clear it was an honest mistake! Who goes and uses their debit card 12 times if there is no money there?


We have been banking with them for about 6 months, have never had any previous over drafts and they were not willing to work with us what so ever! I just kept being told "well I've worked in the banking buisness for yrs and this is the way it is"


I could not believe the poor service we have recieved!


I don't understand how the charges were still in pre-auth. statis (and some still are) but we still have to pay over draft fees for money that hasn't even been taken out of our account yet?


We were told eventhough they were still in pre- auth./pending statis to 5/3 they were instant transactions????


Mu husbands check finally became available today after being deposited 2 days prior...There are still 4 charges that the stores haven't even took out for yet, yet we are still paying for something that hasn't even gone through yet!


We got NO WHERE with 5/3 very dissapointed, feel SCAMMED and will be closing our accounts with them!


This report was posted on Ripoff Report on 03/02/2010 07:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Fifth-Third-Bank-DEARBORN-MI/DEARBORN-Michigan-48124/Fifth-Third-Bank-MOney-deposited-isnt-avaiable-for-almost-2-days-NO-ONE-tells-you-this-577047. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Other factors to consider...

AUTHOR: Ronny g - (USA)

True that the banks policies did not allow this deposit to post until Tuesday morning. As stated, it is apparent the deposit had not posted until then.

I do not know if the banks are obligated to do this, but I use and have used many banks and I recall the teller will explain when the deposit will clear before you leave.

Regardless, I am not trying to blame the teller for this, nor am I sure if this was deposited with a teller directly. But it is fact that the deposit was good, and the customer had no intent to overdraft or "borrow" any money from the bank. As the customer explained in the report, it comes down to an honest mistake.

Why then is this bank not more forgiving?...especially since the bank allowed all 12 transactions to be approved when the funds were not there? Of course the answer by some bank defenders will be the customer should read the contracts they signed and memorize all the terms blah blah blah.., but what ever happened to a bank..the banks we trust our money to be safe and convenient with, actually caring about good loyal customers and not just tactics that mercilessly cause all these fees?

Sure I understand the bank is a business and out to make a profit, but using the same style of deception that is no better then a TV infomercial should not be expected of financial institutions where our full paychecks are deposited weekly, and insured by the FDIC.

A shame it had to come to all this financial loss by customers who can't afford it, complaints and lawsuits, but I have a strong feeling the banks will pay for their sins one way or the other.
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#2 Consumer Comment

Posting

AUTHOR: Flynrider - (USA)

   Banks post transactions to accounts 5 days a week, Mon - Fri.   The posting is done after business hours.   If you make a deposit on a Saturday, it won't post to your account until after the next business day (i.e. Monday night) and will actually be available on Tuesday morning.
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#3 Consumer Comment

Why were the transactions approved?

AUTHOR: Ronny g - (USA)

It is apparent that the funds were not available. Why then..were the debit card transactions approved? Wouldn't it make sense that if the funds are not available..that the transactions using the debit card should have been declined? If this bank had any genuine concern...would it have not been suspicious that all this activity was going on when the account did not have funds available? Did the bank make any attempts to contact you and warn you the card has excessive use with no funds? What if it was stolen?

Something you may want to ask the bank. They will most likely tell you that you are enrolled in "courtesy overdraft protection". If so, ask them what did it protect and why they enrolled you into this service. Then look into the lawsuits. It may not get you all..or much of your money back..but it is a means of recourse.

As a matter of fact..due to all the complaints, lawsuits, pressure from congress and negative press...beginning July of this year..it is becoming law that banks can no longer automatically enroll checking account customers into overdraft protection, or make it mandatroy like some banks have been doing.

As well, some banks have already decided on their own to stop this practice so this may not have happened to you if you were at a different bank..as in reality it does nothing to protect debit card users, it simply lines the banks pockets by charging you handsomely for each and every transaction..large or small..the policy is antiquated and was designed to protect large CHECK payments such as a mortgage. So you may also want to ask the bank..which of the 12 transactions THEY approved when the funds were unavailable..did they think was a mortgage payment. I would love to hear their answer.
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#4 Consumer Comment

Questions also

AUTHOR: Carolyn - (U.S.A.)

I just have a few more questions for you. 

1. Did you receive a receipt for your deposit?  My bank in particular-indicates the date of deposit and a date of when funds would be available.  In my bank, if you have a new account, the bank can hold a deposited check up to 7 days if my new account is less than 60 days old.

2. Were the funds available after 2 days?  My bank if you deposit a check on a Saturday, then it takes 2 days not 1 for the funds to clear.

The fees and when they deposit funds should have been in literature that you received when the account was opened (SCHEDULE OF FEES?).  Although many of us don't like to read that info, it is vital that you do to prevent this from happening.

I am sorry this happened, but I don't think you have a leg to stand on in this.  This could happen at any bank you open an account with.

Good Luck to you

 

 

   

 

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#5 Author of original report

Answer to question

AUTHOR: cfaitel76 - (United States of America)

We deposited our money on 2/27/10(through the teller) and our funds were not avaiable until 2/2/10


They said Sat is a curtisy day not a buisness day! Any company I know that conducts buisness on a Sat is considered a buisness day!

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#6 General Comment

Questions...

AUTHOR: Edgeman - (U.S.A.)

On what date did you make the deposit?

On what date were the deposited funds made available?
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