• Report: #291114

Complaint Review: Fifth Third Bank

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  • Submitted: Wed, December 12, 2007
  • Updated: Fri, December 21, 2007

  • Reported By:Lakeport Michigan
Fifth Third Bank
47000 GRATIOT AVENUE CHESTERFIELD TWP, Michigan U.S.A.

Fifth Third Bank Overdraft based on "pending transactions" CHESTERFIELD TWP, MI 48051CHESTERFIELD TWP Michigan

*Consumer Comment: Better Reread your statement.

*Author of original report: UUPDATE

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This one is good. The bank deducts pending transactions from my balance to create a virtual overdraft situation.


I had $744.33 in my business account. I made two transactions totaling $499.06 via debit card as a credit card purchase by signing for the transaction at a local merchant rather then using my pin. I also made a deposit fpr $159.57 before the bank closed.

So at that point I had $933.90 in my account. They said that when they deduct the "pending" charges from my balance there was not enough to cover "posting" transactions and resulted in two overdraft fees totaling $66.00. And the next day there is still money in my account because the "pending" charges still have not "posted". In fact I deposted $1895.00 at noon the next day and they still will not reverse the fees.

What ever happened to deposit funds to cover this virtual overdraft they created? They created there own vitual overdraft to bilk me out of the fees. Since when did "pending" really mean "posted"? What a shameful scam and a preditory practice.

They said they mailed this "new" policey to their customers by inserting it with a bank statement prior to July 2, 2007. I balance online so I never seen the letter of this intended imoral business practice that I fell victim to. Here is the fuzzy math they use to steal money from their customers:

Your beginning balance on December 11, 2007 : $774.33
Deposits/Credits added to your balance: +$159.57
Pending Amount deducted from your balance: -$499.06
Withdrawals/Debits deducted from your balance: -$473.99
Your ending balance on December 11, 2007 : $(39.15)

Using pending transactions to drop your available balnce into a overdraft condition. Talk about creative income. Lools like they bilk people in other ways
other then sub prime lending. The banking industry will bring this country down with the greed the use to call themselves full service banks.

Wow......

We need to get this loansharking dealt with the people in Washington. Now if we only could get the bank lobbyist out of Congress's pockets.


They good news is that I will pass these costs on to my clients. They happen to be the very banks that hold all these foreclosed propertys and practice these unethical business practices.

Payback is a bXXXX...............

Victor
Lakeport, Michigan
U.S.A.

This report was posted on Ripoff Report on 12/12/2007 07:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Fifth-Third-Bank/CHESTERFIELD-TWP-Michigan-48051/Fifth-Third-Bank-Overdraft-based-on-pending-transactions-CHESTERFIELD-TWP-MI-48051CHEST-291114. 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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#1 Consumer Comment

Better Reread your statement.

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

I could not help reading your article about your overdraft..According to what I read you are overdrafted, an not done by fuzzy math but by you yourself.. All banks now take pending charges out of your account first.. That is a no brainer.And banks are now starting to charge overdraft fees on those pending charges..After, all no one forced you to spend money that you did not have..My bank has been doing it for years now..This is because of the contracts banks has with visa and mastercharge..The merchants has to get paid.. If you are a mechant than you should know that..

Let's start with your figures and put them into perspective..
You had $774.33 and had $499.06 taken out. Which leaves $275.27 and then you say there is a $159.57 deposit..Ok, now add that to your $275.27 which gets you $434.84.. Again you claim that there is $473.99 coming out of the account..Well according to my math you was overdrafted by $39.15.. Is your deposits done by check or cash, and what time of day did you make those deposits? Check with your bank on their cut off times..Cash is added to the account instantly , where most checks are done on the next day..If out of town check or one for a large amount than again that changes things..

It does not hurt to ask your bank how deposits are done..If you don't know, ask..And if anything coming thru such as debits, checks will come out first before a check has had time to post to the account..There is nothing wrong with that. Banks has been doing it that way for years..If the money is not in the account when something comes thru, it's not the banks fault..

You say that you are passing the overdrafts that the bank is charging you on to your customers because you cannot figure out your books, but why? It's not your customers fault that you can't figure out your own checkbooks..Is that really fair to your customers? Remind me never to shop you place of business..
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#2 Author of original report

UUPDATE

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

This one is good.

The bank deducts pending transactions from my balance to create a virtual overdraft situation.

I had $744.33 in my business account. I made two transactions totaling $499.06 via debit card as a credit card purchase by signing for the transaction at a local merchant rather then using my pin. I also made a deposit for $159.57 before the bank closed. So at that point I had $933.90 in my account before Fifth Third used pending transactions of $499.06 to lower my checking account balance.

They said that when they deducted the "pending" charges from my balance there was not enough to cover "posting" transactions that evening and this resulted in two overdraft fees totaling $66.00. Well through Fifth Third's other predatory practice of taking the biggest checks first and letting the little checks bounce like a super ball they got two fees out of me. And the next day there is still money in my account because the "pending" charges still have not "posted". In fact, I deposited $1895.00 at noon the next day and they still will not reverse the fees.

What ever happened to depositing funds to cover transactions because you realized that you needed more money in your account? They created there own virtual overdraft to bilk me out of the fees.


Since when did "pending" really mean "posted"? What a shameful scam and a predatory practice.

Fifth Third said they mailed this "new" policy to their customers by inserting it with a bank statement prior to July 2, 2007. I balance online, so I never seen the letter of this intended immoral business practice that I fell victim to.


Here is the fuzzy math they use to steal money from their customers:

Your beginning balance on December 11, 2007 : $774.33 Deposits/Credits added to your balance: +$159.57
Pending Amount deducted from your balance: -$499.06 Withdrawals/Debits deducted from your balance: -$473.99
Your ending balance on December 11, 2007 : $(39.15)

Using pending transactions to drop your available balance into an overdraft condition. Talk about creative income. Looks like they bilk people in other ways other then sub prime lending.

The banking industry will bring this country down financially with the greed they use to call themselves full service banks.

Wow...... We need to get this loan sharking that Fifth Third and other banks do dealt with by the people in Washington. Now if we only could get the bank lobbyist out of Congress's back pockets.

The good news is that I will pass these costs on to my clients. The bank themselves, the very banks that hold all these foreclosed properties and practice these unethical business polices. Yes I increase my prices to cover their greed. I am made right. But others do not have this option. They are the biggest victims here.

Payback is a biatch...............

Victor
Lakeport, Michigan
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