• Report: #525082
Complaint Review:

5/3 Bank - Fifth Third Bank

  • Submitted: Tue, November 17, 2009
  • Updated: Sat, December 19, 2009

  • Reported By: Diane — Cincinnati Ohio United States of America
5/3 Bank - Fifth Third Bank
Internet United States of America

5/3 Bank - Fifth Third Bank makes a living on ridiculous bank fees and non-customer friendly practices. Internet

*Consumer Comment: Largest to Smallest Transactions

*Consumer Comment: 5/3 holds


*Consumer Comment: Another class action and info...

*Consumer Comment: Jeanski the bank defender...

*Consumer Suggestion: Didn't the teller advise of your deposit?

*Consumer Suggestion: response

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Recently Fifth Third charged me out of control fees for overdrawing my checking account.  I made a large deposit which was not credited to my account for a couple of days because the check was from a bank other than Fifth Third.  During this time which I thought the money was in my account I used my Fifth Third Jeanie card to make numerous purchases.  Also, a couple of months ago I deposited a large check and Fifth Third did not clear it for seven days for me to have access to!!!!!

Online my account did not show that it was overdrawn.  Next thing I know I receive a phone call that my account was overdrawn and I owed hundreds of dollars in fees - yes hundreds!  My first problem with Fifth Third is the internet does not reflect accurate and current balances.  My second problem with Fifth Third is they automatically deduct the highest amount paid out on down.  Therefore, all of the small purchases made when overdrawn assess a 33.00 penalty EACH! 

Lastly, I want to know how my card still makes purchases when my account is overdrawn???!!!!  I know why....so Fifth Third can make hundreds of dollars off of ludacrist bank fees!  They have no conscious!  I fell apart when I realized how much I owed and I didn't have that kind of money! 

Needless to say, I will be taking my business elsewhere!  DO NOT BANK WITH FIFTH THIRD!  I believe their banking practices teeter on the edge of fraud!

This report was posted on Ripoff Report on 11/17/2009 06:23 PM and is a permanent record located here: http://www.ripoffreport.com/reports/53-bank-fifth-third-bank/internet/53-bank-fifth-third-bank-makes-a-living-on-ridiculous-bank-fees-and-non-customer-frien-525082. 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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Updates & Rebuttals

#1 Consumer Comment

Largest to Smallest Transactions

AUTHOR: chiefr - (United States of America)

As it is not possible for actual humans to enter the individual transactions done on all of a bank's account holders' accounts, it uses a computer model.  That computer model could easily use a system of taking out the smallest dollar transaction first.  Of course, if you follow your basic accounting and mathematics: Debits are always lesser than credits.  So if the computer transacts the smallest to largest as many people always suggest it should, that would mean your deposits get credited last.

We don't live in a perfect world.  We, ourselves are not perfect.  Yet we expect perfection from others.  It just isn't realistic.  I've overdrawn in the past and I've paid the price... dearly.  I learned from it though.  I'm sorry to hear of your situation but if you'd simply keep a checkbook ledger, you may find this problem is easily overcome as you will know whether you can use that debit card or not.

Just saying...

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#2 Consumer Comment

5/3 holds

AUTHOR: Anonymous - (United States of America)

I have had a similar recent experience.  I deposited a check from my companies account on November 29 which cleared my companies checking account on November 30.  I was not informed that a hold would be placed on the deposit.  After a week, I contacted 5/3 bank and asked when the funds would be available and they advised me that it would be yesterday, December 8.  As of today, the 9th, the funds still have not been released.   They have tied up these funds for over a week.  I will be closing my accounts (2 checking, 1 savings, and 1 retirement).  Other banks, where I have a personal banker and I do business do not have these outrageous policies and I will move my banking there.

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#3 Consumer Comment


AUTHOR: JandJMommie - (USA)

I bank with 5/3 and have for years. Never once have I had a problem. When I got my tax refund for buying my house they had me sign a paper stating I knew it could take up to 10 business days to clear due to it being a large check. They also have you sign a paper now stating you know they will let you go over your available balance if you say they can ( you can opt out)and you accept the fees that go along with being negative ( it also states if you have a bad check come in you will still be charged fees so it is not foul proof) . Banks are slowly changing their policies but that being said you still have to keep track of your own account and know what has cleared, what is available, and how much money you have to spend after all tranactions. It will cause you to have alot more money in the end! Good luck!
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#4 Consumer Comment

Another class action and info...

AUTHOR: Ronny g - (USA)

This one is also current...

The national law firm of Lieff Cabraser Heimann & Bernstein, LLP is investigating the alleged practice by Fifth Third Bank of allowing customers to make debit charges to their ATM, debit or check cards even when the customer has insufficient funds in their account. Fifth Third Bank allegedly debits checks in order of the largest to smallest to increase the likelihood that customers will overdraw, and overdraw multiple times.

It has been further alleged that Fifth Third Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.

Fifth Third Bank customers have complained that all of these alleged business practices are purportedly for the purpose of assessing customers overdraft fees and charges.

Consumer Legal Rights

State and federal consumer protection laws provide consumers who were victimized by unlawful business practices. In many consumer protection cases, however, the cost of prosecuting individual lawsuits for each consumer is prohibitive.

The law does not leave the consumer powerless. Individual consumers may band together in a class action lawsuit, thereby representing all consumers who were victimized by a deceptive business practice. A class action can provide an effective means for consumers to force a corporation to acknowledge its legal responsibilities, halt fraudulent practices and provide monetary relief to all members of the class.

Fifth Third Bank customers alleging they were assessed improper or excessive overdraft and checking fees and charges are welcome to contact a Lieff Cabraser consumer protection attorney for a review of their cases. There is no charge or obligation for our review of your claim.

Contact: Lieff Cabraser

 "Banks and credit unions made an eye-popping $24 billion in overdraft fees in 2008, a 35 percent increase from 2006. One in six Americans were hit, on average, with $470 in overdraft fees last year."
 Huffington Post, 10/9/09

 "Banks now make more covering overdrafts than they do on penalty fees from credit cards. Some further increase their revenue by manipulating the order of a customer's transactions in a way that causes more of them to incur overdraft fees."
 New York Times, 10/9/09

 "Before the 'overdraft protection programs' of the last 10 years, most banks would've rejected debit transactions, without a fee, when the card holders account was empty. Now, they approve the purchase and tack on a hefty penalty for each transaction."
 New York Times, 8/20/09
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#5 Consumer Comment

Jeanski the bank defender...

AUTHOR: Ronny g - (USA)

Nice of you to mention me by name..and to assume who I am going to defend..and to assume I hate banks. I do not hate banks or anyone for that matter..I do not even hate the bank defenders who place ALL the blame on the customers and turn a blind eye to the banks shenanigans.

Regardless..I might not have replied if not for you mentioning me..so I am here now and might as well...

I do agree the customer made an error by spending any funds before verifying the check cleared. And actually....with all the many many many complaints lodged against this bank..I commend them for calling this customer and notifying of the excessive overdrafts..although a day late and hundreds of dollars in fees short..it was the right thing to do.

With that said..anyone would have to be as ignorant as a bank defender to not notice the obvious TACTICS that this bank and others are using to encourage and maximize overdraft fees..legal or not..I do not think the banks should be very proud of themselves....and things will be changing shortly.

Now to the OP..

You asked why the card can still make purchases while the account is overdrawn?

Simple. Because the bank has so lovingly enrolled you in a "service" known as "courtesy overdraft protection". Many banks are now allowing the customers to opt out of this 'service" which for debit card users is nothing more then a 'fee machine" for the bank..and offers no "true" protection at all. If you do opt out..do not bounce any checks since the bank most likely will not cover it. As well..if your bank will not allow you to opt out..close the account and find a bank that will give you this right...and tell Fifth Third "see you in court"...where the "fraud" will be exposed and punished.
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#6 Consumer Suggestion

Didn't the teller advise of your deposit?

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

When you make large deposits especially with checks, all banks will hold them up to 2 weeks to make sure that they will clear the other banks account, and too make sure that these checks are not fraud..The teller should of told you that when the deposit was made. She had to by law let you know that..And too, all banks will put larger debits first, then the small ones..That has been going on for years and if you had your account for any length of time, you should of known that also.. It pays to read all the informational brochures when you open the account..I believe as the other person said. It is not the banks fault, but your own..I have always say on here, not to go by the website or the atm as it may not be updated yet..Go by what your register says..Then you know that you'll always be right..You should of known that when you make a check deposit that it takes time for it to post and out using the debit card right away is really a no no big time..I pay cash for everything now days. The debit card is in my wallet for show.. 
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#7 Consumer Suggestion


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

What you've experienced is very common in the banking industry - not just with 5/3. All banks will hold large check deposits to ensure they clear. The ONLY way to prevent this is to make sure the check has cleared (by speaking with a teller) before you withdraw against it. And if you keep a register, you won't overdraw.  Now you're going to get responses from Robert (who always makes sense), RonnyG (who hates banks and will defend you) and Karl (who will tell you to Google everything he can think of and then follow up with stupid poems).

This is your fault, not the bank's.

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