5/3 Bank - Fifth Third Bank Overdraft, Vendictive, Wrong Fees, Reappearing Fees, Pick and Choose, Bad Service Murfreesboro, Tennessee

For fiscal year 2007, Fifth Third reported revenues of $8.49 billion and net income of $1.07 billion.
Under Fifth Thirds overdraft protection plan, each time the service is activated a fee is charged to the customers checking account.The bank also imposes overdraft charges of $33 per overdraft even though industry sources report that the actual cost to process overdraft checks is only 50 cents to $1 per check. It is reasonable to infer that the cost of processing overdraft debit card charges is even less.

It's Preditory Practices

It doesnt mean as much in this day of debit cards, but if you actually wrote a paper check and it overdrafted, the bank would cover the check instead of bouncing it. If they bounced the check, you would owe the bank a fee fee for writing a bad check AND you would owe the merchant for writing a bad check, PLUS you could face criminal charges.

Borrowing is an act which involves permission.  Borrowing without permission is known as stealing.  That's what overdrafting is.  Moreover, the fee of $36 is a penalty for stealing - sort of like when you run a red light, you're assessed a penalty for breaking the law.  Before anyone jumps in and says OD and breaking the law are not the same; for banking purposes - they are. 

Since overdrafts are based on pending charges, all of this that you describe is correct...Moreover, these charges didn't come out of nowhere - you clearly indicate these debits to your account are yours and you knew where they came from.

Changing banks is up to you.  Just know all banks, when it comes to what you're talking about, are all the same.  I encourage you to look up any of the large banks on ROR - go ahead and do it.  You'll find the same practices, the same reports, and the same complaints.  Keep your mind open to the likelihood that this one is on you.

Yesterday, it was announced on the news that BOA and Chase are going to stop charging overdraft fees for amounts under $5 or $10.  YAY!!!

"I understand that when you do not have the money, it's like you are "borrowing" from the bank"  Um, I don't think that is how the bank sees it.  When you take money from the bank without prior approval, it is theft not borrowing, and the fees are penalties.

At least that is how I understand it. 

I want to say as an ex employee, we DO NOT get our fees reversed, if anything they are harder on us than they are regular customers.  I was charged fees for a bank error and the employee number that we have to call would not reverse my fees, they told me I had to go to my regional manager, who refused to reverse my fees as well.  So, as an ex employee trust me they rip off the employees also.  There is a "guideline" for overdraft fee reversals that the bank wrote for employees to follow if it is not a bank error, but if the owning branch is not within their % of fee reversals they cannot reverse the fees, without possibly getting in trouble, even IF the customer falls within the guidelines.  So I don't blame anyone for closing their accounts, because I will be.

Yes..you overdrafted..but for 29 cents they can't cut you a break?? You see the thing is someone like you is a prime target for their predatory practices.. a student..probably living paycheck to paycheck..just making ends meet and no savings account there. I bet they have some kind of notification on their computer system that flashes a red light.."we got a live one here!" The only way the bank can really profit off a consumer like you..is if you overdraft..and the way some banks have set it up..ONE legitimate overdraft..like you said even .01..will wipe your account clean. And trust me when I say..the bank will make it as easy as possible for you to overdraft for that very reason..more on that later.

I won't dwell on the obvious which is you need to watch the spending if you are cutting it that close..and now you are well aware of what a SINGLE overdraft can cost you and your family..but you must be aware many of the big banks..and some smaller ones as well are now doing the same thing. You might want to consider a credit union...ask around you will see there are plenty that do not practice the transaction "manipulation" and re sequencing..give you one overdraft 'forgivness' per month..charge a reasonable fee in the event you do overdraft..instant reimbusment of ANY ATM fees...you know..NOT a ripoff like most of these banks.

With this said..you should still try to get some of those funds back...speak to the bank manager..keep calling and asking for supervisors...stay at it..you may get some back. I got all mine back but it was a time consuming. You also have to try to be nice and not get too defensive..it seems regardless what anyone tells you..almost anyone at the bank can make the decision to refund any or all of the fees..but I had to work up to the manager.

As well I know you stated you did not write here to file a suit..but there is a law firm we are working with that is conducting an "investigation" regarding some of the tactics these banks are doing.

If you would like to participate or help in the investigation google "Finkelstein Thompson LLP" if you have believe you have been a victim of this "re-sequencing" which directly caused the ADDITIONAL fees on top of the actual legitimate overdraft(s). Well instead of "victim" it should be "Plaintiff".

It is alleged that some banks, are in violation of 12 U.S.C. 4303(b)(1) for their failure to disclose that the condition precedent of a pre-existing overdraft could cause the assessment of additional overdraft fees.  Instead, the banks have been lying to consumers that the condition precedent was insufficient funds.

[The true reason why you were assessed the additional overdraft fees that you did NOT cause is because you actually had a pre-existing overdraft in your account that the bank used to manipulate your account to create additional overdraft fees by a creative accounting practice].

[The bank then falsely accused you of being at fault for the additional overdrafts you didnt cause by lying to you about having insufficient funds in your account.  In fact, without the pre-existing overdraft(s) in your account (condition precedent), it would have been IMPOSSIBLE for the banks creative accounting practice to have assessed additional overdraft fees against you that you did not create].

[That is why the bank engages in tactics to make you overdraft your account. For example, the bank will not immediately post your correct available balance or the bank will drop a hold on your account to only apply it later to make you believe you have more available funds in your account then you do. The bank will also split two pre-existing overdrafts created on the same date so it can create additional overdraft fees on two different posting dates instead of one].