ED Magedson – Founder
FIFTH THIRD BANK, CINCINNATI OHIO580 Wessel Drive Fairfield, Ohio United States of America
I have suffered great harm due to Fifth Third Banks so called legitimate business practices in which the Bank enforces ambiguous overdraft policies aimed to secure outrageous and unscrupulous profits to the bank. Last week the Fifth Third Bank debited my whole unemployment income deposit for overdraft fees!
When I asked why the fees were charged; the customer service representative informed me the state unemployment deposit money was not available to me on the day it was deposited!!!! So, all the transactions for that day were considered OVERDRAFT! The customer service person went on to inform me this was a regulated standard in banking, and for my information could be read online in the banks policies. When I asked if they would consider a forgiveness pardon as this oversight was not intentional, I was extended one overdraft pardon. Still, my economic loss came to $460.00.
And after all this; can you believe the service representative went on to introduce and explain a new bank program that may help me. The new program went like this; if in the future I know my pay check deposit will not post until say Friday; I can ask the bank to allow for a planned overdraft on Tuesday in which I agree to a 10% surcharge on the amount allocated. Not sure I fully understand this, sounds to me like payday lending with interest rate of 10%?
I am shocked by the multiple and serious allegations about Fifth Third Bank which have been posted on various internet public forums during the recent 24 months or so from both, internal employees and community customers at the Fifth Third bank.
It is alarming to read so many complaints that allege Fifth Third practices a pattern of unethical, deceptive business operations: i.e. being bullied out of home purchase in which the bank knowingly reaped a profit from a backup contract, unreasonable overdraft charges, and non-disclosure of policies which provide legal shelter so they can hold deposit funds for 24 hrs. etc. Some comments even allege that the Fifth Third bank may be violating civil laws related to gender and firing practices.
Collectively, I believe the plethora of public comments/complaints clearly demonstrate the Bank operates and engages in acts of intentional and unconscionable violations of the Ohio consumer sales protection laws; sections 1345.02, 1345.03, or 1345.031 of the Ohio Revised Code. The implications for the Fifth Third Bank organization might constitute a predatory banking business behavior in which the bank is ignoring consumer laws and blatantly violating civil law.
It is an economic reality, the Fifth Third Bank is a 30,000 pound financial gorilla, and we consumers are mere unsuspecting flies being arrogantly swatted away. Our individual complaints fall on deaf ears. Has anyone begun discussion with each other about pursuing a class action suit?
This report was posted on Ripoff Report on 08/13/2009 11:12 AM and is a permanent record located here: http://www.ripoffreport.com/reports/fifth-third-bank-cincinnati-ohio/fairfield-ohio-/fifth-third-bank-cincinnati-ohio-53-bank-fifth-third-bank-growing-profits-through-unscru-479282. 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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