• Report: #479282
Complaint Review:


  • Submitted: Thu, August 13, 2009
  • Updated: Thu, August 13, 2009

  • Reported By: ConsumerAdvocate, Non Attorney — Fairfield Ohio USA
580 Wessel Drive Fairfield, Ohio United States of America

FIFTH THIRD BANK, CINCINNATI OHIO 5/3 Bank Fifth Third Bank Growing Profits through Unscrupulous "Payday Predatory Lending" Practices Fairfield Ohio

* : Fifth Third Bank: PAYDAY LOANS

* : The Bank Is Not Only Correct

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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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Updates & Rebuttals


Fifth Third Bank: PAYDAY LOANS

AUTHOR: ConsumerAdvocate, Non Attorney - (USA)

Thanks Jim,


It is interesting to learn that courts have recently decertified lawsuits regarding these kinds of banking strategies. 

Would like to see some of that literature if you could kindly give me a resource? 


Also, Jim I agree with you entirely about staying with the bank.  To be clear, it was not my assertion that the Bank was wrong, at least about my transaction and specifically, I noted that the Bank forgave some of the overdraft fee.    


I do not understand what you mean regarding, it's now cost you $460 - if you plan on arguing the point, it will cost you more.

Can you please clarify for me, help me to understand more cost as it relates to arguing?


In all due respect; the assumption that my unemployment compensation is less than $500/monthly and instructions on how to manage my debit card finances is not part of this discussion. 


Rather, I noted the enormous amount of consumer and Fifth Third Bank employee complaints, on the internet about the banks services, business practices, and workplace ethics.  I disagree Jim; certainly all of these diverse and mixed complaints cannot be singularly the fault of the customer.  Something smells, and someone needs to blow the whistle. 


Regarding payday loan bargains.   

Thank you for the suggestions for best deals and also for the reference web site, Cash Call Reports. 

As I noted in my previous comments, at that time I was unsure about the payday loan specifics.


Since then, Fifth Third Bank has contacted me via my online authenticated banking account.

Next to my checking account link, a NEW PROGRAM hyperlink was added which linked to a new page inviting me to sign up for this NEW DEAL service program.


I did some detective work and here are the facts, copied from the web site: (Id be interested to hear your take on this???)


My Accounts Card Activity Message Center  

Service Center, Tuesday, August 18, 2009


Fifth Third Early Access Enrollment  


Fifth Third Early Access allows you to request an advance on your next direct deposit.

Fifth Third Early Access Key Features:

1.        Real-time transaction where you can transfer cash into your associated checking account.

2.        Automatic payoff of each outstanding Advance balance and associated finance charge.

3.        Payments will be automatically deducted from your associated checking account on your next qualifying direct deposit of $100 or more.

4.        If there is an outstanding balance on the 35th day after each Advance, we will automatically pay off the outstanding Advance balance from the associated checking account.

5.        Associated finance charge with advance is 10% ($1 for every $10 borrowed) each time you make an advance, which equates to an 120% Annual Percentage Rate (APR).

6.        Advances can be made in dollar increments up to your maximum credit limit.

7.        If your associated checking account is negative, an advance must bring your checking account to a positive status before you can access your full credit limit.


8.        If you would like to proceed with the verification of your Fifth Third Early Access product,

a.        please select -  Next.

b.        Select -  Cancel, if you are not interested in the Fifth Third Early Access product at this time.

9.        Learn More about Fifth Third Early Access.

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The Bank Is Not Only Correct

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

But they have the law and courts on their side.  The courts have already decertified the most recent lawsuits on the matter.  So let's stop with the class action nonsense.  There could be hundreds of complaints here - maybe more - but almost all are the fault of the customer, not the bank.

Next, the bank was probably right in that the money was not available and you spent money you didn't have.  If you receive less than $500 per month in unemployment, the first thing you need to do is STOP using your debit card.  Don't even argue the point.  It's now cost you $460 - if you plan on arguing the point, it will cost you more.

Next, a payday loan is unnecessary, but at 10%, it's a bargain.  I would invite you to go to Cash Call reports on ROR.  There you'll find an interest rate of 99.25% for a payday loan.  I wouldn't do that either.  But if you needed the money, it would seem the bank is giving you a better deal.

All banks are the same; the only difference is the name in front.  Changing banks would not help your situation.  In the future, know when your check is available.  Don't assume anything regarding its availability.  Wait a couple of days and then spend what you need.  Stop using your debit card and stick to checks and cash.  If you do that, you'll do fine at any bank.  If you don't, then you'll have this problem at every bank.

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