5/3 Bank - Fifth Third Bank I was charged overdraft fees for a service that I opted out of! TAylor, Michigan
A few weeks ago I visited a fifth third banking branch to conduct some personal business. At the end of the transaction the clerk indicated that she saw that there was a direct deposit linked to the account and asked if I wanted to turn on some type of feature that would allow me to withdraw money before the direct deposit came in. I politely told her NO. I told her that I was not interested in that service and I did not want anyone on my account to have the ability to withdraw money that was not in the account.
My reasoning for this is because, I share the account with someone else and if you dont keep an eye on your transactions you'll make yourself susceptible to overdrafts. The teller told me ok she would not activate the feature and we concluded our business.
Yesterday I noticed that there was an indication of an overdraft on my account and I couldnt figure out where it came from. So, today I viewed the account and there has been an overdraft charge applied to the account by the very same service that I specifically asked not to be included in.
Apparently there was a miscommunication between myself and the person that I share the account with. I went to the atm and withdrew money that was not available. Although I certainly will accept responsiblity for an intentional overdraft, this was not intentional. Additionally, I know that this mistake could not have happened and no money could have been withdrawn if there was not an option or ablitiy to withdraw money that is not there. Especially since I specifically asked not to participate in any such services.
I think that it should be against the law to prey on consumers like this. As a matter of fact as a taxpayer I want my bailout money BACK!
I don't want to continue banking with an institution that's implementing preditory banking practices, their system is an absolute Rip Off!
1 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
You Can't Stop Someone On Your Account....
#2
Sat, August 22, 2009
from withdrawing money from the bank! If they're on your account, it isn't just your account - it belongs to the both of you. It should have also occurred to you that if the teller asked you about using the service, she was asking you because your partner on the account had already taken the money out. In other words, the teller was trying to see if you could avoid the overdraft fee, and you essentially told, YES please hit me with the overdraft!!!
Another thing you should know is that if someone on your account withdraws money from the account, they can do so - even if there is no money in the account. It has nothing to do with the "service" you avoided. All banks are identical in this way, so switching banks or going to a credit union would not have avoided this situation for you either.
Finally, as I said, all banks are the same. The only difference is the name on the signage out front. You would do well to keep more money in your account so as to avoid this problem from happening in the future. Accidents happen all of the time; don't live your financial life as if they don't.
Best of luck to you.