Fifth Third Bank 5/3 Bank Unapproved Fees Cincinnati, Ohio
Due to some recent financial regulatory changes (according to 5/3) they needed to break out your overdraft account from your debit card account. Well after they made this change they started charging $99 per overdraft card use to my account which totaled almost $900 in one week. 2 weeks later I received a letter notifying me of the change but nothing regarding any change in fees associated with it. I called the Landen branch and asked that the fees be reversed. The guy there said, "It's not going to happen, when you signed your signature card back in 1991 opening your checking account you agreed to any fees we want to assess to you." I said I did not approve any of these fees and you cannot show anywhere that I agreed to these fees or that you communicated these fees to me. He said we don't have to proof it. I called a local personal finance radio program tonight and one of their guests suggested everyone that is experiencing this should spend $45 and file a suit in small claims court. I've got a feeling that once their lawyers are overwhelmed with suits they may rethink there method of trying to generate revenue and profits on all of their customer's backs!
3 Updates & Rebuttals
joemama
Maineville,Ohio,
United States of America
Check YOUR Facts
#4Author of original report
Fri, March 26, 2010
I was managing the account, the overdraft was a result of 5/3 holding checks for 5 days before posting them to the account. Interesting how they immediately debit any transaction but hold deposits for 5 days or more. Also this overdraft protection was offered to me to prevent this with nothing said about fees for use - and yes I read the agreement. The fees began when their financial demise started. I was never notified of this fee schedule and if you would be interested to know that there is now a class action lawsuit that has been filed as a result of these fees. The lawyers are suing because 5/3 posts transactions not in the order that they are received but in the order that will create an overdraft situation and post deposits in a similar manner. Here is a link to the lawsuit information:
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Robert
Irvine,California,
U.S.A.
Where?
#4Consumer Comment
Fri, March 26, 2010
Where can we see this "$99 per overdraft". As I just reviewed the terms available from their web site and the maximum OD fee is $37. I also figure that something like this would have been reported somewhere on the Internet and could not find any articles.
But let us say it actually is $99. Isn't that just that much more incentive to NOT overdraft your account. Perhaps that amount would actually get it into peoples minds that they may need to do more to manage THEIR money.
Was the only thing the "personal finance radio program" said was to file a suit? How about telling the banks you hate their fees by NOT GETTING THEM. After all this fee is ONLY assessed when you overdraft. If you don't overdraft they can't assess the fee, it does not matter if it was $999 or $0.99. So keeping an accurate register is the best defense against these fees.
Now, I will say this IF they in fact increased their fees to $99 and IF they didn't notifiy you until 2 weeks after the fact, you probably have a valid case. But it would only be the difference between that $99 and what ever the OD fee would have been before that.
Jim
Orlando,Florida,
USA
If Customers Would....
#4Consumer Comment
Fri, March 26, 2010
"Generate revenue off of customer's backs..."? Tell me, why are these customers running up overdraft fees in the first place? If they would manage their account with financial responsibility, then they would not be using money they don't have!This constant whining about overdraft fees is sick! Learn how to use a pencil and paper to keep track of your money instead of using an ATM card over and over and over WITHOUT HAVING A CLUE as to how much money you have in the account!